Publicis Groupe, with its many agencies is celebrating its centenary year. It’s a huge milestone, especially at a time when industry leaders are writing obituaries for agency models.
In India, there is an agency under the Publicis banner—Leo, which has outshined its peers, in more ways than one. Leo India was #1 on the WARC List of Effective 100 globally in 2025 for creating marquee campaigns for Whisper, Lay’s, Oreo and so on. Even in 2026, it maintained its place in the top three, claiming the number two spot this time. It was also amongst the only four agencies in India, and the only one within the Publicis Groupe, to bring home a Gold at Cannes Lions 2025, in addition to a Silver and a Bronze. However, it had to forgo its title of the ‘agency that brought home the most metals from India’ which it had meticulously achieved in 2023 and 2024 at Cannes Lions.
In conversation with the two leading men behind Leo’s success story, Marco Venturelli, Global CEO and CCO of Leo, CEO and CCO of Publicis Conseil and CCO of Publicis Groupe France; who was in Mumbai last week and Rajdeepak Das, Chairman – Leo, South Asia & Chief Creative Officer – Publicis Groupe, South Asia. Interestingly, both the leaders joined the Publicis ecosystem a little over a decade ago and saw the Group make big ticket acquisitions like Epsilon and Sapient and introduce its AI platform Marcel—all of which have helped Publicis Groupe in the long run, aiding its steady rise globally to the list of top three advertising holding companies.
Talking about his agency’s journey during this period, Marco says, “While other holding companies talk about integration, we’ve spent a decade actually doing it. By moving beyond a unified P&L into acquisitions and tech early on, we gained an exponential lead over competitors who are only just beginning to merge. Now, our focus is on fully capitalising on that head start.”
Adding to that Raj says, “Publicis has transformed significantly in the past 10 years. Around 2017, when we were embracing Marcel at the expense of not participating in Cannes Lions, the entire world thought we had lost the plot. ‘What is Marcel AI even going to do?’ they asked us. Similarly, when Leo Burnett and Publicis decided to build their in-house production house, people questioned why an agency may need its own content studio. The fact is the Group had vision and was ahead of its time. It is like someone planted the trees before we came into the picture and now it is bearing fruit for us.”
In January, 2025, much before the Omnicom-IPG slate of mergers took place, wiping off a whole lot of jobs, displacing talent—in addition to designing tombstones for some of their agency brands, two of Publicis Groupe’s agencies merged to form the Leo Constellation. Marco, however, explains that both the mergers were very different in nature, “It is our fault that we didn’t explain enough when we launched Leo. Our launch of Leo Constellation didn’t have cost-cutting as an agenda, unlike recent industry mergers. It was purely strategic. We simplified our structure to give global clients direct access to our best creative and strategic talent. It was an evolution of excellence, not a financial consolidation.”
Publicis Groupe did not plan for immediate job losses or layoffs as a direct result of the consolidation, with the leadership focusing on integrating all 15,000 employees globally. Raj explains further, “In fact, in Jan 2025, the top four to five creative heads assembled with Marco stating his vision on what it could possibly do for our talent and clients in the next five years. Imagine they sat down the Creative people in a room with a couple of CEOs and we were deciding the future of the network. That’s not a regular merger.”
A year later, clients and teams are settled, they say, and some of Leo’s campaigns are making their way to top advertising festivals. Some of them are ‘This Ronaldo is That Ronaldo’ for Budweiser China, ‘The Unofficial Official Sound of F1’ for Sting, ‘Namibian cricket team?Flipkart = Partnership of the Year’, and Whisper’s ‘Project Early Periods’. In the past Leo has struck Gold for many of its campaigns like ‘ACKO - Tailor test’, Airtel ‘175 Replayed’, and Whisper’s ‘The Missing Chapter.’
Talking about the one he is betting the most on Venturelli says, “The one that is going to travel more is Sting F1. It’s such a silly, incredibly smart idea. From the first time we saw it, we loved it. On the other side, the one that has more potential in the long term, because of its transformative impact, is the #GhoomegaPahiya—Shri Aarambh Loans campaign for Shriram Finance.
