Drake's OVO Brand Sold to Authentic in $0 Stake Deal

Authentic Brands Group has acquired a 51% stake in October's Very Own (OVO), a lifestyle brand co-founded by Drake. The rapper will retain 44% ownership of the brand, while Vince Holding Corp. will own 5%.

As part of the transaction, Vince Holding will become OVO's core apparel and retail licensee, overseeing design, product development, and merchandising globally for the brand. The company will also acquire the operating business for OVO's retail stores, which currently include 8 locations in Canada, 3 in the US, and 1 in London.

OVO was founded in 2008 by Drake, Oliver El-Khatib, and Noah '40' Shebib. The brand is known for its unisex sportswear, golf collection, and collaborations with other brands, including the UFC and Dsquared2.

The acquisition represents a significant opportunity for Authentic Brands Group to expand OVO's reach and grow the brand's business. A portion of the sales proceeds from the deal will be used to strengthen OVO's balance sheet and support Vince Holding's plan to grow the business.

## What happens next Vince and OVO will continue to operate as distinct brands with separate creative teams. The deal is expected to strengthen Vince's partnership with Authentic Brands Group and provide the company with access to the expanding global streetwear market.

## Why it matters The acquisition of OVO by Authentic Brands Group marks a significant milestone for the lifestyle brand. With Authentic's expertise and resources, OVO is poised for further growth and expansion into new markets. The deal also highlights the growing importance of streetwear and lifestyle brands in the fashion industry.

The partnership between Authentic, Vince, and OVO is expected to drive growth and innovation for the brand, with a focus on expanding its retail presence and e-commerce operations. As part of the agreement, Vince will retain existing OVO operations, including its Toronto headquarters and staff.