April 25, 2024

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[THE INVESTOR] Mattel has acquired majority stake in Sonokong, the Korean toy firm announced on Oct. 10.

The American toy giant’s affiliate Mattel Marketing Holdings acquired 2,627,539 shares (11.99 percent) of Sonokong Chairman Choi Sin-gyu for 13.97 billion won (US$12.57 million). 

The South Korean company also signed a two-year agreement for exclusive rights for sale, marketing and distribution of Mattel products excluding games.

Mattel is the world’s largest toy company owning Fisher-Price, Hot Wheels, Barbie and Thomas & Friends, to name just a few. Sonokong has dominated the country’s toy industry, with its blockbuster hits Turning Mecard and Carbot lineup.

Mattel has chosen Sonokong as a strategic partner to further expand in Asian market, the firms announced, adding that the management will stay unchanged, including Chairman Choi who is its second largest stakeholder.
By Hwang You-mee (glamazon@heraldcorp.com)