According to TMZ, Diddy won the bid to buy his fashion brand back on Tuesday morning (December 21) after a bidding war with four other parties. Diddy ultimately won after putting in a $7.5 million cash offer. The deal will be reportedly finalized this week, barring any objections.
“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,” Diddy told the outlet following his acquisition. "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.”
Less than three weeks ago, TMZ reported that the 52-year-old mogul initially bid $3.3 million to buy the assets of his former clothing brand Sean John after Global Brands Group — the company Diddy sold Sean John to in 2016 — declared bankruptcy.