Authentic Brands Group has acquired a majority stake in Drake‘s lifestyle brand October’s Very Own, better known as OVO.
The licensing giant says that the Canadian rapper will continue to own a minority stake in the company and will help shape its creative vision going forward. Authentic is also working with the apparel company Vince Holding Corp. on design, product development and retailing of OVO products.
“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,” Drake said in a statement. “Authentic and VNCE are the perfect partners to help us continue to grow.”
“OVO has earned a place among the world’s most influential lifestyle brands because it has always stood for something authentic and unmistakable,” added Jamie Salter, founder and executive chairman of 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.”
Authentic has become the second largest licensor in the U.S., behind only The Walt Disney Co., in part by inking deals with high-profile celebrities like Kevin Hart, Shaquille O’Neal and David Beckham, but it has also aggressively acquired brands like Brooks Brothers, Champion, Sports Illustrated and the Care Bears, helping to expand them into new areas and grow core business lines.
Drake’s OVO combines both celebrity and fashion into one brand, with Authentic seeking to help it grow.
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