When we think of iconic fashion and lifestyle brands from the 90s and early 2000s, Sean “Diddy” Combs’ Sean John — founded in 1998 — is one that instantly comes to mind. Sean John was a massive success in its time, but once it was out of its prime, the clothing line fell into bankruptcy.
Now, the business mogul is seeking to buy its assets with a $3.3 million bid to bring the brand back to life, Bloomberg reports.
Who Currently Owns Sean John?
With his bid, the Hip-Hop legend is on the move to repurchase Sean John from GBG USA Inc., a bankrupt brand management firm. Diddy sold Sean John to GBG USA in November of 2016, and the firm currently owns 90 percent of the brand through a joint venture, according to court papers filed on Dec.1.
According to the outlet, court papers in the case show that an entity affiliated with Diddy is the stalking-horse bidder.
The ongoing legal battle between the two entities hit another turn earlier this year when Diddy filed a $25 million lawsuit against the clothing brand for using his image, likeness, and persona without his permission for a clothing line with Missguided according to AllHipHop.
“[Diddy] does not challenge [Sean John/GBG’s] right to use the Sean John trademark, but rather [Sean John/GBG’s] decision to leverage a fabricated quote they created and then falsely attributed to Mr. Combs, and to use Mr. Combs’s name and other monikers to create the false and misleading impression that Mr. Combs is the decision-maker behind the designs and creation of the GBG Collection,” Diddy’s lawyer Jonathan D. Davis said in a statement.
When Will The Official Bidder Be Determined?
While Diddy has placed his bid, he’s not the winning bidder just yet. Other potential buyers can submit their bids until Dec. 15.
According to the outlet, GBA has been looking for buyers for Sean John since May.