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Dentsu hasn’t ruled out selling or partnering its overseas agencies as part of a bold push to overhaul underperforming operations outside Japan. In the post-results Q&A session with analysts, where slower growth and an 8% headcount cut were announced, CEO Hiroshi Igarsashi also elaborated on what he called a “comprehensive and strategic partnership” for the company’s international operations.

“Would you be open to selling, merging international with another company?” a Barclays analyst asked.

Igarashi responded: “What does the comprehensive and strategic partnership mean? Does it include a potential sale of our international business? I think that was your question.”

 “We have been talking about the rebuilding of our international business. We have been working on enhancing our competitiveness. Well, for this, we are going to rebuild our business foundation. We are going to also re-evaluate our underperforming business, and we are making steady progress on this.”

The CEO emphasised that the company is willing to make “bold” structural changes if required. “Now, on that basis, when we look at the current situation, the current structure of the organisation, or the capital structure of what we have right now, we are not going to take those as a given. Depending on the environment and the circumstance[s] that we are facing, we need to consider a bold effort.”

As part of the evaluation, Dentsu is working with external advisers and exploring third-party partnerships. “In that regard, we are continuing with the study by retaining external advisers who have expertise knowledge. If it is to achieve rebuilding of the business in the early timing, there is an option for us to accelerate business rebuilding through partnership with a third party.”

While Japan delivered strong organic revenue growth of 5.3% in the first half of the year, Dentsu’s international markets struggled: APAC (excluding Japan) fell 8.9% for H1, the Americas declined 3.4%, and EMEA dropped 2.4%. Overall, the Group’s organic revenue dipped 0.2% year-on-year, prompting a downgrade of full-year guidance from 1% growth to broadly flat.

Igarashi stopped short of confirming any sale or merger. “In regard to divestiture of the international business, we are not at a stage of being able to give any clear response at this point in time, and I’m not in a state of being able to talk about anything specific right now.”

He offered examples of potential partnership approaches under consideration. “To give you an example of a partnership, in regards to some of the underperforming business, we may accept external capital, or what we are considering right now, the corporate function. This could potentially be subject to quite a bold outsourcing. These are the things that are included in the study right now. At this point in time, nothing has been decided as yet, but once we reach a decision, we intend to make disclosure and communication quickly, so I hope you understand.”

This story first appeared on Campaign Asia-Pacific.