Y&R Enters Uncharted Territory for Global Agencies: Mongolia
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Y&R is set to become the first international network to buy a majority stake in an ad agency in Mongolia, a tiny market that has nevertheless attracted growing attention from Western brands.
Under the deal announced Friday, WPP’s Y&R Advertising is purchasing a stake in the creative and research agency of a Mongolian conglomerate, MCS Holding. The new agency, with a staff of 50, will partner with WPP’s research firm TNS to gain insights into a country still unfamiliar to many marketers.
The Central Asian country is three times the size of France but with a population of less than three million. It’s rich in natural resources, and the growing buying power of its consumers has lured foreign brands from Louis Vuitton to Mercedes to KFC to set up shops there.
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