Diddy set to buy bankrupt Sean John Brand – VIBE.com

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Throughout his career, Sean “Diddy” Combs has built a multi-faceted empire that has included businesses in music, television, spirits and more. Yet one of the mogul’s earliest successes was Sean John, the fashion and lifestyle brand he launched in 1998 before selling his majority stake in 2016. Now the mogul is looking to buy him back after the bankruptcy.

According to a legal brief obtained by TMZ last Thursday (December 2), SLC Fashion LLC, a company associated with Diddy, made a $ 3.3 million offer to acquire Sean John from GBG USA. Inc., which filed for Chapter 11 bankruptcy last summer. Although Diddy is currently the highest bidder for Sean John, potential buyers have until December 15 to submit an offer to purchase the business. GBG United States. Inc., which suffered massive losses from the COVID-19 pandemic, currently owns a controlling 90% stake in Sean John.

Diddy’s relationship with GBG USA. Inc. has been strewn with various legal battles lately. Last January, he filed a $ 60 million lawsuit accusing GBG USA. Inc. for “breach of contract, unfair competition, common law trademark infringement, deceptive practices and unjust enrichment” due to the company’s use of the slogan “Vote or Die”, which Diddy notoriously popularized before the 2004 presidential election. The impresario argued that GBG USA. Inc.’s use of the tagline suggested that he was still the owner of Sean John. Another lawsuit against the company was filed by Diddy soon after, this time to the tune of $ 25 million, for “false endorsement, misrepresentation and violation of its publicity rights.”

During Diddy’s tenure in the company’s reigns, Sean John was one of the hottest brands in the market, generating hundreds of millions in sales each year and opening the door for hip-hop personalities to infiltrate. the world of haute couture. In 2004, the Bad Boy boss made history by becoming the first black man to win the coveted CFDA Menswear Designer of the Year award for Sean John, beating fashion titans like Ralph Lauren. and Michael Kors for this honor.



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