After Selling A Majority Stake In Sean John, Is Puff Daddy Now A Self-Made Billionaire From Harlem, USA?
Some people thought that it was over for Sean Combs also known as Puff Daddy, P. Diddy and Diddy when he was fired as an A&R executive at Uptown Records by Andre Harrell. He soon founded Bad Boy Entertainment (also known as Bad Boy Records) in 1993. The powerhouse label turned into an instant success — launching the careers of Biggie Smalls, Craig Mack, Total, Faith Evans, Mase, The Lox, French Montana, Cassie and many more. The label also worked closely with Mary J. Blige and Lil Kim.
In 1998, people laughed when Puff Daddy launched a fashion line, then his Sean John label changed the industry. Last week, we originally reported that “Global Brands Groups Holding Ltd. acquired a majority stake in Sean John. Founder Sean “Puff Daddy“ Combs will retain a minority stake and continue to be involved in the marketing for the 18-year-old brand” (see it here).
Exact terms of the deal between Global Brands and Puff‘s men’s lifestyle brand Sean John were not disclosed, but we could confirm that it also includes Combs‘ Enyce brand.
After selling a majority stake (which is believed to be around 80%) in the American-based brand, it brings us to believe that Puff Daddy is now a self-made billionaire from Harlem, USA and here’s why.
Last May, creditable business website, Forbes.com, reported that Puff has an “estimated net worth of $750 million“. The bulk of his fortunes comes from Combs Enterprises — Bad Boy Entertainment, Bad Boy Management, Sean John, Sean Fragrance, Diageo’s Ciroc vodka, DeLeón Tequila, Combs Wine & Spirits, AQUAhydrate, The Blue Flame Agency, REVOLT Films and REVOLT MEDIA.
According to WWD, “Sean John has annual retail sales of around $450 million“. Even though it hasn’t been confirmed, we believe that Puff most likely received a payout of around $300 million once the transaction was completed. We came up with that number because in 2007, Jay Z sold Roca Wear clothing to Iconix Group for $204 million in cash and Sean John is now worth more than what Roca Wear was worth back then.
Add that figure ($300 million) to Puff‘s already sky high $750 million net worth, the entrepreneur definitely passed the $1 billion mark.
The sky’s is not the limit, it’s just the view. Chase your dreams and make sure you’re running fast enough.
Photos Credit: Elton Anderson | Photo by Chelsea Lauren