Marco Venturelli, Global CEO and CCO of Leo, CEO and CCO of Publicis Conseil and CCO of Publicis Groupe France; and Rajdeepak Das, Chairman – Leo, South Asia & Chief Creative Officer – Publicis Groupe, South Asia tell Neeta Nair, Editor of IMPACT why AI has not trumped the humankind philosophy, creating work that transforms CMOs into Global leaders; how Leo India’s work is travelling across markets; and why the merger of Publicis WW and Leo Burnett to form Leo was unlike any other
Q] Marco, around the time Leo constellation was birthed, you mentioned that “Creativity is and will forever be a messy human process.” Towards the end of last year Publicis boosted its annual outlook for the second time citing ‘customer demand for AI-led advertising’ as a key source of growth. Today, would you change your statement in any way?
Marco: No, in fact, I will double down on that for many reasons. Publicis WW’s innovation and technology have come together with Leo Burnett’s legacy of humankind; both sides of the brain are working in sync. Today, technology may have removed the barriers to creating content, but more than ever, success depends on creating an emotional connection. Every piece of work that we consider to be a benchmark has these two sides—disruptive and forward-thinking; it resonates with people and fixes a human problem. A human vision is imperative even with AI tools.
Q] Unlike the West, where Publicis WW was merged with Leo Burnett to form Leo, in India, you merged it with three agencies—Leo Burnett to create Leo, & with BBH and Saatchi ...what was different here? Months later, are clients happy?
Raj: The Leo Constellation was launched globally last year, with each market given the flexibility to adapt to localised needs. In India, we are more committed than ever to our strong creative agency brands including Leo, Saatchi & Saatchi and BBH. Our clear focus is on delivering the strongest creative firepower and continuity for our clients across our agency brands, fully consistent with our global architecture.
Q] Raj, you’ve worked with Bajaj, P&G, HDFC Life for close to a decade each. In an era of shorter CMO tenures and quarterly pressure, how do you protect big, slow-burning ideas from getting killed?
Raj: I focus on creating work that transforms the CMO into Global leaders or CEOs. Our job is to make an impact for the clients/ brand and the people. Successful brand work automatically helps the client move to bigger markets, seeking more growth. Good ideas create successful clients who move forward. We have to give them success constantly because the pressure for them is massive. We just focus on that.
Q] Advertising is growing but agencies are not, especially with threats like AI, in-housing and even influencers entering the territory. How are you countering such challenges?
Marco: We have done the best work for our clients because we are very close to them, know their business and yet don’t think like them. This is a very unique equilibrium. A creator has a transactional relationship with a brand. On the other hand, an in-house agency runs the risk of thinking exactly like the brand. So, a brand needs us agencies today more than ever.
Q] You said a brand needs an agency. What does an agency really need for growth and better revenue? Should it diversify to do production?
Raj: More than the money aspect, I’d say as creative and brand partners we have to cover all the new touchpoints that have emerged in the marketing journey—from content, product, design, to feedback and reuse. We need to see where all we lack and what all can be done to make the brand stronger. We are not communication partners.
For instance, when we were working on Lay’s we delved into potato farming; did we have to sift through the fields? For Whisper, we spoke about books; are we educators? For Shriram Finance, we are creating an entire product ecosystem called Shri Aarambh Loans, turning every trucker into a successful businessman. We are not here to do only advertising. We will do TVCs, onboard influencers and tell a story, but we will also solve the business or the human problem—that’s our forte. Basically, there is nothing we cannot do.
Q] At a time when the clients are seeking quick solutions, are they giving you a seat at the table and the liberty to dive that deep?
Raj: Yes. Spotify, Shriram Finance, Pepsi, a lot of brands do that. We are also the new Claude for clients who want to grow—the single point of contact for all sorts of problems, when the government changes some policy, markets go down, influencer plans don’t work, or when a new competitor comes into the market.
Q] Most of your competitors like WPP and Omnicom are merging agencies. Scale is the new buzzword. How has scale benefitted Publicis?
Marco: Scale and technology are essential for effectiveness. Greater scale allows us to invest more heavily in solving problems, enriches our creative and strategic process, and widens our horizon geographically too, with the help of a multicultural talent pool. We aren’t chasing scale for its own sake; we’re using it as a booster to drive better results for our clients.
Q] By that logic, how much of the work created in India is used in your other markets, especially when it solves a real problem like the Gatorade or Whisper case study?
Marco: It’s a two-way process, from India to global and vice versa. We juggle between things that are meaningful to people in a specific moment, in a specific space, and in a specific culture. Like your Gatorade example which could easily be deployed elsewhere. More and more of our big global clients are asking us how to make ideas travel at a universal level and then, have nuances at a local level. That’s exactly how modern global brands are built.
