Lifestyle Style Sean 'Diddy' Combs Regains Complete Ownership of Sean John Fashion Label for $7.5 Million The rapper sold a majority stake of Sean John to brand management firm Global Brands Group in 2016 By Kaitlyn Frey Kaitlyn Frey Instagram Twitter Assistant Style & Beauty Editor, PEOPLE People Editorial Guidelines Published on December 21, 2021 03:47 PM Share Tweet Pin Email Photo: Steve Granitz/WireImage Sean 'Diddy' Combs is back in charge of his global streetwear label, Sean John. Combs, 52, won the bid to regain complete ownership of Sean John for a price of $7.551 million, PEOPLE confirms. Putting streetwear style on the map with its launch in 1998, Combs sold a majority stake in the company to Global Brands Group in 2016 before buying it back. "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. "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. Combs reportedly sold a 90% stake in Sean John to brand management firm Global Brands Group. The company's North American arm filed for Chapter 11 bankruptcy in July 2021. According to court papers obtained by Bloomberg, Global Brands Group has been considering buyers for Sean John since May. Earlier this month, Combs submitted a bid to buy the Sean John brand for $3.3 million through the acquisition company named SLC Fashion LLC, reports Women's Wear Daily. The outlet says four other parties submitted offers, but ultimately Combs' final offer of $7.551 million was approved. Sean 'Diddy' Combs at a Sean John Fragrance launch event. Rob Kim/Getty Much of Sean John's success came from the label's longtime partnership with Macy's. The brand exclusively teamed with Macy's in 2010, making the apparel in 400 U.S. stores. The agreement was renewed in 2015. 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." In 2004, Combs earned the prestigious CFDA Men's Designer of the Year award for Sean John, beating out fashion vets Ralph Lauren and Michael Kors. After famously dancing to the stage to accept the honor, Combs said: "I'm very happy as you can see. Ralph [Lauren], you're still the sexiest man on the planet!"