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Authentic Brands Buy Majority Stake In Drake’s OVO
Courtesy of OVO
Drake sold a majority stake in OVO (October’s Very Own) to Authentic Brands Group.
Why It Hits: Celebrity-fronted brands have become some of the biggest moneymakers out there, especially in retail, beauty, and food & beverage. There’s an inherent marketability built in. Drake, one of the biggest rappers in the world, has owned and operated OVO for nearly two decades, giving the brand both the longevity and momentum for a major expansion.
Between The Lines: Drake — along with co-founders Oliver El-Khatib and Noah “40” Shebib — wants OVO to have its Fenty or SKIMS moment.
While Authentic bought a majority stake in the lifestyle brand, the founders will “retain a significant ownership stake” and continue to lead the company’s “creative identity.”
Additionally, apparel company Vince Holding Corp. (VNCE) will be “tasked with overseeing product development, retail, and more,” according to Complex.
Closing Thoughts: Authentic has been on an acquisition tear over the past decade, acquiring stakes in celebrity labels or making NIL deals with boldface names like Kevin Hart, Shaq, David Beckham, and the estate of Marilyn Monroe. That’s on top of big deals in the fashion space for brands such as Champion, Reebok, Lucky Brand, and Volcom. It also has expanded into media IP rights, taking stakes in Care Bears and Sports Illustrated.
Authentic is actually the second-largest licensor in the US, just behind Disney, per THR. Who knew?
Prediction: Authentic could be building the first equal-parts media-and-apparel empire.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.