Liz Claireborne bought ENYCE in 2003 for $114 million, and the Sean John company purchased this brand for $20 million, thats a great business deal.
Of the deal Combs said:
"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.
Liz Claireborne Inc said in a statement that they can not give the proper attention to the brand. I think they tried to jump on the urban apparel bandwagon back in 2003 and failed because its not what they do. In a time where other companies are not closing down or not making much investments, I'm happy that Diddy is stepping up and resume's business as usual.
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