Despite all the recent bad news for Sean "P. Diddy" Combs, what with his flagship NYC clothing store on Manhattan´s tony Fifth Avenue closing, the hip-hop entrepreneur just received some great news.
His company, Bad Boy Worldwide Entertainment Group has ranked the third "Largest Minority Owned Business," according to Crain's New York Business. On top of this, Diddy actually runs the third largest minority owned business in all of New York City.
"Diddy's brand has endured - in spite of his very public failures…the restaurant, store closing, poor record sales of his artists, etc - because he has the ability to make or break people and he has powerful connection," notes hip-hop business expert Saideh Browne, president of Impact Agency NY and author of 99 Tips to Transform Your Business Today (March 2011, GS Publishing Group). "Those who may want to publicly sabotage his brand should likely think two, three or four times before doing so because he has the ability to always bounce back."
Diddy's Bad Boy Worldwide Entertainment Group, which manages artists, records music, produces several fragrances, has multi apparel lines and an advertising and marketing agency and a television and film production company, to name a few, has continued to rise. According to Crain’s, Diddy`s empire earns a mega $300 million annually, with an estimated 600 employees on its payroll. Not bad for a businessman with much-publicized failures.
Diddy´s company, Bad Boy, fell shy of being second on Crain’s list, Palladium Equity Partners, which, according to Crain’s earned $1.262 billion in annual revenue, came in as the number two NYC minority owned business. Number one on the list was Goya Foods Inc., with $1.5 billion sales yearly.
Besides this impressive ranking, Diddy is still recording music as an artist. His latest CD is called Last Train To Paris, and from his track record should produce a chart topper or two.
"Regardless of his business ethics, which have come under fire by many hip-hop and other industry insiders, he is great in front of the camera and that is his secret to staying relevant. As far as his brand fading, to many it already has," notes Browne. "But he is successful because he has the ability to connect with people who want to be like him, roll like him and, ultimately, want to be him. I'm not sure if that is a sustainable business model but he and Trump sure think so." Obviously, like Trump, there is no stopping Diddy and his brand.