MASH hits 200% revenue growth as Officeworks splits its agency work

Two announcements, one clear line

On 21 September 2026, Officeworks made two announcements in the same breath. PHD was taking the media account. MASH, the Asia-Pacific firm that builds and embeds in-house marketing teams inside client organisations, was reporting 200 per cent revenue growth, with Officeworks among its clients.^[1] Officeworks kept creative and marketing work inside while sending media planning and buying to PHD.

The 200 per cent figure covers total revenue growth over a base period MASH has not publicly disclosed and is directional, with no precise base disclosed. The announcement also gave the run rate: MASH had been growing at more than 110 per cent year-on-year as of the announcement date.^[1] MASH reported that figure on 21 September 2026.

What MASH does

MASH describes itself as a firm that builds and runs high-performing in-house teams for ambitious brands.^[4] MASH designs an operating model, brings in the talent and integrates the technology, then manages the team's ongoing performance from inside the client's own structure. MASH offers agency-grade capability without the agency overhead or the account layers between brief and execution.

Founder Natasha Menon said the business had needed to rethink how it operated as the market shifted. According to Menon, the industry's had to relearn itself.^[1] Technology integration formed part of that rethink and changed during execution. Menon said that the firm decided to shift its strategy ever so slightly to integrate technology as a key component of its business, but two thirds of the way into executing that strategy, realised strategy was redundant.^[1]

Where Officeworks draws the line

Officeworks split creative and marketing operations from media planning and buying. Creative strategy, digital production and day-to-day marketing operations sit inside the building, run by an embedded team of the kind MASH constructs. Media planning and buying, the work of deciding where to place money across channels, negotiating rates and managing the investment, goes to PHD, an external specialist network. The retailer keeps the work that is closest to its brand and closest to its customer data. It outsources the work that requires scale and market access a single client cannot replicate alone.

Retailers often use that division in theory. Few retailers have announced both sides of it on the same day with named partners, leaving the Officeworks position more legible than most.

The commercial backdrop

Officeworks reported A$3,698 million in full-year revenue. The retailer posted full-year revenue of A$3,698 million for the year ended 30 June 2026, up 3.7 per cent on the prior year, according to the Wesfarmers ASX disclosure.^[2] For the half-year ended 31 December 2025, revenue reached A$1,842 million, up 4.7 per cent.^[3] Officeworks has an embedded marketing operation and keeps control over how its marketing budget gets spent.

MASH landed and retained clients at Officeworks' revenue scale while reporting triple-digit year-on-year growth, as the broader agency industry continued to divide work between in-house teams and external partners. The Officeworks arrangement covers one large retailer. As of September 2026, Officeworks kept creative and marketing operations in-house and appointed PHD for media planning and buying.