Music and fashion tycoon Sean "Diddy" Combs paid $7.5 million to reclaim his Sean John fashion label from the brand's owner who declared bankruptcy. Combs won back the namesake brand as other companies were competing for the license of the failing clothing line, according to FashionUnited.

Combs sold the clothing line to Global Brands Group in 2016, and over the summer the business filed for Chapter 11 bankruptcy due to the company's financial woes brought on by the pandemic. The GBG affiliate that managed Sean John also filed for bankruptcy on Dec. 1.  

Court documents state that the brand manager of the parent company earned 85% of his profits by selling the apparel and footwear to retailers including Costco, TJ Maxx and Nordstrom, according to Bloomberg.

“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 said in an official statement, FashionUnited reports. "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."

Global Brands Group sold many of its other properties before auctioning off Sean John, Bloomberg reports. Combs was able to bid for the label through a firm called SLC Fashion and paid $51,000 more than the highest competitor, according to court papers. 

Before the sale can be finalized, the judge presiding over GBG's bankruptcy case in Manhattan must agree to all the terms.