If this is true, and it's on the internet so it has to be, that is the single ballsiest move I've ever heard of. Think about it, it's like making yourself THE sponsor of the Olympic games. When I think England, I think one thing (sorry guys)... 28 Days Later. I want to see zombie mascots. The marketing materials will be 10 times better. That blow job logo looks like a hipster crack at it, it looks like it belongs on a Trapper Keeper. Neon colors, really?
I don't see it. It looks like the Iris mascot is an assortment of creepy blue claymation critters. Sure they're drawing attention to the fact that they designed the Olympic mascots, but it's not like their existing company mascot became the Olympic mascot. I don't think it's really a big surprise that a marketing icon might come out of a marketing firm.
I'm guessing the guy who designed these things knew he was about to get fired and wanted to stick it to the company. There is no other conceivable reason why someone would make little one-eyed monsters the mascot for the Olympics.
A friend of mine recently pointed out that they're the more x-treme cousins of the aliens from The Simpsons. ...I'm inclined to agree.