French luxury goods giant LVMH Moët Hennessy has ended its relationship with media agency Zenith after 15 years and appointed GroupM as its agency-of-record, Mumbrella Asia has learnt.

The company has appointed a bespoke GroupM agency called L’Atelier to handle media planning and buying for its 70 globally-renowned brands including Dom Perignon, Veuve Clicquot, Louis Vuitton, Christian Lacroix, and TAG Heuer.

The account is understood worth between US$450 to $500 million in annual billings. Last year, Asia was said to account for 37 per cent of LVMH’s total revenue of S$13.1 billion, making it the largest share of global revenue. According to the report, Japan alone accounted for 8 per cent of global revenue in the first quarter of 2016.

Both GroupM and Zenith were unable to comment by the time of publication.

The Publicis Groupe-owned agency – then known as ZenithOptimedia – first won the LVMH APAC account in 2002. The account covers seven markets in APAC, including China and Korea.

Last year, the holding company’s media agencies were globally restructured to form Publicis Media, under which the six agency brands were reduced to four. ZenithOptimedia was rebranded as simply Zenith, and its leader Gerry Boyle was named CEO of Publicis Media APAC.