Sean “Diddy” Combs is eager to buy back his fashion label, Sean John, after the brand’s owner went bankrupt.
A legal filing was made this week in Manhattan federal bankruptcy court.
Diddy sold almost all of his brand to Global Brands Group in 2016— 90% to be exact. But GBG’s U.S. unit filed for Chapter 11 bankruptcy this summer, primarily due to the pandemic.
SLC Fashion LLC, a company linked with Combs, wants to buy the Sean John brand for $3.3 million.
However, all is not well between both parties.
In February, Diddy sued Global Brands Group for $25 million, alleging it used his image without consent to help boost profits.
“[Diddy] does not challenge [Sean John/GBG’s] right to use the Sean John trademark, but rather [Sean John/GBG’s] decision to leverage a fabricated quote they created and then falsely attributed to Mr. Combs, and to use Mr. Combs’s name and other monikers to create the false and misleading impression that Mr. Combs is the decision-maker behind the designs and creation of the GBG Collection,” his lawyer said at the time.
The following week, Diddy filed a second lawsuit against GBG “for breach of contract, unfair competition, common law trademark infringement, deceptive practices, and unjust enrichment,” — asking for $60 million.
GBG is also the majority owner of the David Beckham brand. Beckham is in the process of buying the company’s 51% stake and taking complete control of that brand.
GBG International is a subsidiary of Hong Kong-listed Global Brands Group. The international arm’s additional assets include Fiorelli, the Italian handbag brand.
Originally posted 2021-12-03 15:00:00.
