Diamond Ogilvy Group was established in 2006 as the umbrella for a collection of agencies under the Ogilvy banner, including the former Diamond Ad, already one of South Korea's largest advertising agencies. Diamond and Ogilvy were effectively merged as a single business. Jay Paik is CEO. Diamond Ad was originally formed in 1983 by industrial group Hyundai to support the operations of its domestic car-manufacturing business. In 1996, it formed a joint venture with what was then the Bates Worldwide network, whereby newly formed Diamond Bates managed local business for international Bates and Saatchi clients. Three years later, Bates acquired an 80% stake in Diamond Ad itself for around $100m in an attempt to strengthen its hold on the Hyundai Motors account which, at the time, it handled in other markets. Yet Bates subsequently lost the international Hyundai account, and following a series of other problems, it was acquired along with parent Cordiant by WPP in 2003. The following year, Diamond Bates' contract with Hyundai in Korea also ended, and the car company set up an inhouse agency of its own to manage the account. Hyundai severed its connection to Diamond, selling its remaining 20% stake to WPP. Having spent some time considering its position, the British marketing group announced a restructuring of the business at the beginning of 2006, transferring the agency into the Ogilvy & Mather network, but maintaining the well-known Diamond name for the sake of appearances. O&M had taken its own first steps into Korea in 1988, initially through a 30% shareholding in local agency Korad. That partnership was dissolved in 1999, at which point O&M established its own office in the country.
Capsule checked 24th October 2018
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