The Agencies That Own the Faces: Private Equity, One Chairman and the Last Public Model Company

1 min read

Supermodels look independent on Instagram. On paper, most of the top names are signed to three structures.

First principles: who owns them

• IMG Models: When TKO bought IMG’s sports business in February 2025, the models business was explicitly excluded and stayed with Endeavor (IMG). IMG Models now sits in WME Fashion (IMG Models). Endeavor was taken private by Silver Lake in March 2025 (Who Brands).
• Elite World Group: Elite, The Society, Women Management and Supreme. A Delaware court ruled that Silvio Scaglia is the controlling owner through Freedom Holding (WWD). The group has counted about 4,000 talents under contract (WWD).
• Wilhelmina: It calls itself “the only publicly-owned fashion talent management company in the world.” It voluntarily left Nasdaq in December 2024 and has traded OTC since February 2025 (10-K).

Stated strategy

IMG’s founding idea: manage models “as talent in the same vein as professional athletes,” with “careers over bookings” (IMG Models).

Team Jupiter or Team Saturn?

• IMG: Jupiter in origin. It invented the model-as-brand.
• Elite: Saturn under pressure. Years of ownership litigation have been about maintaining control.
• Wilhelmina: Saturn. Leaving Nasdaq is a retreat, not an expansion.

Unpopular opinion: The next supermodel agency will be a creator collective that owns its own audience, and the big three know it.

Lillith Magic · Directed by Anthony Perlas. Opinion: the Jupiter/Saturn read below is our editorial judgment of business behavior, not a statement of fact about any person.

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