Grey Group Acquires Majority Stake in Easycom in China
lbbonline.com, 2 months, 2 weeks ago
WPP group continues global spree with social marketing agency
WPP announces that its wholly-owned operating company, Grey Group, the global marketing communications network, has acquired a majority stake in Easycom Group, a social marketing agency in China.
Founded in Shanghai in 2006, Easycom employs more than 40 people and specialises in key opinion leader (KOL) management, social content creation and campaign management, social to offline (S2O) event activation, media relations and crisis management. Clients include L'Oréal, LVMH, Philips, Diageo, Boehringer-Ingelheim, Kiehl’s, Coty and China Merchants Bank.
Easycom’s unaudited revenues for the year ended 31 December 2015 were approximately RMB40.6 million, with gross assets at the same date of approximately RMB26 million.
This acquisition continues WPP’s strategy of investing in important markets and sectors and strengthens its capabilities in content and technology. WPP’s digital revenues were over US$7 billion in 2015, representing over 37% of the Group’s total revenues of US$19 billion. WPP has set a target of 40-45% of revenue to be derived from digital in the next five years. Collectively WPP companies in Greater China generate revenues of US$1.6billion and employ 14,000 people.