The review is being handled by the consultant Stuart Cox, a partner at GraystoneCox Media Consultancy.
It is understood that Carat plans to repitch for the account. McArthurGlen's creative account, held by WARL, is not believed to be affected by the review.
The brand, which has seven outlets in the UK, launched a pan-European campaign in April last year that included TV, print and outdoor ads in the UK, Italy, Belgium, France, Luxembourg and Greece.
The 30-second TV ad by WARL aimed to encapsulate anticipation, temptation, desire and joy, which the brand believes are associated with shopping at its stores.
McArthurGlen previously worked with Publicis Dialog on an ad campaign showing women falling in love with designer items, using a theme of "guilt-free shopping".