The Pentland Brands-owned swimwear range wants a campaign that targets people who swim for fitness reasons and look up to athletes, rather than positioning Speedo as a fashion brand.
The advertising campaign will run across Europe in markets including the UK, Italy and France, supported by substantial digital activity.
In recent years, the company has focused on digital advertising and its sponsorship of the swimmer Michael Phelps, who has signed up until 2013.
In 2008, it made a concerted effort to capitalise on the Beijing Olympics, hiring Design UK to develop a global digital strategy for a global brand site to raise awareness of Speedo ahead of the Games. It has also worked with Razorfish.