Diddy wants to take a clothing line out of bankruptcy
Diddy may be a music and entertainment mogul, but he’s also looking to cement his place in fashion. The suave hip-hop mogul is trying to save his legendary sophisticated urban fashion brand from bankruptcy. Diddy entered fashion in the late 90s and wants his legacy to remain intact for centuries to come. He’s been through a lot with the brand, including a multi-million dollar lawsuit with a model for breach of contract.
Diddy makes an offer to get Sean John out of bankruptcy
Bloomberg reports that “Diddy” Combs made a $ 3.3 million offer to buy Sean John out of bankruptcy. He launched the line in 1998 amid his peaks as the founder of Bad Boy Records and during his relationship with Jennifer Lopez.
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GBG USA Inc., a bankrupt brand management company, now owns 90% of the brand through a joint venture with Diddy. The report notes that an entity affiliated with Diddy has been named a hunting horse bidder for the clothing and accessories company, setting a threshold for new bids on the brand. Potential buyers can continue to submit offers until December 15. Diddy has yet to comment publicly.
GBG USA chief financial officer Mark Caldwell describes Sean John as a “crown jewel” in court documents. The bankruptcy filing took place in July 2021.
The mogul has been accused of failing to pay celebrities for branded partnerships
MTV News first reported in 2005 that the then-male supermodel sued Diddy for unpaid money on his modeling contract during a shoot that went wrong for Sean Jean. In the lawsuit, he alleges that he signed a contract worth $ 1.2 million for an advertising campaign. Tyson says he was to receive four payments of $ 300,000 as part of the deal.
Beckford claims Sean John paid him for the first payment but was delayed for the second and third before. He claims Diddy completely skipped the fourth. But Diddy’s team denied Tyson’s claims, saying in the lawsuit, âWhile we generally don’t comment on pending litigation, we believe this action against us is without merit. We plan to defend ourselves vigorously.
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The Beckford team says that instead of paying, Sean John took the ads off. Tyson’s team claimed in the lawsuit, “They had a contract that existed that was not honored, and on top of that, my client’s image was continually used to market, promote and sell clothing. distributed and manufactured by Sean John. “
In a recent conversation in 2021 with Vlad TV, Beckford said he learned that Diddy had grown jealous of his popularity because of the campaigns, stating: âI heard rumors that they felt like I was was getting too big and I was going to make it obsolete, “recalls Beckord. “How am I going to make it obsolete?” It is his [star]. Sean John is him, I’m just a face and I felt like maybe it was a factor like that. They didn’t want me to be as fat as at Ralph (Lauren). But for me, I came into the situation just trying to do what I was hired to do and blow up like I normally do.