“Toys ‘R’ Us” Is Back! Sort Of….
Toys “R” Us has officially emerged as a new company, with new leadership and a new vision to deliver the magic of its iconic brands around the world. The announcement from parent company Tru Kids Inc, is bound to make fans of the iconic brand excited, but it is too early to determine to what extent the brand is “back” at all, especially as it pertains to shoppers in the United States.
In a deal that went into effect in January, Tru Kids Brands, became the “proud parent of Toys”R”Us, Babies”R”Us, Geoffrey and more than 20 established consumer toy and baby brands.” There are tons of images on the Tru Kids Brand celebrating Toys “R” Us stores, but all USABR has been able to find are outside of the US. Below is an image provide to USABR and it is of a store in Bangalore, India.
Tru Kids Brands appears to be pursuing a course that gives homage to its roots, saying in a statement that the company ” will be led by Richard Barry, the former global chief merchandising officer at Toys”R”Us, who will serve as President & CEO along with an experienced management team that includes Matthew Finigan as CFO, James Young as EVP of Global License Management & General Counsel, and Jean-Daniel Gatignol as SVP of Global Sourcing & Brands.” In addition to Barry, Finnigan and Young also have years of experience with Toys “R” Us, according to the company site.
The statement notes that “For over 70 years, Toys”R”Us has celebrated the joys of childhood with kids of all ages and Babies”R”Us has been the destination for all new and expecting parents. Geoffrey the Giraffe, the beloved mascot of Toys”R”Us for more than 50 years, is adored by kids and their families all around the world.”
The company is bullish about its products, even citing the last year as an example of the interest for the brand globally, stating, “This brand power remains as Toys”R”Us and Babies”R”Us generated over $3 billion in global retail sales in 2018 through more than 900 stores and e-commerce businesses in 30+ countries across Asia, Europe, Africa and the Middle East. In the U.S., Toys”R”Us and Babies”R”Us continue to have incredibly strong brand affinity and loyalty with more than 9.5 million followers across their social media channels.”
Richard Barry commented on the situation, saying that “Despite unprecedented efforts to capture the U.S. market share this past holiday season, there is still a significant gap and huge consumer demand for the trusted experience that Toys “R” Us and Babies “R” Us delivers. We have a once-in-a-lifetime opportunity to write the next chapter of Toys “R” Us by launching a newly imagined omni channel retail experience for our beloved brands here in the U.S. In addition, our strong global footprint is led by experienced and passionate operating teams that are 100% focused on growth.”
However, details are slim about the situation in the US and only stating in the statement that “Further updates on the U.S. business strategy to follow.” Instead, it dealt heaving with the worldwide prospects, stating “Global partners include Al Futtaim Sons Co. LLC (UAE), Green Swan (Iberia), Keshet-Hypertoy Ltd (Israel), Lotte Shopping Co. Ltd (S. Korea), Marketing Services and Commercial Projects Operation Company (Saudi Arabia), Tablez & Toyz Private Ltd. (India), and Toys (Labuan) Holding Ltd. in partnership with Fung Retailing Ltd. (Asia). The Company will work closely with each to expand the Toys”R”Us and Babies”R”Us businesses in their respective markets as well as actively seek opportunities to bring the brands to new and emerging territories.”
It is promising to open many stores and even listed the locations, but what was conspicuously absent in the messaging is the United States, “Tru Kids’ global partners are set to bring the joy of Toys “R” Us and Babies “R” Us to more customers through the opening of 70 stores this year in Asia, India and Europe and the development of new e-commerce platforms in several key markets,” the statement said.
Tru Kids will be headquartered in New Jersey with a skilled team of returning Toys”R”Us employees, but the company seems to have a serious focus on the rest of the world.
Other than offering promises of updates on the situation in the US in the future, there are no specifics. However, the statement closed with assurances for its domestic customers, noting “We have an incredible team focused on bringing Toys”R”Us and Babies”R”Us back in a completely new and reimagined way, so the U.S. doesn’t have to go through another holiday without these beloved brands,” added Barry.
