Business & Finance
Authentic Brands Group acquires majority stake in Drake's OVO brand
The licensing giant partnered with Vince Holding Corp. to handle design, development, and retail expansion for the lifestyle brand.
The short version
- Authentic Brands Group has purchased a majority ownership stake in October's Very Own (OVO), the lifestyle brand co-founded by rapper Drake.
- Drake will retain a minority ownership stake and continue assisting with the brand's creative direction.
- Authentic is partnering with Vince Holding Corp. to manage the design, product development, and retail operations for OVO.
Key facts
- Authentic Brands Group acquired a majority stake in Drake's lifestyle brand, October's Very Own (OVO).[The Hollywood Reporter]
- Drake will maintain a minority stake in OVO and remain involved in shaping its creative direction.[The Hollywood Reporter]
- Authentic is collaborating with apparel firm Vince Holding Corp. for OVO's product design, development, and retailing.[The Hollywood Reporter]
What remains uncertain
- The financial terms and valuation of the acquisition were not disclosed.[The Hollywood Reporter]
Sources
- Authentic Brands Group Acquires Majority Stake in Drake’s Lifestyle Brand OVOThe Hollywood Reporter metered