*Sean ‘Diddy’ Combs has regained complete ownership of Sean John, the fashion brand he founded over 20 years ago.
Combs sold a majority stake in the company to Global Brands Group in 2016. The company then filed for Chapter 11 bankruptcy in New York. The hip-hop star is now back in charge after winning a $7.55 million bidding victory on Monday, per Women’s Wear Daily.
“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 says in a statement obtained by PEOPLE.Â
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“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,” he adds.
Much of Sean John’s success came from the label’s partnership with Macy’s that was inked in 2010 and renewed in 2015, per the report.
At the time, Macy’s then-CEO, president and chairman Terry Lundgren said: “I have always admired Sean’s sense of fashion, as well as his business acumen. He has a keen insight into the needs of a style-conscious, contemporary man. In becoming the exclusive department store retailer of his men’s sportswear collection, Macy’s is able to bring a new dimension to this customer across the United States.”
Combs’ Sean John purchase reportedly comes after a bidding war with four others.
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