Mattel Inc. signed an agreement to form a new joint venture with Fosun Group, subject to Chinese regulatory approvals, to introduce a network of learning and play clubs for children and families across China.
Mattel will contribute to the design of a custom development program, aiming to incorporate hands-on play experiences as part of the educational services offered at the clubs. Fosun’s Club Med subsidiary will apply its experience in operating kids’ clubs, including event design, process creation, and trainings.
Targeted to open in early 2018, the inaugural learning and play club will be located in the newly developed Bund Finance Center. Primarily focused on children ages zero to six, the learning and play club will offer a wide variety of experiences, all dedicated to learning and development through play, and will include a play area, classroom, and day care area. It will also have a retail space featuring Mattel, Club Med, and other Fosun-affiliated products and a food and beverage area.
Parents will be able to drop off their kids for a scheduled class or daycare, or choose to participate in a play or educational program with their kids. The companies plan to expand the learning clubs into a network across China, where the market for early education has reached $30 billion and is expected to continue growing.