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The Independents, Alexandre de Betak launch L’Incubateur to foster next-generation creative talent

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The Independents Group and Alexandre de Betak have teamed up to launch L’Incubateur, a new initiative designed to identify, support, and accelerate the next wave of creative talent, entrepreneurs, and agencies on a global scale.

Alexandre de Betak with Matière Noire’s Félix Ward and Pierre Dagba. – The Independents

With 17 specialist agencies spanning luxury and lifestyle, The Independents is a marketing and communications group known for its expertise, infrastructure, and impactful results.

The program will be spearheaded by Alexandre de Betak, founder of Bureau Betak and Bureau Future, who has served as creative chairman of The Independents since 2021. Beyond selecting participants, de Betak will oversee a structured mentorship program.

The program’s first beneficiary is Matière Noire, a Paris-based creative studio recognized for its innovative approach to spatial and lighting design.

“Given The Independents’ collective expertise, launching this type of initiative is both creatively satisfying and essential. More than just financial support, it is a great opportunity for the agency teams and the selected projects to interact, spark ideas and evolve in ways that we can’t even predict,” said de Betak.

“With Matière Noire, I have been consistently impressed by their work, which mirrors my career-long obsession with developing bold concepts that bridge light and space. They are the precise embodiment of L’Incubateur.” 

Matière Noire, founded in 2019 by Pierre Dagba and Felix Ward, operates at the intersection of light, architecture, and technology. The studio has collaborated with leading names such as Courrèges, Hermès, Fondation Cartier, and Gagosian, while also pioneering experimental research through its CRD platform. With L’Incubateur’s support, Matière Noire aims to scale its innovation and expand its impact across fashion, art, and music.

“To be the first of the L’Incubateur projects feels especially momentous. As we continue to take on larger and more ambitious work, the multi-faceted support from The Independents will prove a game-changer in accelerating our innovation. The industry thrives on disruptive players, and we are excited to benefit from the wider exposure while generating ideas on a scale that becomes even more possible thanks to this boost,” added founders Ward, Dagba and Sam Ward, managing director. 
 

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Victoria’s Secret Q4 sales stable on solid comps

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March 6, 2025

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Victoria’s Secret & Co. announced on Wednesday sales for the fourth quarter rose 1% to $2.106 billion, on the back of sold comparable sales growth during the quarter ending February 1.

Victoria’s Secret
The U.S. lingerie giant said comparable sales during the 13-week period increased 5%. As a result of the recovery in the fourth quarter, the Ohio-based firm reported sales of $6.230 billion for the fiscal year 2024, an increase of 1%. Total comparable sales for fiscal year 2024 were flat, the company added.

Net income for the year increased to $165 million, or $2.05 per diluted share, compared to net income of $109 million, or $1.39 per diluted in the prior-year period.

“I am pleased with the strength of our fourth quarter holiday results, which saw sales up in both our Victoria’s Secret and Pink brands and our powerhouse Beauty business. Sales increased across most major merchandise categories, in our stores and digital channels, and in both our North America and International businesses. We won in the big moments of the quarter and gained more than our fair share of the traffic in the mall and online. The teams focused on execution and drove healthy margins, controlled costs, and managed inventory levels extremely well in a highly competitive and promotional holiday environment,” said VS&Co CEO Hillary Super.

“During the holiday season we clearly connected emotionally with our customer through our merchandise offering of the accessible luxuries she loves. After my first holiday season with the business, I continue to be optimistic about our future, our opportunity to further differentiate the brands with compelling storytelling and make even deeper emotional connections with our customers.”

Looking ahead, the company is forecasting sales for the first quarter of 2025 to be in the range of $1.3 billion to $1.33 billion, compared to last year’s $1.359 billion, hurt by an uncertain ​macro environment and a shift in consumer confidence.

“As we look forward to 2025 and the future, we recognize there are near-term headwinds and ongoing uncertainty in the macro environment which we will manage aggressively while also working to build upon our solid foundation, realize the full potential of our brands and drive long-term, sustainable growth,” concluded Super.

This week, Victoria’s Secret said it has halted its promotion goal for Black workers and altered language on diversity, equity and inclusion, joining a slew of U.S. companies in shifting policy.

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Macy’s forecasts 2025 sales, profit below expectations as retailers battle soft demand

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March 6, 2025

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March 6, 2025

Macy’s forecast annual sales and profit below Wall Street’s expectations on Thursday, joining several U.S. retailers in signaling that shoppers were holding off buying apparel and accessories in the face of economic uncertainty.

Reuters

The department-store chain, which sources a significant portion of its self-branded goods from China, is also expected to take a hit as President Donald Trump‘s newly announced tariffs will likely place an additional burden on already tight American household budgets.

Retailers from Walmart to Target have also issued cautious forecasts for the year on concerns about a potential hike in product prices across categories including food, automobiles and electronics, which could deter consumers from buying these items.

Macy’s said it expects 2025 net sales between $21 billion and $21.4 billion, compared with the average analyst estimate of $21.81 billion, according to data compiled by LSEG.

The company sees annual adjusted profit per share between $2.05 and $2.25, compared to an estimate of $2.31 per share.

It is also resuming share buybacks under its remaining $1.4-billion share repurchase authorization.

Macy’s nameplate banner saw comparable sales fall 0.9% on an owned-plus-licensed basis in the fourth quarter.

CEO Tony Spring, who took over a year ago, has outlined a plan to turn the struggling department-store chain around by closing 150 Macy’s stores through 2026.

The company is betting on sales growth by opening more stores of its higher growth Bloomingdale’s and Bluemercury luxury divisions, which saw comparable sales on an owned basis rise 4.8% and 6.2%, respectively, in the reported quarter.

Macy’s fourth-quarter sales fell 4.3% to $7.77 billion, compared to analysts’ estimate of $7.87 billion.

It had said in January that it expected net sales to be at or slightly below the low end of its $7.8 billion to $8 billion forecast.

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Poor retail sales data highlight euro zone’s consumption slump

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March 6, 2025

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Reuters

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March 6, 2025

Euro zone retail sales unexpectedly dipped in January, adding to signs that a long-predicted consumption-led recovery is not yet on the horizon, fresh data from Eurostat showed on Thursday.

Reuters

Retail sales in the 20 nations sharing the euro currency dipped by 0.3% on the month, confounding expectations for a 0.1% rise, as non-food products and fuel sales both fell.

It was the fourth straight month of contraction or zero growth, and retail figures have been trending down for the past half year.

Consumption was widely expected to take off in the second half of last year as real wages finally caught up to levels before the inflation surge of 2022-2023.

But households are still choosing to save up their cash, worried that the relentless flow of negative news from trade tensions to Russia’s war in Ukraine and an industrial recession could drag the bloc into recession and lead to massive job losses.

Those fears have been proven wrong so far as employment continues to rise to record highs but hours worked are falling and order levels in manufacturing remain low, denting confidence.

Among the bloc’s biggest countries, Germany reported a small rise in retail sales, but France and Italy both recorded drops.

Retail sales rose by 1.5% compared with a year earlier, a slowdown from 2.2% a month earlier and also below expectations for 1.9%.

Weak consumption is a key reason the European Central Bank is all but certain to cut interest rates once again on Thursday and keep the door open to more monetary policy easing.

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