Cheil Worldwide, the marketing solutions company based in Seoul, today announces it has signed a deal to acquire a significant initial investment in Iris Worldwide, the global creative innovation network. The deal will potentially rise to 100% of the business over the next five years.
Cheil’s initial investment in Iris will be the start of a new partnership that will enable the two companies to extend and deepen their global capabilities in creativity, strategy, retail, digital, data, analytics, B2B and CRM.
The partnership begins with a shared vision to create a genuine alternative to the traditional holding company model. This will replace the relationship Iris had with Meredith, the US-based publisher.
Daiki Lim, President and CEO of Cheil Worldwide said, “Our goal was to find the right partner who could match our determination and drive. We've watched with awe how Iris has built its global business and we are delighted to have this opportunity to work with their brand. Their membership in the Cheil Worldwide network will bring great value and agility to us and to our clients. 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. This relationship is a key catalyst in our ambition to be the best possible partner to our clients to deliver 'Ideas That Move'.”
Ian Millner, Joint Chief Executive at Iris added, “We are about to enter the most exciting chapter for Iris. 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, and enable our clients and people to benefit from the huge opportunity presented by a true ‘East Meets West’ and ‘West Meets East’ network. Over the past 16 years we have retained an entrepreneurial spirit that is engrained in our DNA. In looking for the next step forwards we have found a partner that matches our ambition. 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.”
Cheil was advised by Results International and Linklaters, ris was advised by Osborne Clarke and BDO.