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April 6, 2018
Mattel has partnered with Choirock Contents Factory and Sonokong Co., to strengthen and expand its presence in South Korea.
Under the terms of the partnership with Choirock, Mattel will serve as the master toy licensee for the animated TV series “Turning Mecard” and will manufacture, distribute and market a variety of toys and merchandise, including vehicles, action figures, games and more.
Choirock will continue to distribute and manage the series in Korea, while Mattel will hold the rights to introduce it into additional markets around the globe.
Meanwhile, Sonokong will serve as Mattel’s primary distribution partner in the region, with responsibility for sales and product distribution. The partnership will apply to Mattel’s entire product portfolio, excluding games.
Mattel will also acquire a 12 percent equity stake in Sonokong. The transaction is expected to be completed later this month.
"Today's announcements represent a tremendous step forward in Mattel's presence in South Korea, a key Asian market with ample consumer demand for toys and related products," says Peter Broegger, managing director, Mattel Asia Pacific. "‘Turning Mecard’ is nothing short of a phenomenal success in Korea, and we see tremendous potential to drive similar consumer adoption in key international markets throughout Asia, and beyond. In addition, Sonokong is a proven and well-established toy distributor, and we are confident our iconic brands will benefit from increased distribution and consumer adoption as a result of our partnership."
Read more about:Mattel
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