I wonder if this is from CP+B (Crispin Porter + Bogusky). They've done a good bit of work for Peal Izumi in the past, including the We Are Not Joggers campaign, which got a lot of praise in the agency world. On the other hand, they also did some awful work for Nike that got them pretty widely mocked (and then fired by Nike).
This one is a definite miss, though. Feh.

