March 25, 2023


Own Business

Independents Acquires Prodject, the Company Behind the Met Gala

2 min read

The Independents Group has acquired Prodject, the New York-based inventive company behind a few of the hottest occasions in vogue and leisure, together with the Met Gala, the Savage x Fenty vogue present and Jay Z’s Oscars afterparty.

The Independents was based in 2017 after a merger between PR agency Karla Otto and Asia-based experiential advertising and marketing and occasions company K2. Since then, the group has acquired Qode, a Dubai-based luxurious communications company; Lefty, a Paris-based influencer advertising and marketing agency; and Bureau Betak, the New York, Paris and Shanghai-based vogue occasions manufacturing firm based by Alexandre de Betak.

This newest acquisition is designed to develop The Independents’ presence in North America, a key progress driver for the luxurious trade, the group’s chief govt Isabelle Chouvet advised BoF. The addition of Prodject to its portfolio strengthens the corporate’s US presence and capabilities, bringing the dimensions of its US enterprise in keeping with its companies in Europe and Asia.

“Prodject is actually the chief when it comes to expertise within the US, you haven’t any one higher,” Chouvet stated. “Our goal on this acquisition is actually to change into stronger within the US. Now, due to Prodject becoming a member of us, we’re going to be the one [player] with the capabilities that we’ve.”

Prodject can even assist The Independents strengthen its attain past luxurious in expertise, movie, artwork and music. Along with staging exhibits and occasions for manufacturers like Chanel, Ralph Lauren and Cartier, the company produces occasions just like the LACMA artwork+movie gala.

“After we began, the ambition right here was to create a inventive company that labored cross-platform, so not solely simply in vogue, but additionally in artwork, in music, in tech, in cultural occasions,” stated Prodject co-founder Keith Baptista. “That’s what is exclusive.”

Prodject is the second occasions manufacturing agency to be snapped up by The Independents, which acquired a majority stake in Bureau Betak final yr. However Chouvet doesn’t see any danger of cannibalisation: each corporations have a unique roster of purchasers and largely function in several territories. Plus, “the know-how they’ve is so totally different,” she stated.

As a part of the deal, Prodject co-founders Tobias Armstrong, Jihye Track and Baptista will obtain fairness within the group. Chouvet declined to remark additional on the phrases of the transaction, or how a lot Prodject would add to group annual revenues.

The Unbiased Group now employs greater than 600 folks throughout 13 places of work globally. In 2022, revenues reached about $350 million, up 50 % yr on yr, the corporate stated. Chouvet plans to double the dimensions of the group inside the subsequent three years, with additional acquisitions deliberate for the approaching months.

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