Schedule a Call Back
Toys“R”Us India to launch locally manufactured toys by mid 2025
Industry News- Oct 08,24
Local manufacturing will also enable Toys“R”Us India to optimise pricing.
Ace Turtle, the exclusive licensee of American toy retailer Toys“R”Us in India, is set to shift its focus towards local manufacturing, targeting the sale of locally produced toys by mid-2025. The move is part of its strategy to leverage the Bureau of Indian Standards (BIS) regulations, which have reshaped the toy industry by curbing cheap imports and bolstering domestic production.
Nitin Chhabra, Founder and CEO, Ace Turtle, highlighted that the BIS standards have helped eliminate low-quality imports, reducing the grey market to negligible levels. Previously, the basic customs duty on toy imports was raised from 20% to 60% to protect domestic players and later revised to 70% in March 2023, making imports from China more challenging.
“BIS regulations have not only improved product quality but also opened up opportunities for local manufacturing,” Chhabra stated. Ace Turtle is currently in discussions with contract manufacturers and expects to finalise partnerships by the end of 2024, with production set to commence 3-4 months afterward.
Local manufacturing will also enable Toys“R”Us India to optimise pricing. “By localising production, we can reduce import costs, offer competitive prices, and expand access to high-quality products across the country,” Chhabra added.
The company operates five retail stores and plans to open seven more within the next six months, with a new store launching every five to six weeks. In the longer term, Toys“R”Us India aims to expand to 50 stores over the next three years. The brand saw a 245% increase in topline revenue in 2024 compared to the previous year.
(Business Line)
Related Stories
Policy Regulation
Toys“R”Us India to launch locally manufactured toys by mid 2025
Local manufacturing will also enable Toys“R”Us India to optimise pricing.
Read morePolicy Regulation
Indian toy industry exports reach $523.24 million; surpass imports
The next objective for Indian toy manufacturers is to reach international consumers more effectively through online platforms, according to government plans.
Read moreAuto & Auto Components
DPIIT raises $1.4 billion in tyre investments from global players
The DPIIT has also urged other ministries to take similar steps to promote domestic manufacturing in sectors under their purview, as has been done with toys and tyres.
Read moreRelated Products
latest News
Subscribe to iNoW
For Industry News on WhatsApp, Give a Miss Call on: +91 84228 74016
