LetsBuyIt.com To Spend �100 Million on Promotion
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U.K. advertising agency Abbott Mead Vickers7BBDO has successfully pitched to run a £100 million ($162 million) global marketing campaign for LetsBuyIt.com.
Scaninavian-based LetsBuyIt.com has pioneered the 'co-buying' concept which brings consumers together at the site and gets the best deal for them by bulk buying various products. Available in ten European countries, LetsBuyIt.com launched in the middle of last year.
The business will add substantially to the revenue of Abbott Mead Vickers7BBDO, which is the UK's leading advertising agency with billings of £406.14 "This is a dotcom with a difference," said Andrew Robertson, CEO of Abbott Mead Vickers7BBDO. "A proven product, an inspiring brand idea, and a real business plan not just a spreadsheet. Oh, and revenue! We're looking forward to playing our part in its success."
Three agencies pitched for the super-account, Abbott Mead Vickers7BBDO winning it against stiff competition from the BMP DDB Needham and Ogilvy networks.
Soames Hines himself has an advertising background, having joined Letsbuyit.com from J. Walter Thompson (JWT) where he was global business director for Unilever and UDV. He also founded JWT in Shanghai and built it to become China's leading agency in three years.
A new pan-European campaign, the first stage of the global roll-out for LetsBuyIt.com, is scheduled to begin at the end of this month.