Word: saatchis
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...keep his operation lean yet opportunistic, he outsources his consultants--Citicorp for investment banking, Arthur Andersen for company advice, Saatchi & Saatchi for p.r. and Hogan & Hartson, a Washington law firm, for legal matters. (Alwaleed is the first to notice that the initials of these firms form the acronym CASH...
With so much business up for grabs, hard-hit Burnett (billings: $5.82 billion) has won some battles too. The agency pulled a $250 million Procter & Gamble account away from Saatchi & Saatchi in January and brags about its quirky campaign for Altoids ("The curiously strong peppermints"), a 200-year-old brand of British breath mints. Burnett says the ads have brought Altoids from nowhere to a 10% share of the $235 million U.S. market for breath mints in just three years. Says Linda Wolf, Burnett's group president for North America: "When it comes to being edgy and offbeat and getting...
Ousted from the firm he started, Maurice Saatchi hits back...
...grip of people who do not understand the business." A number of important clients agreed. By week's end four major companies had pulled out or announced they were reviewing their accounts. The most important defector may be British Airways, whose $125 million annual advertising spending earned Saatchi & Saatchi $9 million in profits last year. Other companies reconsidering their advertising deals include the candymaker Mars and the Mirror media group. In announcing that he too was thinking of closing his account, Stanley Kalms, head of the British electronics retail chain Dixons, called the Saatchi affair one of the "worst examples...
...Scott's denial that the resignations injured the firm were later belied when Saatchi & Saatchi filed suit in London High Court, charging a conspiracy to injure the company, demanding damages, and seeking to enforce clauses in the three departing managers' employment contracts forbidding them to work for a competing firm for at least a year...