Cheil Worldwide, a marketing firm and part of the Samsung Group, has made an unspecified significant initial investment in London-based agency network Iris.

Whats particularly notable about the deal is that Cheil has the potential to increase its investment over the next five years to 100 per cent, making this deal the first stage of a possible acquisition.

Iris pitches itself as an alternative solution to the traditional advertising agency. The company was founded in 1999,and now operates in 17 offices around the world.

“This partnership won’t change who we are or what we do as a creative innovation network,” said Ian Millner, joint chief executive at Iris. “But it will extend our global reach and capabilities, and enable our clients and people to benefit from the huge opportunity presented by a true ‘East Meets West’ and ‘West Meets East’ network.

“Together we will become a real force to be reckoned with, the type of agency group that will define the future of the agency model.”

For now, though, Cheil and Iris will be the start of a new partnership that will enable the two companies to extend and deepen their global capabilities in creativity, strategy, retail, digital, data, analytics, B2B and CRM, while offering clients the most progressive work available in the world today.

The partnership begins with a shared vision to create a genuine alternative to the traditional holding company model. This will replace the relationship iris had with Meredith, the US based publisher.

; blending content, creativity and commerce seamlessly around client and consumer challenges.

As part of Cheil’s family, iris will be able to continue on this journey, whilst accelerating growth through strategic backing from Cheil.

Cheil is one of the world’s leading marketing solutions agencies with a 5,000-strong group of optimistic, open-minded and talented individuals operating from 48 offices and eight affiliates in 41 countries globally.