The toys are back in town: Toys "R" Us brand returns to Australia following digital overhaul
Thought to be defunct, long-time toy retailer Toys "R" Us is returning as a brand in Australia. Owner Funtastic Limited revealed plans to revert to the name after undergoing a "significant transformation" with a digitally-led retailer focus.
What you need to know:
- Funtastic Limited has revealed plans to revert back to the Toys "R" Us brand in Australia.
- The move follows "significant transformation" to become a digitally-led retailer.
Toy story
Funtastic Limited has announced plans to change its name back to Toys “R” Us ANZ Limited, after the company’s "significant transformation" to a digital-first retail focus
Plans also include an update to the company’s ASX ticker symbol to TOY, subject to the necessary approvals.
The change in corporate identity follows the acquisition of the Hobby Warehouse Group in November 2020, which includes e-commerce businesses Toys“R” Us, Babies“R” Us, Hobby Warehouse and IT distributor Mittoni Pty Ltd.
The Group is 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.
Funtastic reported a 14.9% lift in revenue for the half year to 31 January 2021 to $16.2 million and a 465% rise in net profit, however this result only accounted for contributions from the Hobby Warehouse Group from 26 November 2020 to 31 January 2021.
