Sean “Diddy” Combs agreed to pay $7.5 million to buy back the bankrupt fashion brand he founded in 1998, Sean John.
“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 a statement.
Sean John is currently owned by the bankrupt brand manager GBG USA Inc. GBG has made 85 percent of its money by selling clothing and footwear through retailers like Costco, TJ Maxx and Nordstrom, according to court documents.