Korean based creative group Cheil Worldwide has acquired a “significant investment” in ad agency Iris Worldwide as it looks to expand its global reach.
While the percentage that Cheil has acquired at this point is unknown, it said will be potentially acquire 100% of Iris over the next five years.
Iris has offices around the world including Sydney and Singapore. Locally it works with Fiji Airways and worked on the Qantas and Unicef change for good project.
Cheil Worldwide CEO and president Daiki Lim said the partnership will create a “genuine alternative” to the traditional holding company model, with both companies to remain separate entities.
“Our goal was to find the right partner who could match our determination and drive,” Lim said. “Together with Iris we will provide a different level of service that is able to achieve amazing new creativity and offer best-in-class capabilities.”
Iris joint CEO Ian Miller added: “This partnership won' t change who we are, or what we do as a creative innovation network – but will extend our global reach and capabilities.”
“Together we will become a real force to be reckoned with, the type of agency group that will define the future of the agency model.”
Locally Iris works with Fiji Airways among a host of other brands and recently released a new campaign for the airline.
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