Authentic Brands Group Takes Majority Stake in Drake’s OVO IP

Authentic Brands Group, the global brand and entertainment platform, has acquired a majority interest in the intellectual property of OVO, the “premium lifestyle brand” co-founded by Drake in 2008.

The details:

• Drake will retain a significant ownership stake and continue to shape OVO’s creative vision alongside Authentic.

• As part of the transaction, Vince Holding Corp. (Nasdaq: VNCE), a longstanding partner within Authentic’s global network, has acquired OVO’s operating business and will oversee the brand’s design, product development, merchandising, and retail stores.

• Financial details have not been disclosed.

Good company:

• OVO joins Authentic’s diversified portfolio, which spans more than 50 brands.

• Its roster includes Reebok, Champion, Shaquille O’Neal, David Beckham, Kevin Hart, Elvis Presley, Prince, and more.

What they said:

• Drake: “We’re just a couple kids from Toronto who started something we believed in. Here we are 20 years later, same kids with bigger dreams. Authentic and VNCE are the perfect partners to help us continue to grow.”

• Jamie Salter, Authentic Founder and Executive Chairman: “Drake and his team have built something with incredible cultural influence. We see a significant opportunity to take that even further, opening new markets, building new businesses and reaching more people around the world without losing what makes OVO, OVO.”