Diddy Inks Exclusive Deal With Macy’s
For his next big business move, Diddy has inked a distribution deal with Macy's for his Spring 2011 Sean John sportswear collection. The restless mogul took to Twitter this morning (May 5) to tease the news with one of his seemingly biweekly "big news today" tweets.
"Sean John announces EXCLUSIVE deal with Macy's," he wrote. "Today is a GREAT day. More Focus, more fashion, more money...!" We'll vote for "more money" as the impetus behind this one. Macy's currently runs 850 stores in the United States with balanced distribution across the nation. When the deal kicks in, Sean John will get prominent placement in 400 stores before an eventual roll out to all national chains.
"I got my start at Macy's when I was 16, selling shirts and ties," Diddy explained to the New York Post. "To come full circle like this is a dream come true."
In recent years, the major retailer has taken on other fashion brands exclusively, namely Tommy Hilfiger and Martha Stewart. This sort of distribution deal actually carries a much bigger risk than selective buying by season. "Frankly, we turn down 95 percent of the invitations we get to sell these brands exclusively," explained Macy's CEO Terry Lundgren. "We are committed to make this the most successful launch we've had."