Raj: It’s very important. For example, Marco’s work on AXA-Three words works in any country. What’s wonderful about the new constellation is that if I need some expertise I can call anyone in Brazil or Canada from the network to help. And I will receive assistance if they have worked on a similar problem or have that expertise. Marco calls it the ‘buddy’ system. Sometimes we get too close or attached to our work, the buddy brings in a fresh perspective without overpowering you.
Marco: Also at times, there’s something that is extremely strong and meaningful when you watch it from a certain cultural or local perspective, but then as soon as it travels, it creates problems. In a way, being a good partner for our client is to have a collective system that helps us detect this and protect our client.
Q] What have been the big account wins for Leo in the past year in India?
Raj: We never talk about wins. Someone had told me, “A win is nothing till you make something out of it.” When the brand comes to us, it’s just one part of the story. When we create magic for them, that’s when real impact happens.
Marco: Anyway, it’s a net positive. If I have to assess the impact of Leo as far as new business is concerned, it’s a very positive one.
Q] Do you focus more on retainers or new business wins from a revenue point of view?
Marco: For me, retention is probably the most important metric because Raj has a very good score on that. Having clients that want to stick with you in the long term especially when the temptation to change agencies is out there, means that you have really moved from being an agency to being a partner. We all aim for long lasting partnerships because that’s when a great brand gets built. History is proof of that.
Q] In 2023 and ’24, Leo secured the maximum number of metals at Cannes Lions by an Indian agency. In 2025, you dropped to position 4. In 2026, Leo Mumbai dropped by one place to come second on the WARC List of Effective 100 globally. What’s harder to sustain —creative awards or effectiveness rankings?
Raj: We took the Cannes awards show very seriously when we sent the Bajaj V entry which had 15-17 shortlists, but it won only one Bronze despite being the national favourite. I was heartbroken when my wife told me that neither those who purchased the bike, or the client that could sell thousands of bikes is sad because the idea didn’t win at Cannes, then why cry about it. Our job is to create work that impacts people’s lives and make businesses successful. If we win for it, it’s good; if not, it’s fine too. But of course, we love to win. If every year, my clients can be creative and effective, I’ll be happy. Of course, numbers will change but we have to be on the podium. Like Sachin Tendulkar and his centuries year after year. The most important question is: can I make my partners, the client successful?
Marco: When you’re looking for excellence, it’s difficult to care only for effectiveness or awards. Let’s say we care for both.
Q] What does India and Leo need to place ourselves firmly on the global map of creativity?
Marco: Both are missing nothing. There is incredible talent, commitment and great work. They are already winning.
Q] Where does your India office rank on creativity in the global scheme of things at Leo?
Marco: When I have to pitch Leo as a network of talent and tell the story of how incredible the Leo Constellation is, India is always the first example I give. The reasons are simple—the constellation’s objective is very clear: to be the best in what we do, and Leo India is pretty close to being the best in their region. Secondly, Raj and team are the most open-minded and collaborative people you can find in the business, with strengths in technology and innovation. For me, it’s always a benchmark. Raj is always the first one I call regarding an idea.
Q] Raj, you’ve been at Leo for 12 years. Most creative leaders move around. What made you stay?
Raj: To win in F1 racing it is not enough to have the best driver, you need to have the best car; in this case, the clients and the best team—the Leo team. For 12 years, I have been with one of the best teams in the country. We have designed it to be number one; an indigenous team with whom I win the Grand Prix and Spikes Agency of the Year titles. If I can put India on the world map out there, as the next creative superpower, what Brazil used to be, I’ve done the job right. It might just take a couple more years, especially with Indian advertising thriving creatively. My goal is to impact a billion people’s lives.
Q] From a revenue perspective, what is Leo India’s contribution to the network?
Marco: Our revenue is calculated on country level, as a group, which takes away certain mechanics. Also, we don’t calculate the merit of the agency based on revenue. We evaluate it on the basis of whether they are the best in what they do in their market. They need to grow and be part of the global team. Plus, Leo India is an agency which is excelling at Creative Awards and Effies, so they are doing well indeed.
Raj: All international brands want to have a successful footprint in India and scale here because India is going to be the next big market—1.4 billion people, the youngest nation with the growth narrative, the hustle mentality etc. That ‘India success story’ is the most important in that global mandate for all the CEOs and the CMOs. In fact, I get calls from Marco quite frequently wanting to introduce us to international clients who want to make it big in India.
