WPP’s Grey set to acquire controlling stake in China’s Easycom
WPP’s Grey Group is set for a significant expansion into China after agreeing to acquire a majority stake in Easycom, a Shanghai-based social marketing agency.
Founded in 2006 Easycom employs a staff of over 40 specialising in a number of key disciplines including key opinion leader management, social content creation and campaign management, social to offline event activation, media relations and crisis management.
Key clients for the newly acquired agency include leading global brands such as L'Oreal, LVMH, Philips, Diageo, Boehringer-Ingelheim, Kiehl’s, Coty and China Merchants Bank.
This work saw the business generate unaudited revenues of RMB40.6 million for the year to 31 December 2015, on the back of gross assets such of RMB26 million.
WPP has long coveted strengthening its capabilities in content and technology as it seeks to drive digital revenues which hit over $7bn in 2015, equivalent to 37 per cent of the group’s total revenues of $19bn.