ThreeSixty Group Inc. has acquired FAO Schwarz from Toys “R” Us Inc. The terms of the transaction were not disclosed.
The new ThreeSixty-designed FAO Schwarz toy collection will be inspired by the products and in-store experience at the former FAO Schwarz flagship store in New York City. Intended to evoke the creativity of childhood, the new FAO Schwarz collection and in-store experience will be available at select retailers until next fall. Until then, FAO Schwarz merchandise will be available online and at Toys “R” Us stores across the country.
“While we recognize there is nostalgia and history associated with this brand, the agreement allows us to focus on the aspects of our business which will fuel our long-term growth,” Toys “R” Us said in a statement. “We will continue to sell FAO-branded products in our stores and online through Spring 2017.”
ThreeSixty Group, headquartered in Southern California, is a cross-category designer, manufacturer, and distributor of consumer products to retailers in the U.S. representing more than 70,000 retail stores. Categories include toys, holiday gifts, games, home décor, athletic accessories, R/C vehicles and drones, and more, all marketed under a portfolio of owned and licensed brands including Blue Hat Toy Company, Sharper Image, Black Series, Discovery Kids, Smithsonian, and Animal Planet.
“We are humbled to have an opportunity to build upon the iconic heritage of FAO Schwarz,” said Kirk McLean, co-founder of ThreeSixty Group. “For over one hundred and fifty years, FAO has provided a magical experience for children and we hope to keep this tradition alive by crafting fine toys and transformative retail experiences for generations to come. We are investing heavily in this brand and believe there is a tremendous opportunity to build upon the heritage experience and nostalgia of FAO Schwarz.”
