Firm to become European master toy licensee for the property.
The multi-category licensing agreement with Lisle International Licensing, means GP will be responsible for the development of ZhuZhu pets merchandise across a number of categories including mini collectables, action games, plush, consumer electronics, BTS, food, publishing and footwear.
The diverse agreement means many of the Giochi Preziosi divisions will be involved in the development of ZhuZhu Pets products.
Plans include the publishing and promotional experts, Grani and Partners, and Easy Shoes who will be developing a shoes and footwear line for some territories.
Graziano Del Maestro from Giochi Preziosi, said: "We are delighted to be such an integral part of the European development of this property.
"The plans for 2011 across our categories, and countries are exciting and will see a great variety of new products being developed which will add to the ZhuZhu Pets experience for kids.
"Our aim is to ensure a coherent collection that correctly portrays the unique characteristics that have made the brand so universally successful and we are very pleased with the product line."
Colin Lisle, managing partner of Lisle, commented: "We have been working with GP and Cepia for some time on this agreement and we are all delighted with the partnership.
"The plans for 2011 are truly impressive and concepts have already been well received by the industry. With much more development in the pipelines and with the licensing programme expanding further, we expect 2011 to be yet another landmark year for this inspirational property."
The deal does not affect UK distribution.