Beiersdorf is reviewing its media planning and buying account for the UK, Ireland and the Nordics, with incumbent Wavemaker opting not to repitch for the business.
The German cosmetics company owns brands including Nivea, La Prairie, Eucerin and Elastoplast.
It last reviewed media three years ago, when Wavemaker (then MEC) defended and retained the business. The WPP agency has managed the account since 2012, when it was reported to be worth £78m.
In a statement, a spokeswoman for Beiersdorf said: "In light of the significant transformation of the industry and advertising landscape, we are constantly analysing and reviewing our media activities on a global, regional and local level.
"We can confirm that we are currently performing a media pitch – however, ask for your understanding that we do not comment on existing contracts or ongoing pitch processes."
Beiersdorf hit the headlines last month when FCB resigned the creative account after accusations of homophobia from a member of Beiersdorf staff. FCB Wilkens is Germany's oldest ad agency and its relationship with the company harks back to 1907, when then Centrale ads Office William Wilkens was appointed to the account.
The company did not address the allegation directly, but issued a statement condoning discrimination.
"No form of discrimination, direct and indirect, is or will be tolerated," it said. "We are strongly committed to diversity, mutual respect, equal opportunity and tolerance – this stance and belief is shared and lived throughout Beiersdorf."
Wavemaker's decision not to defend the media business is not believed to be related to the controversy.
This article has been changed to reflect the fact that the review covers Northern Europe and is not pan-European as previously stated.