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Toys ‘R’ Us accelerates India expansion with local manufacturing plans
Industry News- Dec 14,23
Toys ‘R’ Us, the global toy retailer, is set to commence private label manufacturing in India by the middle of next year as part of an aggressive expansion strategy, aiming to position India among its top five markets.
Toys ‘R’ Us, the global toy retailer, is set to commence private label manufacturing in India by the middle of next year as part of an aggressive expansion strategy, aiming to position India among its top five markets, according to Stanley Silverstein, Chief Commercial Officer at WHP Global. WHP Global, a brand management firm with a substantial consumer brand portfolio, is accelerating the manufacturing process in response to the Bureau of Indian Standards (BIS) mandate requiring the ISI mark on all electric and non-electric toys sold in the country.
Silverstein highlighted that while the majority of manufacturing currently occurs in China and a few other Asian markets, WHP Global, which acquired a controlling stake in Toys ‘R’ Us in 2021, does not own factories but has offices in various countries to support its partners. Nitin Chhabra, CEO of ace turtle, which holds the license to sell Toys ‘R’ Us in India, mentioned that groundwork for manufacturing in India has already been laid, and the first Toys ‘R’ Us products manufactured in India will be seen by mid-next year.
Toys ‘R’ Us filed for bankruptcy six years ago, and after WHP Global's acquisition in 2021, it began expanding in existing and new markets. The top five markets for the brand are the United States, Japan, China, Italy, and Dubai. The company aims to move India to the top three globally through joint ventures and partnerships with Flipkart and ace turtle.
According to Imarc, India's toy market is projected to reach $3 billion by 2028, growing at a CAGR of 12.2% during 2023-2028. Despite the challenges posed by supply chain disruptions due to BIS regulations and the establishment of Indian manufacturing, Toys ‘R’ Us plans to continue focusing on physical retail, opening a high-street store in Mumbai, with a goal of opening 75 stores in the next few years.
The company acknowledges that supply chain constraints persist due to ongoing regulatory adjustments and anticipates about one and a half years before achieving the desired state. Additionally, WHP Global is considering introducing other brands to India to capitalize on the market's growth.
Toys ‘R’ Us, known for generating over $2 billion in global retail sales annually through its 1,400 stores and e-commerce operations in 31 countries, is part of WHP Global's broader brand portfolio. Ace turtle recently raised $34 million, planning to utilize part of the capital for expanding the brands under its portfolio.
Source: Indiatimes
Toys ‘R’ Us
WHP Global
ISI mark
BIS regulations
Flipkart
Nitin Chhabra United States
Japan
China
Italy
Dubai
Imarc
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