AWI, which represents Australian wool growers, owns and controls the Woolmark trademark globally.
The agencies have won the account following a review in January. The account will be led by Euro RSCG London, which will begin work in the autumn.
The agency will be responsible for handling AWI's integrated campaigns, which will span TV, digital, social media and mobile, to increase the demand for wool across both trade and consumer audiences.
AWI head of global marketing, Rob Langtry said: "Euro RSCG demonstrated a very clear understanding of the strategic challenges facing wool, and our desire to work with partners to re-connect consumers with wool.
"We need to talk to a new generation of consumers. Euro RSCG has a very strong strategic and creative hub in London, and equally strong across China, Japan and the US."
The Woolmark was advertised in the 1990s by Abbott Mead Vickers BBDO and in the 1980s by Davidson Pearce.