WPP subsidiary Grey Group buys South Korean digital agency Vinyl I-Co

 
Catherine Neilan
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AWXII - Day 3
Sir Martin Sorrell's group already has a healthy footprint in South Korea (Source: Getty)

WPP subsidiary Grey Group has taken a majority stake in South Korean creative digital agency Vinyl I-Co for an undisclosed sum.

The business, which was set up in 2000, incorporates new media technology in its design process and boasts clients including L'Oreal, Microsoft, Nike and Samsung. It employs 70 people and last year reported revenues of 12.8bn Korean won (£7.3m).

The move marks another step in WPP's ambitions to become a dominant global agency by developing networks in fast growing economies and sectors, particularly in digital, which it expects to make up more than a third of total revenue in the next five years.

Sir Martin Sorrell's group already has a healthy footprint in South Korea, with WPP companies including associates employing 1,500 people, and are responsible for generating revenues of more than $300m (£204m).

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