The agency was handed the account without a pitch.
The incumbent, the German-based agency Springer & Jacoby, will continue to handle European advertising outside the UK.
The Red Brick Road's first task is to create work to push the brand's Olympus Mju Tough Camera range. The campaign is scheduled for November and will include television and press.
Olympus is best known for Collett Dickenson Pearce's 70s TV ads that featured David Bailey and the Minder actor George Cole. The photographer also directed and appeared in a follow-up spot in 2003.
The signing comes six months after Olympus moved its media business from MindShare into Initiative without a pitch.