Leo Burnett to invade China — says ad budget cutbacks are ‘nothing to be concerned with’
May 13, 2008
Leo Burnett is making a mad dash to China… looking to purchase another advertising agency in the country… The concept is that the growth will be there and not in the United States.
Advertising agency Leo Burnett Worldwide Inc, a unit of France’s Publicis Groupe, will announce its second acquisition in China as soon as next week to expand in its fastest growing market, Chairman Tom Bernardin said.
and the most classic part…. he states in one hand that clients are cutting their budget… then in the other breath it’s not a big deal.
Bernardin played down concerns that a global economic slowdown arising from the U.S. subprime debt crisis would have an immediate impact on his company’s businesses.
“We have instances in some segments where budgets are cut back, but not enough yet to cause worry,” he said.
If a client starts cutting ad budgets… it is something to worry about… from day one… not a year down the road you look back and wonder where 40% of your income went.
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