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#Roommates, years after his iconic fashion brand fell into the hands of others, Dad Now bring Sean John home and plan to pay millions of dollars for it. According to the latest report, Diddy recently won a bidding war to buy back his fashion brand Sean John for $7.5 million.
@Billboard reports that Diddy got some Very good news Thanks to the Manhattan Federal Bankruptcy Court, because he has now officially won the bidding war to buy back his legendary fashion brand Sean John from the former owner, Global Brands Group, which is now bankrupt. Diddy (through his company SLC Fashion LLC) will once again become the sole owner of Sean John and, after surpassing other bidders, bought it for $7.5 million.
This news was released after reports surfaced about a month ago, Diddy is interested in repurchasing his fashion brand, which was an iconic staple of the hip-hop community in the late 90s and 2000s.
Speaking of exciting news, Didi said in a statement:
“I founded Sean John in 1998 with the goal of creating a premium brand that breaks the tradition and introduces hip-hop music to global high fashion. Seeing how streetwear evolves to rewrite fashion rules and cross-category influence culture, I am ready to take back brand ownership , To form a team of visionary designers and global partners to write a new chapter in Sean John’s legacy.”
You will remember that Diddy officially launched Sean John as early as 1998. As of 2016, the company’s annual retail sales totaled an estimated US$450 million. However, in the same year he sold 90% of the company’s shares to Global Brands. He said that at the time, the deal “provided us with the opportunity to reach millennial customers on a global scale.”
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