Diddy Expands Empire, Buys Enyce Clothing Line
Mr. Combs is at it again. When it comes to business, nobody does it better. Sean "Diddy" Combs has announced the purchase of the Enyce clothing line from Liz Claiborne Inc. The 12-year-old company started out as a denim line expanding to outerwear, knits, wovens and t-shirts. The line found success in marketing to men and boys, and caught the eye of Liz Claiborne Inc. who purchased the company for $114 million in 2003.
When Combs heard that the company was up for sale, he jumped at the opportunity and along with his financial partner Yucaipa Cos. purchased the line for $20 million.
"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," Combs said in a statement.
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Liz Claiborne reportedly put Enyce up for sale due to current economic woes and not being able to properly market the line. Combs, however, is undeterred by those obstacles and is confident in how he will be able to grow the brand. "Given our track record of success in marketing products and all of our television titles, I look forward to adding our expertise to an already hot fashion line," he said. "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." Both companies are said to be working on a smooth transition for employees and retailers.
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