EL SEGUNDO, Calif.,
Oct. 11, 2016 /PRNewswire/
-- Strengthening its presence in key geographies throughout
Asia, Mattel, Inc. (NASDAQ: MAT)
today announced that it has finalized strategic relationships with
Choirock Contents Factory, Co., Ltd. and Sonokong Co, Ltd.,
two of Korea's most successful and established toy industry
leaders.
Under the terms of an agreement with Choirock, Mattel will serve
as master toy licensee for the hugely popular Turning Mecard
franchise, currently the number one toy franchise in South Korea by sales1. Under the
terms of the deal, Mattel will manufacture, distribute and market a
wide variety of toys and products inspired by the franchise,
including vehicles, action figures, games and other items. Choirock
will continue to distribute and manage the Turning Mecard
franchise in Korea, while Mattel will hold the right to introduce
the franchise in markets throughout the world.
Separately, Mattel and Sonokong have entered into a strategic
agreement in which Sonokong will serve as Mattel's primary
distribution partner in South
Korea, with responsibility for sales and product
distribution. The agreement applies to Mattel's entire product
portfolio, excluding games. Mattel has also entered into a
definitive agreement to acquire a 12% equity stake in Sonokong, a
publicly-traded company listed on the Korea Exchange (KRX). 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," said 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."
2015 toy sales in South Korea
were more than $1.4B (USD), according
to Euromonitor.
About Mattel
Mattel is a creations company that inspires the wonder of
childhood. Our mission is to be the recognized leader in play,
learning and development worldwide. Mattel's portfolio of global
consumer brands includes American Girl®, Barbie®, Fisher-Price®,
Hot Wheels®, Monster High® and Thomas & Friends®, among many
others. Mattel also creates a wealth of lines and products made in
collaboration with leading entertainment and technology companies.
With a global workforce of approximately 31,000 people, Mattel
operates in 40 countries and territories and sells products in more
than 150 nations. Visit us online at www.mattel.com.
About Choirock
Choirock Contents Factory Co., Ltd. is Korea's leading content
creator and provider. Choirock is highly specialized in planning
and development for toys, animations, mobile apps/platform, and
licensing business and dedicated to the creation of unique and
innovative contents such as Turning Mecard®, Hello Carbot®, Sofy
Ruby®, among many others. Choirock is committed to provide 'Delight
To Play' for children and families. Visit us online at
www.choirockcf.com.
About Sonokong
Sonokong Co. Ltd. is Korea's leading toy company specialized in
sales, marketing, and distribution of hit brands such as Turning
Mecard®, Hello Carbot®, Sofy Ruby®, among many others based on
strong animation licensed toys. Sonokong was the first Korean
toy company to be registered on the KOSDAQ in 2005 and is committed
to provide fun, innovative, and imaginative play through its
entertainment based lines and products.
Visit us online at http://www.sonokong.co.kr.
1 Nationwide Retailers 2015, Nielsen Scan Track
Data (Toy Category). Copyright © 2015, The Nielsen Company.
CONTACT: 310-252-6397, press@mattel.com
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SOURCE Mattel, Inc.