October 22nd, 2008 |
Author: Allen Starbury
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Diddy announced the purchase of fashion label Enyce on Tuesday (October 21), a brand the mogul said he always admired, from Liz Claiborne Inc.
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Enyce was founded in 1996 as a denim based sportswear brand, which offered knits, wovens, outerwear, and graphic tees for males, in addition to a successful “big and tall” line.
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In 2003, Liz Claiborne purchased the brand. With Tuesday’s announcement, Diddy plans to work with Claiborne to ensure a smooth transition for retail partners, vendors, and the company’s employees.
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“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,” said Diddy in a statement. “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.
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“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,” he continued.
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According to William McComb, CEO of Liz Claiborne, they were unable to fully maximize Enyce’s potential as a brand, thus selling it to Diddy whom they feel can lead the label to its full potential.
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“As we continue to implement our strategy of building powerful brands, we determined that we can’t properly maximize the potential of Enyce,” said McComb. “Enyce is a strong brand with a loyal customer following, however the unsettled economic environment and our commitment to properly resource and focus on other brands in our portfolio contributed to this decision.
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“Sean Combs has the expertise and resources to help Enyce endure this difficult period and ultimately thrive. We are pleased that Sean Combs has decided to purchase the brand,” he added.
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At press time, specifics of the deal were not disclosed.
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Seems like Diddy will talk to whomever will listen (including himself) about his purchase of Enyce. I’m not gona lie though. Very Smart move on his part. He will have Sean John at the higher price range and Enyce and the lower price range. That pretty much equals making money hand over fist.