Recon Oil & #BANNER1 & # Industries is on the look-out for a creative agency for its branded coconut hair oil brand, CocoCare, which it recently acquired back from HLL. The company now plans to re-launch the brand.
The size of the business is estimated to be Rs 5-7 crore.
Sources close to the development confirmed to agencyfaqs! that agencies such as Percept/H, IB&W, Everest Brand Solutions and Madison Creative are already in the fray for the business.
All these agencies are expected to make their presentations next week.
For the record, CocoCare was originally launched by Recon Oil Industries. But in 1999, the brand was bought over by HLL, when it also acquired Nihar from Marico. This was to consolidate its position in the Rs 500 crore branded coconut hair oil market. At the time, CocoCare was the fourth largest brand in this market. But this year, both these brands have been re-acquired by the original owners.
When contacted, a senior executive at Recon Industries admitted that the brand had been bought back and that Recon was in the process of reviewing creative agencies for it. However, he declined to reveal anything further.
agencyfaqs! could learn from its sources that Recon is not reviewing its media duties. It feels that it is too soon to decide on a media agency as the presentations for the creative duties are still on.
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