Cheil Worldwide, the marketing solutions company based in Seoul, has signed a deal to acquire a significant initial investment in iris, the global creative innovation network. The deal will potentially rise to 100 percent 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.
Since its launch in 1999, iris has been an independently minded, entrepreneurial business. As part of the Cheil group, iris will maintain this, whilst accelerating growth through strategic backing from Cheil.
Daiki Lim, president and CEO of Cheil Worldwide, says in a press statement: “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. 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, adds: “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”.
Cheil is one of the world’s leading marketing solutions agencies with a 5,000-strong group of optimistic, open-minded and talented individuals operating from 48 offices and eight affiliates in 41 countries globally.
Cheil was advised by Results International and Linklaters, iris was advised by Osborne Clarke and BDO.