Toy State is well known as an industry leader in the lights and sounds and R/C toy categories. How are you planning to expand your portfolio?
We’re proud Toy State has become the industry leader in toy vehicles, and we look forward to leading in that category for years to come. With that said, Toy State sees opportunities in non-vehicle categories where our expertise would be a perfect fit. I’m excited to bring the Toy State “magic” to additional retail aisles!
Why is now the right time for Toy State to invest in new growth areas?
It’s been discussed internally for the past couple of years, but after the addition of newly expanded marketing and development teams with a broad range of multi-category expertise, we knew the time to take action was now! Toy State remains passionate about toy vehicles, and will work to fortify our leadership in the “Lights & Sound” and R/C categories. We have been building resources and developing a team that positions us to achieve the success and growth levels that Toy State ownership and executive leadership has charted. The acquisition of Nikko in 2014, and our entry into the more tech-based drone segment and partnership with DRL were major steps in this plan. Toy State is excited to discover the right opportunities that showcase everything we have to offer.
How will Toy State’s current strength areas translate to success in new categories?
We work every day to justify being called “the State of Imagination.” This view embodies the innovation and creativity that goes into all aspects of our business: marketing, design, development, manufacturing, and sales. I truly feel that Toy State possesses as strong of a team as you’ll find in the toy industry and, when given the opportunity, will excel in any category we enter. Additionally, our ownership of the manufacturing process through Toy State-owned facilities has created efficiencies and development advantages that truly set Toy State apart as a partner. We are a driven, proactive company with aggressive ownership that’s willing to invest in our continued success and growth. Based on conversations during the past several months, I’m confident we will soon earn the opportunity to secure rights in new categories and develop lines that show the full breadth of what Toy State can bring to the table.
Toy State has been a licensee for major toy brands, including Caterpillar and The Walt Disney Company. How will your plans for expansion allow you to develop new partnerships?
Strong licensing partnerships drive growth and success for many consumer products companies and retailers globally, and Toy State’s business is no different. We are fortunate to have successful relationships with major entertainment and lifestyle properties including global icons such as Caterpillar, Hot Wheels, Marvel, Barbie, and Teenage Mutant Ninja Turtles, to name a few. As we demonstrate our capabilities outside of vehicles, I’m confident that we will work even more deeply with these valued partners, and develop new partnerships worldwide.
What does the future hold for Toy State? Where do you expect to the company to be in five years?
Our goal is to be a major player in multiple toy categories within the next two to three years, and I truly believe that is Toy State’s future. Dolls, Figures, Role Play, Accessories, etc.—we have the team and resources in place to successfully concept, develop, market, and manufacture lines in these and other key toy categories. Toy State wants to be leading the discussions for master toy partner rights on key licensed properties. We’re focused on being seen as a company that serves multi-category needs to licensors, retailers, and consumers. We’ve already taken many important steps towards realizing that goal and are extremely excited about what the future holds!