Authentic Brands has announced an acquisition of a majority stake of lifestyle brand OVO, which was co-founded by musician Drake.
Moving forward, Drake will retain a significant stake within the company and will work alongside Authentic to manage its creative direction.
Authentic Brands has a wide portfolio of sports, apparel, and lifestyle banners, including Champion, Reebok, Guess, Nine West, and Ted Baker.
This acquisition is a strategic move by the company to grow its business with a global brand that is fronted by a culturally relevant public figure.
Jamie Salter, founder and executive chairman of Authentic said: “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.”
As part of the deal, Vince Company, which is a long-term partner of Authentic’s global network, will manage the brand’s image, product development, and retail partnerships.
This deal aims to pair the brand with an established operator to secure future growth opportunities.
The overall goal of the transaction is to scale the business worldwide by expanding the brand’s cultural influence, reaching new audiences and building companies internationally.
Hoffman, CEO of Vince Holding Corp said: “Few brands combine influence, elevated style, and approachability the way OVO does.
“We are proud that Authentic has chosen us as their partner, and we are energized by the trust that comes with it. 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.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
