Diddy buys back his bankrupt Sean John brand for $7.5M

Three-time Grammy winner Sean ‘Love’ Combs aka Diddy bought back his bankrupt Sean John brand for $7.5M after a bidding war with four other parties, and the ‘deal will be finalized this week.’ ‘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,’ the 52-year-old rap mogul told TMZ on Tuesday. ‘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.’ Sean John – which began as a designer jeans company – is already back on the official list of Combs Enterprises’ nine brands. At its high point, Diddy was awarded menswear designer of the year in 2004 by the Council of Fashion Designers of America as well as FiFi Awards for its fragrances, Unforgivable and I Am King. At its low point, the clothing company violated several Honduran labor laws and secretly used raccoon dog fur on jackets. As of Tuesday, every single item of clothing on the Sean John website is listed as ‘sold out.’