Sean John forms joint venture

Sean John and Zac Posen, one of fashion's brightest new stars has formed a joint venture.

Sean John founded by rap mogul Sean "P. Diddy" Combs, has annual retail sales in the United States of more than $450 million. Sean John is making a long-term investment in the future of the Posen's label and the two companies will be equal partners in the joint venture.

Posen is best known for his dresses and his runway shows draws lots of celebrities such as Claire Danes and Barbara Bush daughter of President Bush Jr.

"Sean John is going to give his company the opportunity to grow because we believe in him,"said Combs. Posen whose ready-to-wear collection debuted in 2001 plans to continue expansion of his collection while developing an accessories business.The company plans to open a flagship store on  Fifth Avenue in Manhattan New York later this year.

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