Publicis' Winning Formula: How a French Giant Lands Major Clients Without Competitive Pitches

The appointment of PepsiCo to Publicis represents the fourth significant media client the French holding company has brought on board over the past twelve months while bypassing the traditional competitive review process. Just days later, luxury conglomerate LVMH handed the company responsibility for its media investments across Asia-Pacific and awarded it the Tiffany account in North America. Microsoft engaged Publicis in April, and the company captured a substantial portion of Paramount's business last June—all without formal reviews.

The trend extends beyond media work. In 2024, Publicis' creative division Leo Burnett won B&Q without a pitch. Both agencies and clients acknowledge the financial and time burdens associated with competitive reviews, yet few publicly traded companies feel comfortable committing to a media partner of such importance without a structured evaluation process. Publicis has transformed this tension into a competitive advantage.

During the company's July earnings call, CEO Arthur Sadoun explained the strategy to analysts. "Pitches are shorter, they are more on capabilities… so that in some cases, actually, we are not pitching anymore and winning without a pitch," he said. Sadoun noted that the company has declined to participate in six competitive reviews this year alone, believing those processes would hinge primarily on pricing. He also observed that more clients were simply evaluating Publicis' capabilities before making their selection.

While these informal evaluations lack the structure of traditional pitches, they follow a recognizable pattern. Steve Boehler, co-founder of consultancy Mercer Island Group, describes the process as a condensed version of the standard review, compressing what typically takes eighteen months into just two or three months. Initial discussions occur at the executive level between agency leaders and brand marketing officers, followed by presentations on technology, strategic ideas and staffing plans, and finally price negotiations. "From the agency standpoint, it's perfect," Boehler observed.

The approach aligns well with Publicis' position as the industry's most profitable agency group. The company maintains stable operating margins and benefits from a compelling leadership team, including CEO Arthur Sadoun, Publicis Media head Dave Penski, and strategy executives Esther Franklin and Carla Serrano. The organization has cultivated a cohesive narrative centered on its media and data capabilities, with its internal restructuring work firmly behind it. "They've got the best story, and they've been working on that story for several years," Boehler said.

Publicis' primary competitors—WPP, Omnicom, Dentsu and Havas—are each managing various internal challenges, giving the French company considerable latitude. It can afford to let rivals compete on price while pursuing an aggressive new business strategy that identifies potential clients at competing agencies and makes direct approaches. That said, the company is not undefeated; in 2025 Publicis lost LVMH's European media business to Havas' Forward Media unit.

The PepsiCo win reveals Publicis' likely entry point. OMD had managed the beverage and snack manufacturer's global media business for two decades, but Publicis secured a three-year assignment for China in 2022, which it retained through the end of 2025. During that period, Publicis' Zenith division created a specialized unit called "PLUS+" serving Pepsi, Mirinda, 7Up, Gatorade, Bubly, Lay's, Quaker, Doritos and Cheetos. The unit was designed to deliver "an ecosystem of media, creativity and technology for positive impact on business outcomes," according to company statements. This closely mirrors the "One PepsiCo" structure Publicis is now constructing for the client's worldwide operations.

The transition has left OMD's parent company Omnicom frustrated. During recent remarks, Omnicom CFO Phil Angelastro characterized the loss as "disappointing" and "unfortunate."

Gartner analyst Andrew Frank suggests that traditional pitches may be poorly suited for clients seeking a media or artificial intelligence platform like One PepsiCo, or for advertisers with sophisticated internal capabilities already in place. "They're not really buying the vision of a campaign strategy," Frank explained. "They're buying the capabilities that Publicis has assembled to support campaigns. The whole buying criteria framework has changed."

Agency executives frequently voice frustration about the time and expense of pitching. A 2023 MediaSense survey found that 86% of agency leaders described pitches as "excessively time and cost-exhaustive." However, industry observers remain skeptical that other clients will follow PepsiCo or Paramount's lead. "It is extremely attractive to think that you can evaluate quickly and not have to have a disruptive process and make decisions fast," one consultant told Digiday on condition of anonymity. But the consultant cautioned that significant risk accompanies such decisions. A marketing executive who selects an agency without thorough evaluation will struggle to justify the choice if shareholders or internal stakeholders raise concerns.

"I am surprised that these moves stand up to internal audit," the consultant said. Should buyer's remorse set in, that marketing executive will likely need to launch a full review process within a few years anyway. Given the typical tenure of chief marketing officers, expect them to avoid openly gambling on abbreviated agency reviews. If no-pitch wins accelerate, it will stem from agency business development intensity rather than client cost-cutting.

The Numbers

Using Comvergence data, the actual value of the PepsiCo win becomes clearer as Publicis exits the Coca-Cola North American business it obtained just eighteen months earlier. PepsiCo's total global media spending in 2025 is projected at $1.7 billion. Since Publicis already held the Asia-Pacific portion, the company captured $1.1 billion through the recent win. With Coca-Cola departing Publicis due to the competitive conflict, its North American media spending is estimated at $805 million, yielding Publicis a net gain of $295 million. While a respectable outcome for a no-review transaction, it falls significantly short of the $1.7 billion figure that has circulated.

Account and Personnel Moves

• B2B growth marketing firm Bol acquired Brandcave, a product consulting and design shop founded by Cody Miles, who will assume the position of chief AI officer at Bol.
• BarkleyOKRP secured media and creative responsibilities for PetSmart.
• Accenture Song won media and planning duties for Australian health insurer Medibank, taking the business from Dentsu.
• French dairy company Lactalis, whose brands include Président, Galbani, and Parmalat, initiated a review of its European media business, with Publicis' Zenith among the incumbents.
• Tinuiti obtained AOR duties for sneaker brand Snipes in the United States.
• Fabcom took on media responsibilities for Club Med throughout the Asia-Pacific region.
• Butler/Till appointed former 4As CEO Marla Kaplowitz to its board.
• Tinuiti named Havas and R/GA veteran Wes Harris as its global chief operating officer.
• Independent Method1 hired Jessy Magor as head of growth, a newly created role.

It was a kick to the gut.

An Omnicom executive, on losing the PepsiCo global media business to Publicis