Ikea launches $435 million global media review

GLOBAL - Ikea is reviewing its estimated €400 million (US$434 million) global media-buying arrangements with at least five agency holding groups.

Ikea launches $435 million global media review
It is not clear if Ikea plans to consolidate its buying with fewer agencies.
 
In Asia-Pacific, Ikea's media account is largely managed by Dentsu Aegis Network's Vizeum across Singapore, Malaysia, Thailand and Korea. 
 
Globally, WPP's Group M is believed to be the agency group that has the single, largest part of Ikea's business, but all of the five biggest ad groups handle the Swedish furniture giant in different territories.
 
An Ikea spokesperson said: "As part of our commitment to the ongoing improvement of our media and marketing governance, Ikea periodically evaluates all marketing service suppliers to ensure we maintain the best working relationships with the best agency partners.
 
"Ikea is currently in the process of reviewing its media agency suppliers globally. ID Comms, our media consultancy partners, will be helping us facilitate this process.
 
"We will continue to work with our incumbent agencies in each local market during this process."
 
Ikea reportedly began reviewing its creative and media arrangements a year ago, but the process with ID Comms is a new move.
 
The company has annual revenues of $35 billion.
 
This article was first published by Campaign UK with additional reporting by Campaign Asia

Related Articles

Just Published

20 hours ago

Tech Bites: Week of September 26, 2022

News from McLaren Racing, IAB Australia, CNN and more.

21 hours ago

Campaign Creation Stories: How retailer Bananain ...

Chinese retailer Bananain and agency partner Goodzilla speak at length about their richly produced campaign that marries noodles with summer clothing.

21 hours ago

Harnessing the power of SPO for programmatic campaigns

As more brand advertising spend flows into the programmatic ecosystem, players on both sides of the industry are beginning to rebel against complexity and demand transparency and efficiency across the supply chain.

22 hours ago

Women to Watch 2022: Elayne Gan, Dow Jones

Recording incredible growth in the pandemic is no mean feat, and Gan boasts a massive 60% revenue growth since taking over the head of sales role in 2019.