FCB (advertising agency)
Draftfcb is a global advertising agency network. It is owned by Interpublic Group and was formed by the 2006 merger of Foote, Cone & Belding (FCB) and Draft.
Founded in Chicago in 1873, FCB was the world's third oldest advertising agency. In 2000 they reported billings of $9.5 billion and more than 190 offices serving clients in 102 countries. The agency was called Lord & Thomas until 1942, when Albert Lasker, a founding figure of modern advertising, sold the firm to its three top managers, Emerson Foote in New York, Fairfax Cone in Chicago and Don Belding in California.
Draft began as a direct marketing agency called Kobs & Brady in 1978. Howard Draft was an account executive at the agency. In 1986, Kobs & Brady was acquired by Ted Bates Worldwide. The agency was renamed Kobs & Draft when Draft became its Chairman and CEO in 1988. In 1995, the agency regained its independence in a management buyout and was renamed Draft Direct Worldwide. A year later, Draft Direct Worldwide was purchased by The Interpublic Group of Companies.
The two agencies were merged in June 2006, becoming Draftfcb. Draftfcb is currently the largest advertising agency in Chicago, with over 1,100 employees split between two Chicago campuses.
In October 2006, just months after the announcement of the merger, Draftfcb was awarded creative advertising duties for Wal-Mart, estimated to be worth $580 million per year in billings. Draftfcb later lost the Wal-Mart account, following an investigation involving the Wal-Mart executive who led the account review.
Foote, Cone was Advertising Age's Agency of the Year in 1986 and 1988. The publication had planned to name Draftfcb its Agency of the Year for 2006, but reconsidered after the agency lost the Wal-Mart account.[1]
However, despite losing the Walmart account, Kmart switched its $740 million account from Grey New York to Draftfcb in Chicago without a pitch in April of 2007.
Kmart's chief marketing officer, Bill Stewart said: "Grey has been a good partner over the years, but we feel Draftfcb is uniquely qualified to assist our needs right now."
Howard Draft, Draftfcb's chairman, commented: "Our two organizations have a shared commitment to accountability and loyalty."
The company has also acquired a $103 million account by Kraft Foods. In a major blow to JWT, Kraft's former ad agency, the company has put six brands into review and has assigned the $42 million Lunchables account to Draftfcb.
source: Campaign Magazine, April 26, 2007
Notes
- ^ Lisa Sanders, "Draft dealt staggering blow after strutting like a champ," Advertising Age 11 December 2006, p. 1.