Sean Combs makes $ 3.3 million offer to buy Sean John out of bankruptcy

The man who launched the clothing line Jean-Jean and sold it several years ago wants to buy it back now that the company that currently owns it has filed for bankruptcy.

According to Bloomberg, Sean Combs, former owner and creator of the Sean John brand, recently put a $ 3.3 million offer to buy out the assets of Sean John, the fashion and lifestyle brand the entrepreneur launched in 1998. GBG USA Inc., a bankrupt brand management company, owns 90% of the Sean John brand is through a business with Combs, according to court documents filed Wednesday.

Although a representative for Combs decided not to comment, it has been reported that an entity affiliated with Combs has been named the so-called stalking horse bidder for Sean John, according to court documents. Potential buyers can submit offers until December 15.

Chief Financial Officer of GBG USA Marc Caldwell also described the Sean John brand as a “crown jewel” of the company’s brand portfolio. Since filing for bankruptcy in July, GBG has sold its other brands, including the Aquatalia shoe line.

Earlier this year, BLACK COMPANY reported that Combs sued Sean Jean for $ 25 million. The entertainment mogul launched the fashion brand in 1998, then sold it to Global Brands Group in 2016. However, in a lawsuit against Global Brands Group, Combs says he never endorsed the line nor gave it away. to Global Brands Group, Sean John, or Missguided for permission to associate their name with the current collection. From quotes used by companies, it appears to be related to brand new Sean John x Missguided.

“[Diddy] do not dispute [Sean John/GBG’s] right to use the Sean John trademark, but rather [Sean John/GBG’s] decision to exploit a fabricated quote they created and then falsely attributed to Mr. Combs, and to use Mr. Combs name and other nicknames to create the false and misleading impression that Mr. Combs is the decision maker behind the designs and creation of the GBG Collection ”, Diddy’s lawyer Jonathan D. Davis States in the lawsuit.

Diddy also says the brand used their image in a short advertising campaign video to advertise the new line.

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