Toys ‘R’ Us has relaunched as a new company with new leadership and new future objectives.
The company has rebranded as Tru Kids and is doing business as Tru Kids Brands. Brands within the new company include Toys ‘R’ Us, Babies ‘R’ Us, Geoffrey and more than 20 established consumer toy and baby brands.
Richard Barry, former global chief merchandising officer at Toys ‘R’ Us, will lead Tru Kids Brands as president and chief executive officer. Matthew Finigan will serve as chief financial officer. James Young will be the new company’s executive vice president of global license management and general counsel. Jean-Daniel Gatignol will serve as senior vice president of global sourcing and brands. Yehuda Shmidman will work as vice chairman to advise on global strategy and execution. Shmidman is the chief executive officer of Wave Hill Partners and formerly served as chief executive officer of Sequential Brands Group.
According to a company statement, Toys ‘R’ Us and Babies ‘R’ Us generated sales of $3 billion in 2018 via global retail sites across 900 stores and e-commerce businesses in more than 30 countries across Asia, Europe, Africa and the Middle East.
"Despite unprecedented efforts to capture the U.S. market share this past holiday season, there is still a significant gap and huge consumer demand for the trusted experience that Toys ‘R’ Us and Babies ‘R’ Us delivers," says Richard Barry, president and chief executive officer, Tru Kids Brands. "We have a once-in-a-lifetime opportunity to write the next chapter of Toys ‘R’ Us by launching a newly imagined omnichannel retail experience for our beloved brands here in the U.S. In addition, our strong global footprint is led by experienced and passionate operating teams that are 100 percent focused on growth."
Tru Kids Brands, which will be headquartered in New Jersey, aims to work with partners around the globe to expand the Toys ‘R’ Us and Babies ‘R’ Us businesses in their respective markets, as well as actively seek opportunities to bring the brands to new and emerging territories.
Worldwide partners include Al Futtaim Sons Co. in UAE, Green Swan in Iberia, Keshet-Hypertoy in Israel, Lotte Shopping in South Korea, Marketing Services and Commercial Projects Operation Company in Saudi Arabia, Tablez & Toyz in India and Toys (Labuan) in partnership with Fung Retailing in Asia.
More than 70 stores will open in 2019 in Asia, India and Europe. Tru Kids Brands will also launch e-commerce platforms in several key markets.