The Rs 100 crore advertising agency, Publicis India, has lost the Rs 10 crore advertising business of Alliance Capital Asset Management to Equus Advertising. The account moves from Publicis Zen's Mumbai office.
According to company sources, it did not really lose the account but had to give it up because it had a conflicting client in IDBI Principal (mutual fund). Equus is all set to break the new all-India print campaign for Alliance Capital next week.
Equus, in the last few months, had acquired several new businesses including brands such as Max New York Life, Domino's and Hindustan Motors.
Alliance Capital Asset Management is the Indian arm of the US-based Alliance Capital International that entered the Indian market in 1995. The company also operates as a foreign institutional investor (FII) in the country through its India Liberalisation Fund which has a corpus of Rs 1,200 crores.