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DMGT bought Loot from Scoot for £45m last August. In the 17 months to the end of 2000, the title had posted an operating loss of £2.8m, and circulation has fallen from 198,097 at the end of June 1999 to 158,870 at the end of 2001.

DMGT is believed to be banking on the potential of the brand's online asset, Loot.com, which launched in 1995 and has more than half a million unique users generating up to 24 million page impressions a month.

Loot managing director Stephen Miron kicked off the first stage of the relaunch last month by appointing Naked to develop its media strategy.

This week, six agencies nominated by the Haystack Group will vie for the creative task, pitching to Miron and to Naked director John Wilkins.

Paul Thomas, managing partner at MindShare, said DMGT would apply the same marketing strategy to Loot as it does to its other titles, which include the Daily Mail. "They will drive brand awareness first, and circulation, and once they have that then they will try to monopolise their return on investment."