Sean “Diddy” Combs has regained the control of his Sean John fashion line after winning a bidding war to buy the streetwear brand from its now-bankrupt owner for about $7.55 million.

Bankrupt Global Brands Group has revealed that SLC Fashion LLC, a company associated with Combs, has offered the highest bid for the Sean John label. SLC Fashion will pay $7.551 million for the Sean John brand’s assets, according to the court filing, which is nearly double the initial $3.3 million bid.

“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,” Combs said in a statement to Billboard.

He added, “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.”

Diddy launched Sean John in 1998, eventually building to annual retail sales of around $450 million in 2016, according to Women’s Wear Daily.

However, Combs reportedly sold a 90% stake in Sean John to brand management firm Global Brands Group. The company’s North American arm filed for Chapter 11 bankruptcy in July 2021.

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