DTC mattress brand Casper has named Omnicom Media Group’s PHD as its media agency of record.
The assignment followed a competitive review conducted by consultancy Burnett Collective, a source with direct knowledge of the account told Adweek. According to Kantar Media, Casper spent $57.5 million on marketing in 2018 and more than $43 million in the first nine months of last year, down from nearly $47 million over that span in 2018.
A representative for Omnicom Media Group deferred to the client for comment. Casper did not respond to repeated requests for comment sent via email.
In a LinkedIn post Monday, PHD’s CEO for the U.S., Nathan Brown, shared his excitement about working with the “trailblazer of a brand,” apparently confirming the assignment.
The appointment comes as Casper prepares for an IPO filing. The company estimates it will raise up to $182 million, according to a regulatory filing posted Monday, aiming to sell shares for between $17 and $19. That would account for a valuation of about $768.2 million, which is lower than the company’s private valuation of about $1.1 billion, according to Pitchbook. The filing shows that Casper reported losses of $72 million in 2017 and $92 million in 2018, despite reporting a growth rate of 45.5% from 2016 to 2018.
Last month, CMO Jeff Brooks left Casper to join insurance startup Lemonade.
The agency’s first major win of the year follows TikTok sending its global media account to PHD last August, and LG selecting PHD as its global media agency in November.