A diamond jewelry company's search for its first lead agency is down to a select few.
Hearts on Fire has briefed three finalists in a review of its creative business, which is currently in-house, according to sources. Account revenue is estimated at $1 million.
Sources identified the contenders as the New York offices of Arnold, TBWA\Chiat\Day and The Brooklyn Brothers. Final presentations will take place next week at Hearts on Fire's office in Boston, with a selection expected shortly thereafter.
Ark Advisors in New York is managing the search. Ark had no comment and referred calls to Hearts on Fire, which acknowledged the review but declined to discuss specifics.
The review reflects Hearts on Fire's desire to become a bigger player in marketing, as it seeks a brand strategy that can work globally. The company's chief marketing officer, Caryl Capeci, is a former account director at agencies like Arnold and JWT. She joined Hearts on Fire in 2007 and rose from vp of marketing to CMO in November.
Also last year, the company was sold to the Hong Kong-based Chow Tai Fook Jewellery Group for $150 million. That deal is expected to accelerate Hearts on Fire's growth plans, as the brand gains distribution in overseas markets.
The review does not include media planning and buying, which remains in house. The brand's media spending has declined in recent years, from more than $18 million in 2013 to $16 million in 2013 and just under $5 million last year, according to Kantar Media.