Diddy is looking to buy back his Sean John brand to save it from bankruptcy, TMZ reports. According to the outlet, the Bad Boy Records founder recently placed a $3.3 million bid to purchase his namesake clothing brand back from Global Brands Group, which currently owns a 90 percent stake in Sean John. The company’s U.S. arm filed for bankruptcy this July and made plans to sell off its key assets.
According to TMZ, Global Brands Group began looking for potential new buyers for Sean John in May. Diddy launched the brand as a fashion lifestyle company in 1998, debuting its men’s sportswear collection that same spring, and sold a majority stake in the brand to Global Brands Group in 2016.
“When we started Sean John, it was my dream to build it into an aspirational brand for the young consumer,” Diddy said at the time. “… Sean John has always had a point of view and a strong sense of purpose. When I think about the whole journey, it truly was a fashion revolution from how things were then and to see the impact we had on style. We made sure we stayed true to our vision, presenting great designs and offering the highest-quality product. And over the past two decades we have grown along with our customer, always making sure to reflect the passion, diversity and aspirational nature of young people.”
Sources close to Diddy reportedly said the REVOLT chairman is excited about potentially reacquiring the brand. Over the years, Sean John has been modeled and represented by the likes of Nelly, T.I., Nas, Fabolous, Mariah Carey, Mary J. Blige, Busta Rhymes and more, and Diddy reportedly wants to breathe new life into it. However, other potential buyers still have until Dec. 15 to submit their own bids.