Diddy Buys Back Sean John Brand
After selling the Sean John brand in 2016, Diddy has decided to buy it back.
The deal, at a purchase price of around $7.5M, will be solidified this week. Diddy launched Sean John clothing in 1998 and reached annual sales of $450M in 2016. A 90% stake in the company was sold to Global Brands Group as a partnership that would reach Millennials across the world.
Global Brands Group filed Chapter 11 bankruptcy earlier this year, citing the Covid-19 pandemic as the main reason. Diddy expressed interest in buying the brand back, going up against 4 other bidders.
