Funtastic Limited will be rebranded as Toys ‘R’ Us ANZ Limited, shareholder vote willing, as part of the group’s accelerated transformation effort to become a digital-first, retail-focused business.
The change in identify follows the group’s acquisition of the Hobby Warehouse business last November, which brought the Toys ‘R’ Us license under its control and which kicked off a major shift at the business that saw Hobby Warehouse chief executive Louis Mittoni take charge of Funtastic.
According to Mittoni, the change in identity reflects an “evolving focus with a strong and confident brand.”
“We are looking to accelerate growth with further expansion that includes the launch of Babies ‘R’ Us and building state-of-the-art logistics capabilities,” Mittoni said.
“We are excited to form an even closer relationship with the Toys ‘R’ Us brand and global team, and whilst this marks an exciting change in the company’s history, it is just the beginning of our new chapter and trajectory.”
The move was backed by Toys ‘R’ Us Global’s board director Yehuda Shmidman.
“In just shy of two years, Toys ‘R’ Us has become one of the fastest growing digital players in Australia,” Shmidman said.
“We look forward to continuing to work closely with Louis and his team to solidify Toys ‘R’ Us and Babies ‘R’ Us as the leading destination for toy and baby products in the region.”
The group recently announced it would be relaunching Babies ‘R’ Us in the Australian market, and previously offloaded its confectionary arm for $1.05 million in an effort to ensure its focus could remain solely on its retail and wholesale businesses.