The companies said they share a vision to create "a genuine alternative to the traditional holding company model" and said the partnership will give them stronger global capabilities in creativity, strategy, retail, digital, data, analytics, B2B and CRM.
Launched in 1999, Iris has 1,000 employees in 17 offices around the world, including Delhi, Jakarta, Shanghai, Singapore, and Sydney.
“Our goal was to find the right partner who could match our determination and drive," Daiki Lim, president and CEO of Cheil Worldwide, said in a press release. "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."
Ian Millner, joint chief executive at Iris said the deal won’t change "who we are or what we do as a creative innovation network" but will extend the company's global reach and capabilities, allowing Iris's clients and people to benefit from "a true ‘East Meets West’ and ‘West Meets East’ network".
Cheil has about 5,000 employees in 48 offices and eight affiliates in 41 countries.
The new partnership ends a relationship Iris had with US-based Meredith Corp, which invested in the agency in 2011.