The closure of the creatively high-profile agency shocked the ad industry and "surprised" Wills, who said he had been negotiating to buy it back.
The French withdrew from the negotiations, he said.
He insisted Joy would not be a carbon-copy of Publicis Mojo, which created the Speight's Southern Man campaign. Publicis Mojo's New Zealand accounts include retailer Hallensteins and Panasonic.
Joy has been given some security. One of Mojo's biggest advertisers - the transtasman food company Goodman Fielder - confirmed it would be moving about 70 per cent of its Australasian business, about 25 brands, to Joy.
Goodman Fielder New Zealand marketing manager Peter Baltus said he had been with Publicis Mojo a long time and was drawn to key executives at Joy including Kay Boyle, Graham Ritchie and Lachie McPherson.
However, Wills said Mojo executive creative director McPherson would not have that role at Joy.
Wills acknowledged the appointment would be important in defining the proposition offered by Joy.