Drake still sees himself and the rest of the OVO team as kids, albeit with “bigger dreams” than the ones they first put into motion in Toronto nearly two decades ago.
The expression of this sentiment comes in tandem with some major news for the lifestyle brand founded by Drake, Oliver El-Khatib, and Noah “40” Shebib. As announced to the world on Thursday (Aug. 27), Authentic Brands Group, a name you likely recognize for its key role in the sustaining omnipresence of the late Marilyn Monroe, has acquired a majority stake in OVO’s intellectual property.
As part of the deal, Drake, to be clear, “will retain a significant ownership stake” while also working with Authentic in the continued shaping of the brand’s creativity identity, per press notes.
“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,” Drake said in a statement shared with Complex. “Authentic and VNCE are the perfect partners to help us continue to grow.”
The deal sees Vince Holding Corp., a.k.a. VNCE, a longtime Authentic partner, taking the reins of OVO’s operating business. This means VNCE will be tasked with overseeing product development, retail, and more.
As Authentic founder Jamie Salter sees it, Drake and company “have built something with incredible cultural influence” through OVO, making this union a “significant opportunity” for all involved.
The larger Authentic portfolio is decidedly vast, and also counts the following household names among its ranks: Shaquille O’Neal, Kevin Hart, Muhammad Ali, and Elvis Presley.
