AceShowbiz - Drake's October's Very Own (OVO) brand has entered a significant business deal with Authentic Brands Group, which has acquired a 51 percent stake in the Toronto-based fashion and lifestyle company for $117.65 million.

This transaction, reported by Rolling Stone on August 27, gives Authentic Brands majority ownership of OVO. Following the deal, Drake will maintain a 44 percent stake, while Vince Holding Corp. holds the remaining 5 percent and has taken over OVO’s operating business.

Under the new structure, Vince Holding Corp. will manage the day-to-day operations of OVO, including product development, merchandising, retail, and design. Meanwhile, Drake and his creative team will continue to oversee the brand’s creative direction.

The agreement also addresses outstanding debt issues following a lawsuit filed earlier this year by lender Applied Real Intelligence, which alleged defaults on loan payments by OVO.

Both Authentic Brands Group and Vince Holding Corp. intend to leverage their established infrastructure to help expand OVO into new markets, with a particular focus on growth in the United States.

In a public statement, Drake reflected on the brand’s journey from its roots in Toronto to becoming a global lifestyle name, emphasizing that the new partnerships will support continued growth and bigger ambitions.

Jamie Salter, founder and executive chairman of Authentic Brands Group, highlighted OVO’s status as one of the world’s most influential lifestyle brands. He emphasized the cultural impact created by Drake and his team and expressed confidence in expanding the brand’s reach worldwide without compromising its identity.

This acquisition adds to Authentic Brands Group’s expanding portfolio of celebrity-driven brands. The company is currently the second-largest licensor in the U.S., trailing only The Walt Disney Company. It has built its business through partnerships with notable figures like Kevin Hart and David Beckham, as well as brands such as Champion and Sports Illustrated.

This deal marks a new chapter for OVO, positioning it for further growth through collaboration with established industry leaders while retaining its unique creative vision under Drake’s guidance.

This article is based on reporting originally published by Xxlmag.