Toronto-based Spin Master produces the innovative, interactive and fun Christmas toy all-in-one this year called "Hatchimals." It is a furry little robot that emerges from the hatching egg and interacts with the owner's commands. Parents are rushing prior to Christmas to get them.
Co-founder and co-CEO Ronnen Harary explains that the company's concept team is responsible for the Christmas stir among parents scrambling over to get this magical character that comes out of an egg. A random video-sharing website boosted its demand worldwide when uploaded by a parent, according to CBC
Spin Master has been in existence in the toy industry but maintained a low profile. They partnered with 15 other toy companies, like Meccano brand and Etch-A-Sketch. It is the producer of the successful Paw Patrol children's television series. David McFadgen, a financial analyst with Cormark Securities commented that this is an ultimate Canadian breakthrough but not known to many.
Co-founders were only in their 20s when then started Spin Master. Anton Rabie, now 45, and Harary merged together right after university. Both believe that promoting the brand is much more important than the maker's profile. They are more into revenue so to speak than corporate popularity. Spin Master's $3.5 billion worth is the result of that.
Their biggest problem is supply shortage as stocks are already sold out since the middle of November. The biggest demand is noted to be from Asia where the $80 toy can be retailed as much as $400 due to the shortage. They have been speeding up production to solve the pricing abuses. The company's success in innovative toys is not different from Disney's interactive products financial breakthrough, as featured last year by Jobs & Hire.
The humble beginning of their successful venture can be traced back to their very first product called Earth Buddy. It is a ball of soil with a glued-on face. It grows a head of hair made of grass. K-Mart's American headquarters ordered half a million of them and the rest is history. Brickseek.com can be an alternative platform for "Hatchimals" search, says ABC7.
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