Backed by LVMH-linked clients, The Independents considers major stake sale above $1bn
Luxury marketing collective The Independents has conducted discussions with its investors about selling a business stake worth over $1 billion, despite the downturn in the luxury market.
The Paris-based group, which includes Céline, LVMH, Saint Laurent, and Cartier as clients, has hired US investment bank LionTree to explore its options, according to three people familiar with the matter.
This could involve the sale of a business stake, they said, although no decision has been made regarding the size of any equity sale.
“The Independents are exploring opportunities to bring additional investors into the company,” said a person knowledgeable about the negotiations.
Two individuals familiar with The Independents, where revenues reportedly reached £600 million last year, mentioned that investors have been approached regarding their interest in a majority stake valued at more than $1 billion.
The company oversees around 20 creative agencies such as the Italian brand-building firm Karla Otto and events and design group K2. It employs approximately 1,200 people working in offices from London and Los Angeles to Hong Kong and Dubai.
The Independents and LionTree declined to comment.
The company is owned by its co-founders, including Isabelle Chouvet, along with French media tycoon Stéphane Courbit’s Banijay Group and private equity firm TowerBrook.
Banijay has an option to convert its minority holding into control of the business, according to the people familiar with the matter. Banijay has until June to decide whether to exercise this option, one source said.
The discussions also involve RedBird IMI, the investment group that merged its All3Media TV business with Paris-based Banijay Entertainment this year, the people added. Banijay and RedBird IMI declined to comment.
People knowledgeable about the discussions highlighted that the sales process has been complicated by the significant challenges facing the luxury market.
High-end fashion labels have experienced steep declines in their valuations due to the impact of the Iran war on key Middle East markets and slowing demand in China.
LVMH, the world’s largest luxury group, last week blamed the conflict for its stagnant performance in the first quarter of 2026, with like-for-like sales increasing by just 1 percent compared to a year ago.
Courbit and TowerBrook led a $400 million investment round for The Independents in 2023, during a post-pandemic boom for the luxury market, to speed up its development and international expansion.
That fundraising allowed a buyout of private equity group Cathay Capital, which acquired its stake when The Independents was founded in 2017.
Deputy Editor
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