Agencies believed to be involved in the pitch include Carat, the incumbent agency OMD and PHD. The first round of the review has already taken place.
Sources close to the account suggest the media business alone could be worth up to US$90 million per year.
In July last year Watsons Personal Store was in negotiations regarding its US$20 million regional media business, with OMD expected to prevail after a pitch against fellow incumbents Carat and MediaCom.