Authentic Brands has acquired a majority stake in the intellectual property of Ovo, the lifestyle brand co-founded by musician Drake, as it looks to accelerate the label’s global expansion.

Financial terms of the deal were not disclosed, but Authentic mentioned that Drake will still retain a ‘significant’ stake in the brand.

“Drake and his team have built something with incredible cultural influence,” said Jamie Salter, CEO of Authentic Brands.

“We see a significant opportunity to take that even further, opening new markets, building new businesses, and reaching more people around the world without losing what makes Ovo, Ovo.”

As part of the agreement, Vince Holding Corp, a strategic partner of Authentic Brands, will oversee Ovo’s design, product development, merchandising, and retail operations.

“Few brands combine influence, elevated style, and approachability the way Ovo does,” said Brendan Hoffman, CEO of Vince Holding Corp.

“We are proud that Authentic has chosen us as its partner, and we are energized by the trust that comes with it. Ovo’s creative and design identity remains its own, and our role is to support that vision and bring it to more consumers around the world.”

Founded in 2008, Ovo (October’s Very Own) is a Canadian lifestyle brand led by CEO Drex Jancar and established by Aubrey ‘Drake’ Graham, Oliver El-Khatib, and Noah ’40’ Shebib. The brand sells apparel and accessories and is known for its owl logo and black-and-gold aesthetic.

Ovo operates 12 flagship stores and a global e-commerce platform.

“We’re just a couple of kids from Toronto who started something we believed in. Here we are 20 years later, same kids with bigger dreams,” Drake said.

Founded in 2002, Vince Holding Corp is an apparel and accessories company. It operates 42 full-price stores, 12 outlet stores, and an e-commerce business, and distributes its products through wholesale partners worldwide.

• Further reading: Authentic Brands Group to buy Lee for $1 billion.