Revlon u-turns on decision to appoint Initiative to $150m account
NEW YORK - Cosmetics giant Revlon has reversed a decision to move its estimated $150m (£76.2m) media account from Aegis Group's Carat to Interpublic Group's Initiative, citing contract issues.
Last month, the New York-based marketer awarded media buying and planning duties to Initiative without a review.
Kiki Rees, senior vice-president of media and communications at Revlon, said the proposed switch was made in part because Initiative has close ties to Revlon creative shop Endeavor and that hiring Initiative would result in cost savings on media services.
Rees said: "We tried this opportunity with Initiative, but we couldn't get to agreeable terms on both sides so we're moving it back."
This turnaround was the second piece of good news for Carat last week after Philips Electronics confirmed the media planning and buying group had defended its $600m global account, overcoming WPP's Mediaedge:cia.
The account had gone into review in October of last year, with challengers ZenithOptimedia and Omnicom Group knocked out of the race in January this year.
Latest jobs Jobs web feed
- Marketing Manager Ball & Hoolahan £68,000 + Car/Car Allowance, London
- Senior Digital Delivery Manager Harvey Nash £55000 per annum + package, Nottingham
- Assistant Buyer - Global Tech Brand Aquent Up to £49,000 Dependent on Skills and experience, London
- Senior Digital Operations Manager Harvey Nash £50000 per annum + package, Nottingham
- Marketing Executive Blue Skies Marketing Recruitment £25000 - £30000 per annum, Benefits: Benefits, London
- Marketing Executive Ninesharp £25000 - £27000 per annum, Southampton