French luxury marketing collective The Independents is weighing a potential stake sale that may value the business at above $1bn, the Financial Times reported, citing sources.
The report said the group has started preliminary discussions with investors over a possible sale of a majority stake.
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Founded in 2017, The Independents has appointed the US-based investment company LionTree to review strategic options, including a possible equity deal.
The report added that no decision has yet been made on the size of any potential sale.
Investors have been approached to assess appetite for acquiring a controlling interest at a valuation of more than $1bn.
The group is said to have recorded £600m ($811.7m) in revenue last year.
The Independents operates around 20 creative agencies, among them Karla Otto and K2, and employs 1,200 staff across offices, including London, Los Angeles, Hong Kong and Dubai.
Its clients include several luxury retailers such as Céline, LVMH, Saint Laurent, and Cartier.
The group is owned by its co-founders, including Isabelle Chouvet, as well as the Banijay Group and private equity entity TowerBrook.
Banijay holds an option to turn its minority stake into a controlling holding and has until June to exercise that right.
The discussions are also reported to include RedBird IMI, which earlier this year merged its All3Media television assets with Banijay Entertainment.
Any transaction would come at a time when luxury companies are contending with more difficult market conditions.
Valuations across the high-end sector have been under strain as the Iran war affects Middle Eastern markets and demand in China weakens.
LVMH posted 1% like-for-like sales growth in the first quarter of 2026 and said the conflict was among the factors weighing on performance.
Banijay and TowerBrook previously co-led a $400m funding round in 2023 to support expansion and finance the buyout of early investor Cathay Capital.
