Campaigns directed at the high-end, affluent consumer are in the planning stage for the French fashion house and the British private bank.
It is believed that the scope of work for the BBDO-owned agency may include public relations, design, social media, events, and activation.
It is understood these new accounts commenced at the beginning of July.
To differentiate from luxury rivals, Dior has purposefully positioned itself in China at the very high end of the luxury market. Its first haute couture event was held last spring in Shanghai.
For Coutts, the concept of wealth management in the mainland remains relatively new, and selling succession planning advice to benefit first-generation entrepreneurs will help the bank's image.
Update 25 July: Proximity Live China has contacted Campaign Asia-Pacific to say that the agency is not involved in any further work with Dior.