Home-grown conglomerate ITC has assigned its media and digital planning and buying duties to IPG Mediabrands. An agency executive has confirmed the development to Storyboard18.
A multi-agency pitch was called earlier this year. As part of the pitch, agencies had to present media handling and media buying strategies for television, print, outdoor, and digital. The Rs 600 crore-plus business has moved from GroupM’s Wavemaker. Wavemarker had been handling ITC’s media account since 2017. Madison, OMD, Publicis India are the other agencies that pitched for the account.
The Kolkata-based company owns multiple brands across its packaged foods, personal care, stationery, lifestyle retailing and safety matches and incense sticks categories. Brands like Aashirvaad, Bingo, Sunfeast, Engage, Fiama Di Wills, Vivel, Candyman, Yippee noodles, among others, are in ITC’s kitty.
The company is betting big on digital advertising innovation. Earlier this year, ITC’s Fabelle made its debut in the metaverse by being a part of two weddings hosted on the Yug Metaverse and the TardiVerse (metaverse wedding partner – CoinSwitch Kuber) platforms.
ITC reported an 11.8 percent year-on-year (YoY) jump in net profit at Rs 4,191 crore for the fourth quarter ended March 31 due to strong growth across all operating segments. Consolidated revenue rose 15.3 percent on year to Rs 17,754 crore. Revenue from the cigarette business grew 9.96 percent while non-cigarette FMCG revenue was up 12.32 percent.
The company is also investing in the direct-to-consumer (D2C) segment to diversify its portfolios. In 2021, ITC picked a 16 percent stake in online-first mother and baby care Mother Sparsh brand for Rs 20 crore. In May this year, ITC acquired a 10.07 percent stake in Blupin Technologies Pvt. Ltd, the company behind D2C brand Mylo, for up to Rs 39.34 crore.
According to reports, by bringing on board these brands, the company plans to fill the gap between more mass market brands – that Indian packaged goods firms have spent years building – and premium goods.