Jewelry retailer Tiffany’s has selected WPP’s MEC to handle global media planning and buying chores after a review that began this summer, according to sources.
The award follows the company’s search earlier this year for a creative shop, and the winner in that contest was MEC sibling agency Ogilvy & Mather.
The client’s global ad spend is approximately $100 million.
According to Kantar, the luxury brand spent $45 million on ads in the U.S. last year, down about 22% from the $58 million it spent in the region in 2012.
The firm has stepped up its marketing support in recent years. It spent $247 million on advertising, media and marketing in 2013 -- up from $234 million in 2011 and $197 million in 2010, according to financial filings. Collectively, this represented 6.1% of worldwide net sales.
Search consultant Ark Advisors assisted with both the media and agency reviews. Internally, Caroline Naggiar, senior vice president and CMO, led the team that oversaw the review. She has been head of advertising and marketing at the company since 1998 and added the CMO title in 2007.
MEC declined to comment, referring queries to Tiffany's. A Tiffany rep could not be immediately reached.
This story has been updated to include U.S. ad spending figures from Kantar.
Tiffany & Co. (brand name, infamous box and inscription)
vs. "Tiffany T" (focus on the "T") product line? Can't wait to see what weighted mix of direction they head in... upscale (catalog, showroom & private entrances) + down to the masses (quantity of small baubles bearing the inscription). Maybe the evolution of the Int'l luxury mkt will bring out the ad spending.