Diddy’s ‘Sean John’ Remix Reclaims Brand For $7.5 Million Bankruptcy Bid
By Richard Johnson
- Love (Sean Diddy Combs’ new name), has won a bid to buy his Sean John brand out of bankruptcy for $7.5M
- Global Brands Group, which owns 90% of the Sean John brand through a joint venture with Love, filed for Chapter 11 in New York
Love (Sean Diddy Combs’ new name), has won a bid to buy his Sean John brand out of bankruptcy for $7.5 million. In July, the North American arm of Global Brands Group, the Hong Kong-based company which owns 90% of the Sean John brand, through a joint venture with Love, filed for Chapter 11 in New York and sought to sell its assets.
Why This Matters: From b-boys in tracksuits, large chains and kangol hats, to trap artists drenched in high fashion and designer brands, the hip hop industry has long been at the forefront of mainstream fashion since its inception in the 70’s, but not without a price. This is the reason that Combs dragged Sean John owner GBG to court back in February with a $25 million lawsuit over licensing disputes, including "unlawfully trading off of his name, image, likeness, and persona, without his approval, permission, or consent, and to recover the damages for the injuries they have caused him."
In Jesse Williams’ Humanitarian award speech during the BET awards of 2016, he made it plain. “To put someone’s brand on our body when we spent centuries praying with brands on our bodies and now we pray to get paid with brands on our bodies”.
Ooof, if I was a DJ I would have looped that back so many times, folks would’ve started looking for the exit. But really though, we are living in a time where artists are warring with labels, corporations and former partners (whether friend or foe) to retain their titles, brands, companies and overall, legacy. A heightened consciousness in the hip-hop industry has created quite the stir, with artists now demanding what has been rightfully theirs yet woefully theirs.
What’s Next: At a net worth of $885 million, Love is bound to reacquire the rights, but let it be lessons learned for those artists on the rise. Stake your claim and claim your stakes, but at the end of the day, after all your debt is paid, wear it well. Stay strong y’all. An auction for Sean John’s assets will be held Dec. 17.
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