Toys“R”Us ANZ
(ASX:TOY) has signed a long-term exclusive licence agreement to run digital and physical retail commerce for Toys“R”Us and Babies“R”Us in the United Kingdom.
Toys"R"Us is an American company founded in 1948. Its UK wing ceased trading in April 2018 after 34 years of operation, and its Australian stores were closed in August 2018, partly due to competition from online retailers like Amazon. However, Australian operations resumed in June 2019 after a corporate restructuring.
Yehuda Shmidman, Chairman and CEO of WHP Global, the parent company of Toys“R”Us, notes: “We selected Toys“R”Us ANZ as our partner to expand into the United Kingdom because of their proven success in launching with us in Australia under the leadership of their CEO, Dr Louis Mittoni. Toys“R”Us today is a vibrant business with over 900 stores and e-commerce sites across 25+ countries generating over US$2 billion a year in sales and growing".
The company says the total addressable market for toys and games in the UK for 2020 was £3.3 billion, the largest toy market in Europe and the fourth-largest globally.
Shares in Toys“R”Us ANZ are trading 3.9 per cent higher at $0.19.
