Sean ‘Diddy’ Combs Wants To Buy Sean John Brand Out of Bankruptcy

By Tadi Abedje Published: December 13, 2021

Sean ‘Diddy’ Combs Wants To Buy Sean John Brand Out of Bankruptcy

FILE - Sean "Diddy" Combs appears at the premiere of "Can't Stop, Won't Stop: A Bad Boy Story" on June 21, 2017, in Beverly Hills, Calif. Combs’ charter school will relocate to a larger campus in New York City.. The music mogul announced Thursday that Capital Preparatory School will move to the Church of All Saints and School building in Harlem. The relocation will allow the school’s capacity to grow from 500 to 700 students from grades 6th through 12th beginning with the 2022-2023 school year. (Photo by Chris Pizzello/Invision/AP, File)

In Summary

The hip-hop entrepreneur founded the fashion and lifestyle brand in 1998 and is offering $3.3 million to buy it back.

Hip-hop legend and entrepreneur Sean “Diddy” Combs is making an effort to buy his Sean Jean brand out of bankruptcy. He has bid $3.3 million to buy the assets of the fashion and lifestyle brand he created in 1998, according to Bloomberg.

Global Brands Groups, which is a firm that specializes in bankrupt brand management, owns 90% of the Sean John brand through a commercial enterprise with the three-time Grammy Award winner, according to court papers filed on Dec. 8.

Since May, GBG has been seeking out buyers for Sean John. Combs had sold a majority of the company to GBG in 2016.

“When we started Sean John, it was my dream to build it into an aspirational brand for the young consumer,” Combs, chief executive officer of Sean John and chairman of Combs Enterprises said at the time. “Our new partnership with CAA-GBG provides us the opportunity to reach the Millennial customer on a global level, fulfilling its true potential.”

In the summer of 2021, the GBG’s U.S. unit had filed for Chapter 11 bankruptcy because of the losses they suffered during the ongoing COVID-19 pandemic.

With this recent bankruptcy being filed, bidders will have an opportunity to offer a higher price than Diddy’s with the deadline at Dec. 15.

According to Bloomberg, GBG USA Chief Financial Officer Mark Caldwell described the Sean John brand as a “crown jewel.” Since its bankruptcy filing in July, GBG has been selling off its other brands such as the shoe line Aquatalia.