Authentic Brands acquires majority stake in Drake’s OVO
Authentic Brands has acquired a majority stake in October’s Very Own (OVO), the premium lifestyle brand co-founded by Canadian rapper Drake.
As part of the deal, Vince Holding Corp., a longstanding partner of Authentic, has acquired OVO’s operating business and will oversee the brand’s design, product development, merchandising, and retail stores.
Subscribe to TRBDrake will retain a significant ownership stake, however, and will continue to shape the brand’s creative vision alongside Authentic.
Commenting on the transaction, he said: “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.”
At Authentic, OVO will be joining a portfolio of brands that includes Reebok, Champion, Juicy Couture, and Quiksilver.
Together, Drake, Authentic, and Vince Holding Corp. will be combining their strengths to build OVO’s global expansion, with the aim of helping it reach new audiences and build new businesses worldwide.
Jamie Salter, founder and executive chairman of Authentic, said: “OVO has earned a place among the world’s most influential lifestyle brands because it has always stood for something authentic and unmistakable.
“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.”
