Authentic Brands Group (Authentic), has acquired a majority stake in the IP (intellectual property) of OVO, the premium lifestyle brand co-founded by Drake, the Canadian singer and rapper. Drake will reportedly retain a minority ownership stake that was described as “significant” and continue shaping its creative vision alongside Authentic.
“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,” said Drake.
The OVO Canadian lifestyle brand founded by Aubrey “Drake” Graham, Oliver El-Khatib and Noah “40” Shebibis is currently led by CEO Drex Jancar.
As part of the transaction, Vince Holding Corp. longstanding partner within Authentic’s global network, has reportedly acquired OVO’s operating business and will oversee the brand’s design, product development, merchandising and retail stores, according to a statement released by Authentic.
“Vince Holding Corp.’s role as OVO’s core apparel licensee reflects Authentic’s model of pairing brands with best-in-class operators to drive long-term growth,” the company said.
“OVO has earned a place among the world’s most influential lifestyle brands because it has always stood for something authentic and unmistakable,” commented Jamie Salter, founder and executive chairman, Authentic. “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.”
Together with Drake, Authentic and Vince Holding Corp. are said to bring complementary strengths to OVO’s global expansion, creating “a foundation to extend the brand’s cultural influence, reach new audiences and build new businesses worldwide.”
Brendan Hoffman, CEO, Vince Holding Corp., offered, “Few brands combine influence, elevated style and approachability the way OVO does. We are proud that Authentic has chosen us as their partner and we are energized by the trust that comes with it. OVO’s creative and design identity remains its own, and our role is to support that vision and bring it to more consumers around the world.”
Image courtesy OVO
