Just Play has acquired 50-year-old arts & crafts company Tara Toy, which was the category’s top manufacturer of licensed products last year in the US, according to market research firm Circana.
Based in New York, Tara Toy produces licensed craft and activity kits for major brand owners including Disney (Marvel (pictured), Star Wars, Disney Princess), Mattel (Hot Wheels, Barbie), Nickelodeon (SpongeBob SquarePants) and Hasbro (Peppa Pig, My Little Pony). Some of the newest licenses to join its substantial roster last year are Bluey and Gabby’s Dollhouse.
According to a Just Play spokesperson, this strategic acquisition will help the company expand into the arts & crafts category both domestically and internationally, especially through its fledgling subsidiaries in Europe, LatAm and Asia.
The arts & crafts category is quite a steady performer in the current retail market. It was valued at around US$35 billion in 2017 and is predicted to hit US$50.9 billion this year, according to February data from Statista. Strong demand for arts & crafts products that was sparked by families stuck at home during the pandemic has yet to wane, and Business Research Insights says the popularity of DIY trends and more e-commerce transactions should continue to fan these flames.
Just Play plans to keep Tara Toy’s US-based team intact, with CEO and founder Bruce Pearl and EVP of design and development Brian Specht both remaining in their roles. Pearl founded Tara Toy in 1975 and has headed up the company ever since.