The Next Practices Group, a newly formed US-based agency collective, announced it has taken a significant equity stake in FosterEquity Services, a company founded by former APAC advertising executive Chris Foster.
Foster led Y&R in the region for about a year starting in late 2017 when Matthew Godfrey departed. He worked on plans to revive the agency in APAC, but then found himself on the outside looking in during the re-organisation that followed Y&R's merger with VML. Now based in the US state of Connecticut, Foster will continue as founder and CEO of FosterEquity Services (FeQ) while taking up the role of global CEO for The Next Practices.
With offices in New York, Hong Kong and Austin, Texas, The Next Practices Group describes itself as a founder-driven collective of seven companies that form common teams to create competitive advantage for clients. Its offering incorporates analytics and data science; digital media; technology services; software; stories; and social purpose.
FeQ has an admirable client list and a strong growth trajectory, according to Bob Pearson, founder and chair of The Next Practices Group.
“By acquiring an interest in FeQ, The Next Practice will now have access to extended areas of marketing and advertising expertise, improving our ability to serve the needs of regional and global clients and to follow the sun, when we need to put the pedal to the metal and get things done,” Pearson added in a release.
Prior to Y&R, Foster led Saatchi & Saatchi in APAC starting in 2011. He has also served as president of global clients for Publicis Groupe and was CEO of Fallon in Minneapolis for three years.
“This ground-breaking new business and collective of talented communications, data science, digital, performance media and creative leaders is the right model for this time in the world,” Foster said. “The founders also have an insatiable spirit and a core belief that business can make the world a better place, which makes The Next Practice the right home for me and FeQ.”
The collective boasts clients in healthcare, financial services, insurance, innovation, consumer brands, technology and apparel.