Genuine acquires majority stake in OVO mental property, with Drake retaining important possession
Genuine Manufacturers Group (“Genuine”), a worldwide model and leisure platform, right now introduced the acquisition of a majority stake within the mental property of OVO, the premium way of life model co-founded by Drake. Because the driving power behind OVO, Drake will retain a big possession stake and proceed shaping its inventive imaginative and prescient alongside Genuine.
The partnership builds on Genuine’s confirmed method to rising iconic manufacturers and cultural property by way of content material, experiences and international commerce whereas preserving the id and inventive imaginative and prescient that outline them. OVO joins a portfolio of world sports activities, trend, leisure and way of life properties, strengthening Genuine’s place as a platform constructed to speed up each heritage manufacturers and the subsequent era of creator-led manufacturers.
“We’re only a couple youngsters from Toronto who began one thing we believed in. Right here we’re 20 years later, similar youngsters with larger goals. Genuine and VNCE are the right companions to assist us proceed to develop,” mentioned Drake.
“OVO has earned a spot among the many world’s most influential way of life manufacturers as a result of it has all the time stood for one thing genuine and unmistakable,” mentioned Jamie Salter, Founder and Govt Chairman of Genuine. “Drake and his group have constructed one thing with unbelievable cultural affect. We see a big alternative to take that even additional, opening new markets, constructing new companies and reaching extra folks around the globe with out shedding what makes OVO, OVO.”
As a part of the transaction, Vince Holding Corp. (Nasdaq: VNCE), a valued, longstanding companion inside Genuine’s international community, has acquired OVO’s working enterprise and can oversee the model’s design, product improvement, merchandising and retail shops. Vince Holding Corp.’s position as OVO’s core attire licensee displays Genuine’s mannequin of pairing manufacturers with best-in-class operators to drive long-term progress.
“Few manufacturers mix affect, elevated type and approachability the best way OVO does,” mentioned Brendan Hoffman, Chief Govt Officer of Vince Holding Corp. “We’re proud that Genuine has chosen us as their companion and we’re energized by the belief that comes with it. OVO’s inventive and design id stays its personal, and our position is to assist that imaginative and prescient and produce it to extra shoppers around the globe.”
Collectively, Drake, Genuine and Vince Holding Corp. deliver complementary strengths to OVO’s international growth, making a basis to increase the model’s cultural affect, attain new audiences and construct new companies worldwide.