Authentic Brands acquires majority stake in Drake's OVO brand

Authentic Brands Group announced it has acquired a majority stake in the intellectual property of OVO, the lifestyle brand co-founded by rapper Drake, with Drake retaining a significant ownership stake and continuing to oversee its creative direction.

As part of the transaction, Vince Holding Corp. (Nasdaq: VNCE) has acquired OVO's operating business and will manage the brand's design, product development, merchandising and retail stores, serving as OVO's core apparel licensee.

OVO, formally known as October's Very Own, was founded by Drake alongside Oliver El-Khatib and Noah "40" Shebib. The Canadian lifestyle brand is known for its owl logo and black-and-gold aesthetic, and currently operates 12 flagship stores along with a global e-commerce presence.

"OVO has earned a place among the world's most influential lifestyle brands because it has always stood for something authentic and unmistakable," said Jamie Salter, Founder and Executive Chairman of Authentic. "We see a significant opportunity to take that even further, opening new markets, building new businesses and reaching more people around the world."

Brendan Hoffman, Chief Executive Officer of Vince Holding Corp., said the company is "energized by the trust" placed in it by Authentic, adding that OVO's creative and design identity "remains its own."

Authentic Brands Group manages a portfolio of more than 50 brands and reports over $38 billion in annual systemwide retail sales across more than 150 countries. Vince Holding Corp. operates 42 full-price retail stores, 12 outlet stores and an e-commerce site under the Vince brand.

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