Panasonic reviews 60m European account

Panasonic is understood to be reviewing its £60m pan-European advertising account following the resignation of incumbent Amsterdam Worldwide. The review will kick off in the New Year.

The consumer electronics company is in talks with a number of agencies to compile a shortlist.

The review comes as the company looks to strengthen it position against competitor brands such as Canon and Sony. The new agency will have a strong focus on flat screen TV brand Viera and Lumix digital cameras.

The news comes as Panasonic announced (November 27) a 90% cut in profit forecast today. The electronics maker also cut its sales forecast by 7.6%, citing the economic crisis and tougher competition, as well as the rise in value of the Japanese yen.

The company is also in talks with rival Japanese electronics brand Sanyo about a takeover, which would make Panasonic Japan’s largest electronics brand.