Diddy Buys Back Sean John Brand In Recent Bidding War

Millennials, rejoice! Diddy, or shall we say, the brother newly known as Love, has bought back his famed Y2K brand, Sean John. That’s right, it’s time to relive the greatest fashion era there ever was, that of the velour tracksuit, duh!

Over 20 years ago, Sean Combs launched the brand in 1998 and it became an instant hit. Among a wave of celebrity streetwear lines, (Apple Bottoms, G-Unit Clothing, and House of Dereon have all entered the chat), Sean John was worn by commoners and hip hop royalty alike. Unfortunately for Combs, as the popularity of celeb designed brands dwindled, he eventually sold the suffering company to brand management firm, Global Brands Group. A few years later, Sean John was facing chapter 11 bankruptcy.

Although Diddy was initially excited about the partnership, at one point planning a 20 year anniversary celebration for the brand, the arrangement eventually soured as the rapper turned mogul ended up suing GBG for “false endorsement, misappropriation of likeness and violating his publicity rights.” (You may recall when the brand surprisingly began popping up on the website of fast fashion retailer, Missguided.) The $25M case has since been dropped.

Despite the turbulence throughout recent years, it looks like things are starting to turn around significantly.

According to Women’s Wear Daily, Diddy has regained control over his brand after buying it back at auction to the tune of $7.551M, over twice the $3.3M bid he initially submitted to the New York bankruptcy court.

“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,” he said to WWD reporters. “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 reportedly beat out bids from four other parties, and according to Complex, final approval for the bid was announced this past Wednesday.