M&C Saatchi Worldwide has revealed a joint venture with Chinese independent creative agency aeiou, furthering its Chinese presence.
“China is a fundamental part of our global strategy, and we've joined forces with the ideal partner to help us continue to build momentum in this critical market,” commented Moray MacLennan, worldwide chief executive of M&C Saatchi.
The deal follows a strategic review of the agency’s Greater China operations and will see M&C Saatchi’s new Chinese agency – M&C Saatchi aeiou – headquartered in Shanghai at aeiou’s offices in The French Concession of Shanghai.
Both companies will be merging operations with immediate effect, with aeiou founders Tony Liu and Michael Liu taking over leadership of the combined operation as ECD and MD respectively. Both will report to CEO of M&C Saatchi Asia Chris Jaques and will be appointed as managing partners of M&C Saatchi Greater China.
MacLennan added: “In Michael, Tony and the team at aeiou, we have found our perfect partners. They've built an agency producing world-class work for both local and international clients. And they share our belief in 'Brutal Simplicity of Thought', and a laser-like focus on building business results for our clients.”
The partners of aeiou will initially have a majority stake in the venture, with M&C Saatchi Worldwide becoming the majority shareholder over an agreed timescale.
Michael Liu, founder of aeiou and managing director of the new M&C Saatchi aeoiu, said: “We're delighted to be joining forces with M&C Saatchi. Many companies have approached us over the years but few of them truly share our values. Tony and I are incredibly excited about this next phase in the exciting journey of aeiou in China.”