Funtastic to change its name to Toys “R” Us ANZ
Funtastic Limited has announced official plans to change its name to Toys “R” Us ANZ Limited.
The decision for the corporate identity change looks to reflect the company’s “transformation to a digital-first retail focus and accelerated growth trajectory” according to a statement.
The plans also include a proposed change of the company’s ASX ticket from FUN to TOY, subject to the necessary approvals.
The change in corporate identity follows the successful acquisition of the Hobby Warehouse Group in November 2020, which includes e-commerce businesses Toys“R”Us, Babies“R”Us, Hobby Warehouse and IT distributor Mittoni Pty Ltd.
Funtastic CEO, Louis Mittoni, said: “The change in our corporate identity to Toys “R” Us ANZ reflects our company’s evolving focus with a strong and confident brand. We are looking to accelerate growth with further expansion that includes the launch of Babies “R” Us and building state-of-the-art logistics capabilities.”
The company reported a 14.9% lift in revenue for the half year to 31 January 2021 to $16.2 million and a 465% rise in net profit, however this result only accounted for contributions from the Hobby Warehouse Group from 26 November 2020 to 31 January 2021.
“Today’s announcement is a great testament to the strength of the Toys “R” Us brand. In just shy of two years, Toys “R” Us has become one of the fastest growing digital players in Australia,” said Yehuda Shmidman, board director of Toys “R” Us Global and board observer of Toys “R” Us ANZ.
The name change is expected to be put to shareholders at a general meeting near the end of June, and will be accompanied by updates to the company’s constitution and other proposals, subject to approvals from the ASX and Australian Securities and Investment Commission.
Linkedin