Does Diddy Still Have The Golden Touch?
(The Network Journal) — Has the shine worn off the Sean “P. Diddy” Combs brand? In 2008, Combs ranked 33 with an estimated net worth of $35 million on Forbes list of Top 100 Celebrities. In 2009, he dropped to 68, with a net worth of $30 million. On the surface, it would seem that the Diddy Brand, which includes Bad Boy Records; the clothing line Sean John (which was founded in 1998 by Combs and supermarket mogul Ron Burkle); a movie production company; a top-selling fragrance (Unforgivable) and a vodka brand (CÎROC), is doing well. But as of late, sales for Bad Boy Records (co-owned by Warner Music Group), which in the early 1990´s was responsible for over $100 million in total record sales, have been waning. The Justin´s restaurant chain (New York and Atlanta) was shut down in 2007 after 10 years, and Combs announced that this month he will close the flagship store for his clothing line, Sean John. The store, on New York’s tony Fifth Avenue, has had poor sales since the opening in 2004.