The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
The luxury marketing and communications group — parent to Karla Otto, Bureau Betak and influencer marketing firm Lefty — raised $400 million in a round led by TowerBrook Capital Partners and media, gaming and online sports betting company, FL Entertainment. With sights set on doubling in size by 2025, the injection will power The Independents’ development and international expansion, which will include “an ambitious acquisition strategy,” according to a statement by the company.
Founded in 2017 following a merger between Karla Otto and Asia-based experiential marketing and events agency K2, The Independents has made several buzzy acquisitions in the past few years. In March, it acquired Prodject, the New York-based agency behind the Met Gala, the Savage x Fenty show and Jay Z’s Oscars afterparty. In 2021, it took a majority stake in global events agency Bureau Betak, and influencer marketing firm Lefty.
“It is very important for us to have a partner who understands not only the industry, but also the culture …” said Alexandre de Betak, co-founder of The Independents Group. “More and More, our clients are looking to become cultural brands. This new investment partnership is the next logical step for us to enable that.”
The investment comes following a debt financing led by BIL, Société Générale, LCL, La Banque Postale and CIC Private Debt. Private equity firm Cathay Capital, which invested in The Independents in 2017, will exit the group.
ADVERTISEMENT
Learn more:
Independents Acquires Prodject, the Agency Behind the Met Gala
The move will help the communications powerhouse build its position in the US market. Further acquisitions are planned, CEO Isabelle Chouvet told BoF.
