According to the company, growing demand for safe and quality toys, the emergence of nuclear families and increased awareness of global brands has made India a key market for international toy brands.
Padmakar Damaraju, chief executive officer of Ty Toy (India) commented: “We are the leading players in the soft toys category.
"In India the choice in the soft toys category is limited to teddy bears, whereas Ty will offer over 250 designs of animals. We intend to fill in this variety gap in the soft toys segment.”
So far in India, Ty has entered the Hyderabad, Bangalore and Chennai markets. Going forward the products will be available in Mumbai, Delhi, Kolkata and Pune.
The firm will distribute through hypermarkets, specialty retail outlets, department stores and large grocery outlets. The firm also plans to introduce exclusive branded outlets in two years’ time.
Damaraju added: “Of the Rs 1,500 crore toy market, 70 per cent is unorganised. Yet, we hope to achieve a sales target of Rs 10 crore in the first year of our operations as the toy market is estimated to be registering a growth rate of 25 per cent per annum.”