After acquiring Hobby Warehouse in late 2020 and re-focusing on its digital assets, Funtastic has decided to change its name to Toys”r”Us ANZ.
Hobby Warehouse was the exclusive Australian and New Zealand licensee for the Toys“R”Us and Babies“R”Us brands through a long-term licence agreement with the global brand owner, TRU Kids Inc. in the US.
The change in corporate identity reflects the transformation of the company increasingly into a direct-to-consumer retailer of toy, baby, and hobby lifestyle products with a digital-first retail focus.
“The change in our corporate identity to Toys”R”Us ANZ reflects our company’s evolving focus with a strong and confident brand,” explains Funtastic CEO, Louis Mittoni.
“We are looking to accelerate growth with further expansion that includes the launch of Babies“R”Us and building state-of-the-art logistics capabilities.”
Indeed, Babies”R”Us is set for a relaunch at the end of this financial year as a digital-only destination.
For more than 70 years, Toys"R"Us has been the dominant global leader in the toy category celebrating the joys of childhood with kids of all ages, and Babies"R"Us has been the trusted destination for all new and expecting parents. The brands generate more than US$2 billion in global retail sales annually through nearly 900 branded stores and e-commerce businesses in 25+ countries across North America, Asia, Africa, Australia and the Middle East.
“Today’s announcement is a great testament to the strength of the Toys“R”Us brand,” adds Yehuda Shmidman, board director of Toys“R”Us Global and board observer of Toys“R”Us ANZ.
“In just shy of two years, Toys“R”Us has become one of the fastest growing digital players in Australia. We look forward to continuing to work closely with Louis and his team to solidify Toys“R”Us and Babies“R”Us as the leading destination for toy and baby products in the region.”
The corporate entity name change from Funtastic to Toys“R”Us ANZ is expected to be put to shareholders at a general meeting near the end of June and will be accompanied with updates to the company’s constitution and other proposals, subject to the necessary approvals from ASX and ASIC. Plans also include an update to the company’s ASX ticker symbol to TOY. The corporate structure and operational aspects of the group remain unchanged.
“We are excited to form an even closer relationship with the Toys“R”Us brand and global team, and whilst this marks an exciting change in the company’s history, it is just the beginning of our new chapter and trajectory,” enthuses Mittoni.