Cheil snaps up Chinese firmCheil Worldwide, Korea’s top advertising agency, said yesterday it has acquired a Chinese marketing firm as part of its drive to bolster its presence in one of the world’s fastest-growing advertising markets.
Cheil Worldwide has acquired Bravo, a boutique advertising agency with offices in Shanghai and Hong Kong that has worked for clients such as Minute Maid and Moet Hennessy Asia Pacific, the company said in a statement. The financial terms were undisclosed.
With the acquisition, Cheil Worldwide added another company to its network in China, the world’s No. 3 advertising market valued at $32 billion. Bravo CEO Aaron Lau is set to head Cheil China Group.
“Cheil Worldwide is committed to becoming a global integrated marketing communications network made up of the best local agencies in the world,” said Cheil CEO Kim Nack-hoi.
“The industry has seen staggering growth in Greater China, the world’s third-largest advertising market and soon to be the second, and it’s crucial that Cheil expands its local footprint there,” he said.
The takeover is the latest in a series of global expansion efforts by Cheil Worldwide. Last month, the company acquired a 100 percent stake in U.S.-based McKinney Communications.
Cheil Worldwide took over British advertising agency Beattie McGuinness Bungay in 2008 and OpenTide Greater China and Barbarian Group in 2009.