In a bid to continue with the growth it witnessed in 2007, Fortune Communications has identified three key areas of growth, expansion and new businesses as part of its aggressive plans for 2008. Fortune has announced some recent developments that include new wins and appointments for its Mumbai, Delhi and Chennai offices.
According to Suranjan Das, Managing Partner, Fortune Communications, the objective was to grow and nurture the business at the agency. He said, “The objective was always clear. To achieve this objective, we are now aggressively building the team, client portfolio and also the revenue model. Eventually, my focus was to strengthen Mumbai in the creative side of the business. Now we plan to expand our focus to other markets.”
Das added that for the last two years, the agency had had a four-fold increase in revenues. “Because we have been able to deliver, the agency is getting more attention. The time has come to build up the team. We are now hiring talent to set up a young team. One advantage that the agency will have is the pedigree of JWT behind us,” noted Das.
In the last three months, the agency has acquired quite a few new businesses such as the mandate duties of LIC Housing Finance, for which Mudra and Lowe have been empanelled. Fortune will hold the business for the print medium. The other two recent wins include that of Japanese companies Bridgestone Tyres and Mitsubishi Electronics. The agency will handle the creative duties of Mitsubishi Electronics’ air-conditioners. Das, however, refrained from revealing the size of the businesses won.
The other project businesses that Fortune has bagged include Tata Steel power issues and Taj Hotel issues rights for project works. Fortune has also acquired the project rights for Sunidhi Investments, a private equity company which has assigned a film project to the agency.
Commenting on the expansion spree, Das said, “We have now started looking at other markets as well. Beginning April 2008, our Delhi office will become operational. We are in the process of setting up our creative and client servicing teams at Delhi.” Das, refused to name the Delhi head, saying it was premature to talk about it.
Revealing the agency’s plans for the Chennai office, Das said, “We do have a Chennai office, but it has been involved purely in media selling and buying for certain clients. Now, as the focus has changed to creative business as well, we plan to expand our growth in Chennai as the city is witnessing a retail boom. We already have on board Simon Prabhakar, who takes charge of our Chennai operations. He comes from Capital Advertising.”
As for Mumbai, the agency has brought in SSC&B Lintas’ Sumonto Chaudhury as Vice-President, who would manage the non-financial units of the agency in Mumbai.
Das claimed that Fortune had a good 2007 not just in terms of the revenue model but also recognition in the form of awards, including its work being shortlisted at Cannes Lions 2007.
“Going forward, we are confident that we will see more awards coming from the creative side for this year too,” he added.