Drake’s personal stock may be at an all-time low (the man is randomly doing dating shows for God’s sake), but that isn’t keeping investors from spending big time to own a big piece of his OVO brand for the foreseeable future.
According to Complex, Authentic Brands Group has just plunked down some major chips to acquire the majority stake in Drake’s OVO intellectual property and while some may be confused as to why Drake would give up a big portion of the brand that he and his team built, he will indeed remain with “a significant ownership stake” while continuing to participate in the brand’s creative process going forward.
Having started it from the bottom with his friends, Oliver El-Khatib, and Noah “40” Shebib, Drake and company founded the OVO brand in 2008 before turning it into a clothing line and record label in 2012. Eventually collaborating with other brands such as Jordan, Canada Goose, and even Marvel, OVO’s popularity grew so much that it led to the opening of 12 flagship stores worldwide.
Then Kendrick Lamar dropped “Not Like Us,” and well, things went south for the brand, but that’s neither here nor there.
Still, Drake sees his latest business venture as a win, and truth be told, it sure seems like one for the man.
Per Complex:
“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.
Guess we’ll have to wait and see how this ultimately pans out for the embattled rapper.
What do y’all think about Drake selling the majority stake of his OVO brand? Let us know in the comments section below.
