WPP Group PLC
2 April 2001
2 April 2001
WPP acquires icon
WPP Group plc ('WPP') announces that it has acquired icon brand navigation
group AG ('icon'), one of the world's leading brand consulting and market
research specialists.
Founded in 1993, the Nuremberg-based group has proved to be one of the fastest
growing brand consulting and research companies, providing clients with
consulting services on brand and communications, product research, tracking
procedures and customer satisfaction studies. Clients include Allianz, Bosch,
Canon, Colgate-Palmolive, Deutsche Post, Dresdner Bank, Kellogg's, Kodak,
Lufthansa, Nestle, Nokia and Siemens.
Now employing 220 people, the icon group has a strong European base with
additional offices in Hamburg, Istanbul, Madrid, Milan, Munich and Paris as
well as in New York. The company reported revenues of DM 87 million for the
year ending 30 September 2000 and net assets of DM 24 million at the same
date.
National and international manufacturing and service companies have placed
increasing importance on the icon approach of 'strategic brand management'
which has fuelled the strong demand for the company's consulting and research
services. Compared to the industry average of 7% annual growth in 1999 and
2000, icon's revenues rose by 21% over a similar period. This positive trend
has continued in the first quarter of 2001 with even stronger organic growth.
Commenting on the move, joint founder Karl Georg Musiol said, 'The reason why
we were looking for a global partner like WPP is because one of our most
important objectives is to increase our international growth. When icon
looked for such a strategic partner, top priorities were given to both our
clients and staff. As a member of the WPP Group, icon will be able to protect
its independence while guaranteeing support to strengthen its infrastructure.'
icon will now concentrate on investing in innovative and proprietary tools and
concepts to strengthen further its leadership position in brand consulting and
market research.
icon will be positioned as part of WPP's branding and identity offering where
it will work on developing corporate and product brand positioning and
development together with WPP's branding and identity businesses, particularly
Enterprise IG.
This acquisition continues the implementation of WPP's objective of building a
stronger presence in fast-growing, functional and geographical areas of the
communications services market.
For further information please contact:
Feona McEwan at WPP
Tel +44-20 7408 2204
www.wpp.com
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