What flagging economy? Sean Combs just threw down $20 million to buy Enyce from Liz Claiborne Inc., Women's Wear Daily reports. That's a lot of baggy jeans.
Terms of the deal weren't disclosed, but it was confirmed Diddy's company Sean John closed the deal. That sum is quite a bit less than the $114 million Claiborne paid Sports Brand International for it in 2003.
All this leads us to wonder just what Puffy's thinking. Just a couple months ago he couldn't afford gas for his (rented) jet, but now he can cough up $20 mil for a fading fashion company that nobody wears anymore? It's a rough life.
Most people aren’t aware of the fact that Diddy makes waaaaay more money from fashion than he does music. At this point running Bad Boy is almost like a hobby to take him away from the stress of his real day job, running Sean John. Now he’s adding another line to his portfolio by buying Enyce from Liz Clayborne (How many of you knew that that was who owned the line?). Here’s a quote from Diddy I found from the announcement.
Enyce is a brand that I have always admired, and they have been a very important player in the young men’s sportswear arena for over a decade. I am really excited to bring it into our portfolio of brands that already includes Sean John and Zac Posen. Given our track record of success in marketing products such as Ciroc Vodka, Unforgivable by Sean John, and all of our television titles, I look forward to adding our expertise to an already hot fashion line. Our long-term plan is to grow the Enyce brand through innovative marketing, expansion of the menswear and boy’s lines, and launching into new licensing categories. The current economic climate may be challenging, but we believe it is also an opportunity, and we are really excited to add Enyce to our lineup.”
Crazzyyyy!
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