While stories continue to circulate, suggesting that Perfect Relations is in buy out talks with MSL Group and WPP owned PPR, the agency has refused to comment on whether talks were underway.
Perfect Relations CEO, Valerie Pinto, told PRmoment India that, “We do not comment on speculative stories.”
MSL also refused comment on the story calling it speculative.
Perfect Relations, along with Adfactors, is one of the largest Indian owned PR agencies in India, with co-founder and former Business India journalist Dilip Cherian being a well-known face in the market.
In the last ten years a slew of international agencies have entered the Indian PR industry, either through acquiring an Indian firm or on their own. These include Genesis Burson-Marsteller, IPAN Hill + Knowlton Strategies, MSL India, which is under Publicis Groupe’s communications and engagement company, the MSL Group and started out as Hanmer, Ketchum Sampark, Edelman, Text100, Fleishman-Hillard, Waggener-Edstrom, Weber Shandwick which was earlier Corporate Voice | Weber Shandwick and APCO.
Many experts feel that the market has changed and is in a different place now. N Chandramouli, CEO – TRA (Trust Research Advisory) said that, “Unlike the previous market, the current market scenario size is actually a disadvantage because of the need to manoeuvre and be nimble. Largely the taking over companies are looking for 4 aspects: turnover, people, profit and future growth. There are currently not enough enquiries in the market, so it’s not going to be about future growth. There is a problem in the entire evaluation process.”
Chandramouli feels that in the current market scenario letting go of people in large mergers is likely. He does add, however, that there is a strong growth story for nimbler organisations.