Multimodal representation learning has garnered significant attention in the AI community, largely due to the success of large pre-trained multimodal foundation models like LLaMA, GPT, Mistral, and CLIP. These models have achieved remarkable performance across various tasks of multimodal information retrieval (MIR), including web search, cross-modal retrieval, and recommender systems, etc. However, due to their enormous parameter sizes, significant efficiency challenges emerge across training, deployment, and inference stages when adapting these models' representation for IR tasks. These challenges present substantial obstacles to the practical adaptation of foundation models for representation learning in information retrieval tasks. To address these pressing issues, we propose organizing the first EReL@MIR workshop at the Web Conference 2025, inviting participants to explore novel solutions, emerging problems, challenges, efficiency evaluation metrics and benchmarks. This workshop aims to provide a platform for both academic and industry researchers to engage in discussions, share insights, and foster collaboration toward achieving efficient and effective representation learning for multimodal information retrieval in the era of large foundation models.