Sean ‘Diddy’ Combs Pays $7.5 Million to Buy Sean John Brand From Bankruptcy

Sean “Diddy” Combs agreed to pay $7.5 million to buy back the bankrupt fashion brand he founded in 1998 after winning a court supervised auction.

“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,” Combs said in an emailed statement.

The label is currently owned by the bankrupt brand manager GBG USA Inc. GBG made 85 percent of its money by selling clothing and footwear through retailers like Costco, TJ Maxx and Nordstrom, according to court documents.

GBG had sold most of its other assets before the Sean John auction. Combs, bidding through an entity called SLC Fashion, agreed to pay $51,000 more than the next highest offer, according to court papers.

Before the sale can close, GBG must get approval from the judge overseeing its bankruptcy in Manhattan.

By Steven Church

Learn more:

Why Streetwear and NFTs Are a Perfect Match

Both trade in heavily hyped, limited-edition products that offer a sense of community. Fashion brands aiming to tap digital art take note.

Leave a Reply