Drake just handed over majority control of his streetwear empire’s intellectual property, and the move is already rewriting the business side of OVO. Authentic Brands Group locked in a 51% stake in OVO’s IP for a contractual purchase price of $117.65 million, according to the transaction documents and Vince Holding Corp.’s SEC filing. Drake keeps 44%, Vince takes the remaining 5% plus full control of the operating business, and the agreement closed on August 24, 2026, before the public announcement three days later.
This is not Drake cashing out the entire brand for a personal nine-figure check. The $117.65 million figure covers the IP assets trademarks, the owl logo, name rights, and related brand equity. Proceeds go to the selling entities, debt obligations, and adjustments. Drake remains a major owner with creative direction intact. Vince runs the day-to-day: product development, merchandising, the 12 existing stores across Canada, the U.S., and London, e-commerce, and wholesale. ABG brings its global licensing machine.
OVO started in Toronto around 2008 as a blog and creative collective with Drake, Oliver El-Khatib, and Noah “40” Shebib. The black-and-gold aesthetic and owl logo turned it into a recognized lifestyle brand. Now the structure shifts toward scale. Vince plans three new U.S. stores in 2027 and broader wholesale rollout the same year. ABG sees room for new categories and international markets while keeping the Toronto creative team in place.
Drake put it this way:
“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. Authentic and Vince are the perfect partners to help us continue to grow.”
ABG founder and executive chairman Jamie Salter said,
“OVO has earned a place among the world’s most influential lifestyle brands… We see a significant opportunity to take that even further.”
Vince CEO Brendan Hoffman emphasized the balance: the company will support OVO’s creative identity while scaling operations.
A separate lawsuit from lender Applied Real Intelligence in summer 2026 alleged loan-payment defaults and sought millions in claimed amounts. Those remain allegations. The deal documents include debt repayment provisions, but the companies frame the partnership as a growth play rather than a forced sale.
The open question for American readers is whether OVO can expand into more U.S. wholesale channels and new markets without diluting the exclusivity and Drake-driven culture that built its following in the first place.
