In the online advertising industry, the process of designing an ad creative (i.e., ad text and image) requires manual labor. Typically, each advertiser launches multiple creatives via online A/B tests to infer effective creatives for the target audience, that are then refined further in an iterative fashion. Due to the manual nature of this process, it is time-consuming to learn, refine, and deploy the modified creatives. Since major ad platforms typically run A/B tests for multiple advertisers in parallel, we explore the possibility of collaboratively learning ad creative refinement via A/B tests of multiple advertisers. In particular, given an input ad creative, we study approaches to refine the given ad text and image by: (i) generating new ad text, (ii) recommending keyphrases for new ad text, and (iii) recommending image tags (objects in image) to select new ad image. Based on A/B tests conducted by multiple advertisers, we form pairwise examples of inferior and superior ad creatives, and use such pairs to train models for the above tasks. For generating new ad text, we demonstrate the efficacy of an encoder-decoder architecture with copy mechanism, which allows some words from the (inferior) input text to be copied to the output while incorporating new words associated with higher click-through-rate. For the keyphrase and image tag recommendation task, we demonstrate the efficacy of a deep relevance matching model, as well as the relative robustness of ranking approaches compared to ad text generation in cold-start scenarios with unseen advertisers. We also share broadly applicable insights from our experiments using data from the Yahoo Gemini ad platform.