Although the rebrand decision still needs to be ratified by a shareholder vote, it seems likely to be approved.
According to a report in the Australian edition of Inside Retail, Funtastic Limited is planning to rebrand as Toys ‘R’ Us ANZ, as part of the group’s transformation into what it describes as a “digital-first, retail-focused business.”
The change in identity follows the group’s acquisition of the Hobby Warehouse business last November, which brought the Toys ‘R’ Us licence under its control. The deal also prompted a major restructure at the business, with Hobby Warehouse chief executive Louis Mittoni taking charge of Funtastic.
Louis Mittoni commented: “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. 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 has been welcomed 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. 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.”