Drake is turning October’s Very Own (OVO) into something bigger than a fashion label built around an owl.
Making Deals
Authentic Brands Group has acquired a 51% stake in OVO’s intellectual property, giving the brand management giant majority ownership of the company’s name, trademarks, and other brand rights.
Financial terms were not disclosed.
Authentic is a global brand development, marketing, and entertainment company that owns a portfolio of iconic fashion, sports, entertainment, and media brands. The company is backed by major private equity firms and institutional investors, including BlackRock and Leonard Green & Partners, alongside founder Jamie Salter. Basketball Hall of Famer Shaquille O’Neal is Authentic’s second-largest individual shareholder.
The transaction adds OVO to an Authentic portfolio that already includes Reebok, Champion, Sports Illustrated, Shaquille O’Neal, David Beckham, Muhammad Ali, Prince, and Elvis Presley. Authentic says its brands generate more than $32 billion in annual worldwide retail sales through more than 1,700 licensing partners.
In January, Authentic partnered with Kevin Hart to co-own and manage the Kevin Hart brand. As part of the strategic deal, Hart also acquired an equity stake in Authentic, becoming a shareholder alongside fellow entertainment and sports moguls.
Drake, whose legal name is Aubrey Graham, will retain a 44% stake and continue directing OVO’s creative vision. Vince Holding Corp., the apparel company behind the Vince brand, will own the remaining 5% and operate the retail business.
“We’re just a couple kids from Toronto who started something we believed in,” Drake, whose net worth is $400 million, said in the announcement. “Here we are 20 years later, same kids with bigger dreams. Authentic and VNCE are the perfect partners to help us continue to grow.”
The deal does more than bring in new capital — it unbundles OVO into distinct corporate assets. By separating the brand’s intellectual property from its operating business, the deal establishes the infrastructure needed to transition OVO from a celebrity-backed streetwear label into a major global consumer brand.
Authentic will manage and expand OVO’s intellectual property, while Vince Holding Corp. acquired the operating business — including its retail stores, e-commerce platform, wholesale relationships, assets, and liabilities. Vince will also serve as OVO’s primary apparel licensee, overseeing product development, merchandising, and retail operations.
Drake and OVO’s Toronto-based creative team will remain in control of the brand identity and aesthetic that drove its rise.
“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.
Salter said Authentic sees an opportunity to expand OVO by “opening new markets, building new businesses, and reaching more people around the world without losing what makes OVO, OVO.”
OVO currently operates 12 stores across Canada, the United States, and the United Kingdom, alongside a global e-commerce platform.
“Few brands combine influence, elevated style, and approachability the way OVO does,” said Vince Holding Corp. CEO Brendan Hoffman.
Hoffman also sought to ease concerns that the corporate restructuring could dilute OVO’s distinct brand identity.
“OVO’s creative and design identity remains its own, and our role is to support that vision and bring it to more consumers around the world,” he said.
While Drake is relinquishing majority control, he is not simply cashing out. His 44% stake preserves significant financial upside if Authentic and Vince can expand OVO into new global markets and product categories.
