Photo: Steve Granitz/WireImage
Sean ‘Diddy’ Combsis back in charge of his global streetwear label, Sean John.
Combs, 52, won the bid to regain complete ownership of Sean John for a price of $7.551 million, PEOPLE confirms. Putting streetwear style on the map with its launch in 1998, Combs sold a majority stake in the company to Global Brands Group in 2016 before buying it back.
“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 adds.
Earlier this month, Combs submitted a bid to buy the Sean John brand for $3.3 million through the acquisition company named SLC Fashion LLC, reportsWomen’s Wear Daily.The outlet says four other parties submitted offers, but ultimately Combs' final offer of $7.551 million was approved.
Sean ‘Diddy’ Combs at a Sean John Fragrance launch event.Rob Kim/Getty
Much of Sean John’s success came from the label’s longtime partnership with Macy’s. The brandexclusively teamed with Macy’sin 2010, making the apparel in 400 U.S. stores. The agreement was renewed in 2015.
At the time, Macy’s then-CEO, president and chairman Terry Lundgren said: “I have always admired Sean’s sense of fashion, as well as his business acumen. He has a keen insight into the needs of a style-conscious, contemporary man. In becoming the exclusive department store retailer of his men’s sportswear collection, Macy’s is able to bring a new dimension to this customer across the United States.”
In 2004, Combs earned the prestigiousCFDA Men’s Designer of the Year awardfor Sean John, beating out fashion vets Ralph Lauren and Michael Kors. After famously dancing to the stage to accept the honor, Combssaid: “I’m very happy as you can see. Ralph [Lauren], you’re still the sexiest man on the planet!”
source: people.com
