Sorrell Preps Asian Buying Spree

WPP Group is set to restart its acquisition strategy across the Asia-Pacific region, with chief executive Martin Sorrell saying eight deals are currently on the table.

Speaking at The Financial Times and Marketing magazine event in Singapore on Tuesday, Sorrell said while the deals were considered “small,” he stressed opportunity for growth had returned to the region.

Sorrell expects the market in Singapore to grow between 4-9 percent this year, while India and China were both predicting a robust 8.75 percent and 8 percent spike, respectively.
The news comes just days after the marketing services giant acquired Midia Digital and I-Cherry, two leading digital agencies in Brazil, for an undisclosed sum.

He said both acquisitions were symptomatic of where its business was heading.

“Our strategy is new markets, new media and consumer insights and the Brazilian acquisitions ticked two of those boxes,” he said.

Sorrell was upbeat about WPP’s prospects across all of Asia, and he predicted that two-thirds of the company’s revenue would come from Asia within the next three to four years. New markets, he said, represent 27 percent of its $14 billion business and he expects that to grow significantly in the next few years.

“I’m bullish about the industry as a whole, but I would be very bullish if I was sitting here in Singapore on all accounts. “We will continue to see a flow of good opportunities in this part of the world,” he added.

Marketing Magazine Asia