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Pernod Ricard India's Rs 800 crore media review narrows to Dentsu and incumbent Wavemaker ahead of decision
Our read
The desk expects a narrow call between incumbent and challenger: Wavemaker is slightly more likely to keep the Rs 800 crore account, on cost-tightened terms.
For operators
Pernod Ricard India's Rs 800 crore media review is down to a final round that includes Dentsu and incumbent Wavemaker, with a decision due next week, so rival spirits and FMCG marketers should expect agency talent and planning capacity to shift if the 2002 incumbency ends, and should check their own media rates and agency staffing before the result lands.
Watch
Official or trade-press announcement of the winner next week
The report,
Pernod Ricard India's media agency review, estimated at over Rs 800 crore, has reached a final round with Dentsu and incumbent Wavemaker among the finalists. A decision is expected next week. The review follows job cuts and a push into premiumisation.
- Estimated media account value
- over ₹800 crore
- India sales growth in FY26
- 7%
- Jobs cut over past two years
- at least 200
- Global efficiency target through FY29
- €1 billion
Reported figures
From the report. Source details below
| Review initiated: | June |
|---|---|
| Wavemaker handling account since: | 2002 |
| Wavemaker last retained mandate: | 2023 |
| Jobs cut over past two years: | at least 200 |
| Global efficiency target through FY29: | €1 billion |
| Pernod Ricard India sales growth in FY26: | 7% |
What to track next
- Whether the result names a single agency or a split of duties
- Any disclosure of changed fee structure or scope alongside the award
- Further Pernod Ricard India restructuring or headcount news tied to the efficiency target
- Agency leadership or team changes at Wavemaker or Dentsu India after the result
Likely next moves
Our read of what comes next — analysis, not reported by the source.
- Pernod Ricard India is likely to announce its decision within days of the final-round presentations, consistent with the timeline of next week.
- Expect the winning agency to be given a transition or continuity plan tied to the premiumisation push, with fee and scope terms shaped by the €1bn efficiency target.
- Wavemaker may fight hard to keep its 2002 incumbency, and if it loses it is likely to face a wave of internal restructuring and client-team reassignments.
- Dentsu is likely to stress pricing discipline and premium-brand growth capability in its pitch, and would probably staff up a dedicated team quickly if it wins.
- Rival spirits and FMCG advertisers may read the outcome as a signal of how far cost pressure is overriding agency tenure, and may use it to sharpen their own agency negotiations.