While this won't have WPP, Publicis or the other major western agencies quaking in their boots, it's a straw in the wind. Asia is of increasing importance to them as a market, so incursions into their core markets by the likes of BlueFocus, Dentsu, Hakuhodo and now Cheil will hardly be welcome. How long before they start going after digital opportunities?
Cheil Worldwide has invested in independent creative advertising agency Iris. Iris will join Cheil in a strategic partnership deal, however both will continue to operate as separate entities. Although the initial level of the investment in Iris has not been revealed, an option for Cheil to buy the agency outright has also been put in place within the next five years.