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Diddy buys Sean John brand out of bankruptcy for $7.5 Million

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Music mogul and producer, Sean “Diddy” Combs has won the bid to buy back his fashion brand, Sean John.

Diddy won the rights to Sean John for $7.5 million, after a bidding war with 4 other parties. The deal will be finalized this week, barring any objections.

The music producer’s initial bid earlier this month in bankruptcy court was $3.3 million through an acquisition company named SLC Fashion LLC. His position made him the stalking horse which means any other offer on Sean Jean would have to outdo his.

The entertainment mogul, 52, started the streetwear brand back in 1998. Combs reportedly sold 90% of the company in 2016 to Global Brand Groups. At that time Sean Jean’s annual retail sales were around $450 million. In July 2021, GBG filed for Chapter 11 in New York.

Before the bankruptcy filing by GBG, Diddy’s relationship with them had turned sour. In February 2021, he filed a lawsuit against GBG for $25 million because of alleged “false endorsement, misappropriation of likeness and violating his publicity rights.” The suit has now been reportedly dropped.

Revealing why he bought back the brand, Diddy said;

“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.

“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’s current net worth is around $885 million from his multiple brands and companies that include music, TV production, alcohol, and other beverages.

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Toyin Abraham slams those ‘talking down’ her husband

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Actress Toyin Abraham has addressed those saying she is richer than her husband, Kolawole Adeyemi.

In an Instagram post she shared, the actress stated that she won’t allow anyone talk down on her actor husband as he is a hardworking man who has been doing a lot for her and their kids.

Toyin further averred that people need to stop this mentality that “famous people or the more famous ones are the richest in their family, relationships or even friendships”. She added that even though she is the last child and the famous one in her family, she isn’t the richest.

The actress urged social media users to celebrate their idols without ridiculing the hard work others put in.

She wrote; “I don’t usually do this and I am only going to address this just once and I hope this ends here.

“People need to stop this mentality that famous people or the more famous ones are the richest in their family, relationships or even friendships.

“Just because some people do not like to blow their own horns doesn’t mean they should be seen as less or incapable.

“I’m speaking up because I won’t let people talk down on my husband who is a very hard working man and is doing a lot for me and the kids. Do not ridicule his hard work and what he stands for.

“Everything he has, he’s worked for with his own sweat and he deserves it.

“I am the last born of my family and you’d think I’m the richest just because I’m famous which is far from the truth.

“It is 2022 please, we need to do better and stop this ill mannered mentality.

“Celebrate people without trying to pitch them against another person or ridicule their hard work or give credit to another. It’s so old and needs to stop.”

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Faze loses his mother less than a year after losing his twin sister

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Chibuzor Oji, better known by his stage name Faze, has lost his mother Faith.

The singer’s mother died on Jan. 12, 2022, two weeks to her 76th birthday.

This comes less than a year after the singer lost his twin sister.

“My heart is heavy, ” Faze confessed as he mourns his mother.

See below.

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Kanye West slams Kim Kardashian for denying him access to daughter’s birthday

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Rapper Kanye West has slams Kim Kardashian for hiding their daughter’s birthday party venue from him.

Kanye West on Saturday went live to claim that his estranged wife, Kim Kardashian was purposely keeping him from seeing his daughter, Chicago on her birthday.

In the video, Kanye said, “I’m just wishing my daughter a public happy birthday. I wasn’t allowed to know where her party was. I’m taking control of my narrative this year. I’m not going to let this happen. Chicago, happy birthday, I love you. I’m just putting this up online because I need y’all support.”

He went on and complained about how fathers have been kept out of the family unit for ages and even with all his wealth, he still finds himself in that position.

Chicago is his third child with Kim and clocked four on Saturday.
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