Naked pitched against the incumbent, Universal McCann, Initiative Media and Ikon Communications. Universal McCann retains the media buying account.
The appointment is a major vote of confidence in the fledgling agency, which opened in the summer. Naked Communications Australia, which employs five staff, will be looking to double in size in order to handle the business.
The changes to Coca-Cola's media arrangements in Australia come as the soft drinks giant reconsiders its global advertising strategy under its new chief executive, Neville Isdell, who took over the post in June this year.
The company is currently looking for a creative agency to create a global "icon" campaign to help the brand regain its previous status and is increasing its marketing spend by $400 million. It is looking to replicate the success of its 70s "I'd like to teach the world to sing" TV spot.
"We're excited to be working with Coke. We're celebrating as we speak. It took a lot of hours and drinking a lot of Coke to keep up the energy to get to this point," Adam Ferrier, a partner at Naked Communications Australia, said.
"We're looking forward to working with Universal McCann next week and moving forward. All we can say is sit back and watch this space."