P. Diddy is poised to buy back the majority interest in Sean John, the fashion brand that bears his name, after the label filed for bankruptcy.
The media mogul has placed a bid of $3.3 million to regain full control of the business now run by GBG USA Inc.
According to Bloomberg, GBG is a bankrupt brand management firm with a lopsided joint venture deal with the Bad Boy Enterprise executive. GBG owns 90% of the clothing line started in 1998 after a sale in November of 2016.
The company has been vetting potential buyers since the Spring.
It is rumored that a Puff Daddy affiliate company has put the money up, leading the offers. However, others interested in acquiring the brand have until Dec. 15th to get their paper up.
If another buyer beats the current $3.3 million offer, some random company might end up with the controlling share of the brand— leaving the multi-millionaire with no say over the brand that he gave his first and middle name to.
At its height, Sean John was a historic brand for urban fashion. It was one of the first urban celebrity-driven fashion brands to find prime placement in Macy’s department stores in the early 2000s.
Diddy, whose real name is Sean Jean Combs, has not publicly spoken about the deal.
