After acquiring Hobby Warehouse in late 2020 and re-focusing on its digital assets, Toys”r”Us ANZ (previously called Funtastic) is selling its Chill Factor business to Character Promotions.
For a sale price of US$1.31 million, the UK based toy manufacturer and distributor will acquire the Chill Factor business including 100 per cent shares of Chill Factor Global, patents, trademarks, registered domain names and other intellectual property.
The sale continues the strategic transformation of the toy retailer through an ongoing overhaul of product portfolios including an increased focus on its ecommerce businesses Toys“R”Us, Babies“R”Us and Hobby Warehouse.
“The sale of the Chill Factor business supports the transition of the group’s parent company away from toy wholesaling toward a digital-first direct-to-shopper retailer focus,” says CEO and managing director of Toys”R”Us ANZ Group, Louis Mittoni.
“Upon completion of the transformation, we look forward to executing our vision to build a world-class baby, toy and hobby ecommerce business.”
Chill Factor’s main product is the squeeze cup slushy maker, a specially made cup first launched in 2013, designed to help turn liquid to ice in seconds. Revenue for the business for the half year ended 31 January 2021 was approximately $0.44 million which represents approximately 2.7 per cent of the Toys“R”Us ANZ Group total revenue for the same period.
The sale is expected to be finalised by the end of this month.
