Drake’s OVO brand partners with Authentic Brands Group for global expansion while the Toronto legend keeps creative control and significant ownership.
Drake just made one of the biggest business moves in his career by bringing Authentic Brands Group into the OVO empire.
The Toronto legend’s lifestyle brand has partnered with ABG, one of the world’s most powerful IP platforms, and he’s keeping creative control while expanding globally.
“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,” Drake said about the deal.
ABG acquired a majority stake in OVO’s intellectual property while Drake retained significant ownership, meaning he’s not stepping back from what he built.
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Vince Holding Corp. took over the operating business and will handle design, product development, merchandising, and retail stores.
This structure lets Drake stay involved creatively while ABG handles the global expansion machine.
Jamie Salter, founder and executive chairman of Authentic, explained the vision clearly.
“OVO has earned a place among the world’s most influential lifestyle brands because it has always stood for something authentic and unmistakable. 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.”
The partnership puts OVO in elite company. ABG’s portfolio includes Reebok, Champion, Shaq, David Beckham, Kevin Hart, Sports Illustrated, Elvis Presley, Muhammad Ali, and Marilyn Monroe.
The company drives $38 billion in annual retail sales worldwide through 1,700 partners across 150 countries.
OVO started as a passion project by Oliver El-Khatib and Noah “40” Shebib, and it’s grown into a brand with 12 flagship stores and a global e-commerce presence.
This article was originally published on allhiphop.com.
