Net worth: US$ 550 million (2012)
Company: Bad Boy Worldwide Entertainment Group
Position: Founder, CEO
Industry: Media, Fashion
Country: United States
The artist formerly known as Puff Daddy appeared on the cover of FORBES' inaugural Celebrity 100 issue in 1999, and ten years later he's still on the list. Though music now makes up less than 20% of his revenue, he's made up for that with other business ventures like his deal with Diageo's Ciroc vodka, which brings him double-digit millions annually. He also rakes in cash from clothing lines Sean John and Enyce, marketing firm Blue Flame and record label Bad Boy. Next up: cable channel Revolt, slated for a 2013 debut.
Sean John Combs, the CEO and founder of Bad Boy Worldwide Entertainment Group is a multifaceted entertainment powerhouse. Mr. Combs oversees one of the world's pre-eminent urban entertainment companies, encompassing a broad range of businesses including recording, music publishing, artist management, television and film production, recording facility, apparel and restaurants.
Christian Casey LLC, Founded by Mr. Combs in 1998 and named for his second son, Christian Casey designs, produces, and distributes high-end urban fashion and accessories targeted to trendy males and females. Bad Boy Entertainment owns Christian Casey, which operates as Sean John Clothing. The label has enjoyed tremendous success, with annual sales exceeding $100 million, and multiple fashion design nominations. In 2004, the Council of Fashion Designers of American awarded Sean John the Men's Designer of the Year award.
Sean John fragrance, a joint venture with Estee Lauder, was formed in 2005. When introduced in 2006, Sean John™s signature fragrance, Unforgivable, quickly reached No. 1 in U.S. department stores. Since then, Sean John fragrances have grown to include Unforgivable Woman and I Am King, and are sold in more than 35 countries and territories. Sean John™ Unforgivable scent was the top selling fragrance in 2006, according to leading consumer and retail information provider The NPD Group. That was the first time a men's fragrance had claimed that honour. Sean John™s, I Am King, took home top honors at the 37th Annual FiFi Awards hosted by The Fragrance Foundation. I Am King, was named Fragrance of The Year in the Men's Luxe category. Mr. Combs took home the same award for his first men's fragrance, Unforgivable, in May 2007.
Combs made the decision to venture into the potentially lucrative world of men's perfume in November 2008, when he launched the fragrance, I am King. He also branched into the world of reality TV in 2008, with the VH1 show 'I Want to Work for Diddy'.
In 2007, Sean partnered with Diageo for a groundbreaking strategic alliance to oversee and manage all branding and marketing initiatives for Ciroc Vodka. Under the terms of the deal, Mr. Combs and Sean Combs Enterprises will take the lead on all brand management decisions for Ciroc, while sharing in the future profits of the growth of the brand. This exclusive US multi-year collaboration, which calls for a 50/50 profit split, is a first for the spirits industry and could be worth more than $100 million for Mr. Combs.
In addition to his music career, Combs gained a reputation as a savvy businessman for his other endeavors, including: clothing line, Blue film advertising company, MTV reality show “Making The Brand”, and also a restaurant chain. Apart from being successful in all the areas he entered into, he has always been active in social works. The greatest example of his generosity is, on November 2nd 2003 when Comb ran in the New York City Marathon two days before his 34th birthday. Despite having a bad knee, cramps and minimal training he managed to raise $2 million for New York Public Schools.
Mr. Combs™ Sean John Enterprise acquired the Enyce clothing line from Liz Claiborne for $20 million on October 21, 2008.
Not content with dipping his toe in the world of fashion, music and perfume, Combs has also invested his considerable fortune in an upscale restaurant chain called Justin's, named after his son.
These business ventures may have helped him to top a Forbes poll of the world's richest rappers.
His estimated $475 million (£295 million) personal fortune puts him above Jay-Z and 50 Cent.
The recording artist and producer was keen to play down his wealth when he spoke to MTV and said: "I think people think that I have that money actually sitting at home in the basement.
In 2012 announced deal with Comcast to launch cable channel Revolt in 2013. He will own the channel outright.
In April 2012, Forbes estimated Mr. Combs net worth at $550 million.
His earnings according to Forbes.com, 2012: $45 million, 2011: $35 million, 2010: $30 million.
(sources: blackentrepreneurprofile.com, bornrich.com, thebiographychannel.co.uk, forbes.com)
