Popular American music mogul Sean Puffy Combs better known as Puff Daddy has won his bid to buy back his once ubiquitous fashion brand Sean John out of bankruptcy.
After a bidding war with four other parties, Puff Daddy won the rights to Sean John for $7.5 million with further reports revealing that the deal will be finalized this week, barring any objections.
Puff Daddy who reportedly sold 90% of the company in 2016 to Global Brand Groups sent in an initial bid earlier this month to buy back the fashion brand in bankruptcy court for the sum of $3.3 million through an acquisition company named SLC Fashion LLC.
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While revealing why he bought back the brand, Diddy said; “I launched Sean John in 1998 with the goal of building a premium brand that shattered tradition and introduced Hip Hop to high-fashion on a global scale.
“Seeing how streetwear has evolved to rewrite the rules of fashion and impact culture across categories, I’m ready to reclaim ownership of the brand, build a team of visionary designers and global partners to write the next chapter of Sean John’s legacy,” he added in part.
