AceShowbiz - Drake has sold a 51 percent ownership stake in his October’s Very Own (OVO) brand to Authentic Brands Group for $117.65 million, while retaining a 44 percent share in the company.

The deal grants Authentic Brands Group majority control of OVO’s intellectual property, with Vince Holding Corp. holding the remaining 5 percent and taking charge of the brand’s day-to-day operations, including product development, merchandising, retail management, and design. The acquisition also addresses OVO’s existing debt related to a lawsuit brought by lender Applied Real Intelligence. Both Authentic Brands Group and Vince Holding plan to leverage their infrastructure to expand OVO’s reach into new markets, particularly across the United States.

Drake described OVO as a brand that he and his team built in Toronto two decades ago and expressed confidence in the partnership’s ability to grow the label. He and his creative team will remain deeply involved in guiding OVO’s artistic direction despite the ownership changes, ensuring the brand’s original vision continues to shape its future.

Founded in 2008 by Drake, Oliver El-Khatib, and Noah Shebib, OVO has grown into a prominent lifestyle brand offering unisex sportswear such as T-shirts, hoodies, and quarter-zips. It operates 12 flagship stores in Canada, the U.S., and London, and has notable collaborations with UFC and Dsquared2, alongside a golf collection. Vince Holding will lead production and back-end operations while maintaining OVO’s Toronto-based creative and design teams.

The move positions OVO to transform from a niche celebrity-driven streetwear label into a global brand with retail scale. Authentic Brands Group, the second-largest licensor in the U.S. with a portfolio valued at around $38 billion, views OVO as a culturally influential lifestyle brand with strong potential for market expansion. With Vince Holding’s upcoming plans to open three new U.S. stores next year and initiate wholesale operations by 2027, the acquisition strategically aligns OVO to capitalize on the booming global streetwear market, projected to reach nearly $500 billion in sales by 2028.