Mattel And Fosun Annoucne New Joing Venture In China To Launch Child Development Clubs
Mattel, Inc. (NASDAQ: MAT), a global leader in learning and development through play, today announced the signing of an agreement to form a new joint venture with Fosun Group, subject to Chinese regulatory approvals. The purpose of the joint venture is to introduce a network of one-of-a-kind learning and play clubs for children and families across China, pairing Mattel’s expertise in childhood learning and development through play with Fosun’s experience in delivering world-class experiences in China through its Club Med subsidiary.
Mattel will contribute to the design of a custom development program that leverages its expertise in learning and development through play and trusted, globally-recognized brands. The aim is to incorporate hands-on play experiences as part of the educational services offered at the clubs.
Club Med will apply its expertise in operating kids’ clubs, including event design, process creation and training to help these clubs become truly unique destinations for modern families. In addition, Club Med’s existing brand awareness and strong engagement with Chinese member families will help strengthen the value of the partnership.
“The learning and play clubs that will be developed through our partnership with Fosun aim to create rich experiences and deep connections with kids and parents alike, and help us deliver on our mission of inspiring wonder in the next generation to shape a brighter future,” said Margo Georgiadis, CEO of Mattel. “Our strides to innovate and co-create in China are advancing further through this new joint venture, which is the latest proof point in our strategy to accelerate emerging market growth.”
Targeted to open in early 2018, the inaugural learning and play club will be located in the newly developed Bund Finance Center, the first “International Metropolitan Meeting Hub” that will bring together under one roof a variety of different functions in the areas of finance, commerce, tourism, culture and art. Primarily focused on children ages zero to six, the 15,000-sq. ft. upscale learning and play club will offer a wide variety of experiences, all dedicated to learning and development through play, and will include a play area, classroom and day care area, retail space featuring Mattel, Club Med and other Fosun-affiliated products and a food and beverage area. Parents can drop off their child for a scheduled class or daycare, or choose to participate in a play or educational program with their child. Looking ahead, the companies plan to expand the learning clubs into a network across China where the market for early education has reached $30 billion and is expected to continue growing rapidly.
“Parents in China are supremely focused on helping their kids succeed and develop socially and are motivated to give their kids the best possible start to life,” said Jiannong Qian, Global Partner, Senior Vice President of Fosun Group, Chairman & President of Fosun Tourism Group. “Mattel’s legacy of play expertise and Club Med’s long history of kids’ club expertise, along with both companies’ strong brand recognition, make them the best partners to co-create these learning and play clubs, helping Chinese parents give their kids a truly unique and valuable experience. The cooperation is beneficial for Fosun to step up its efforts in enriching the health, happiness and wealth of families around the world.”
About Mattel
Mattel is a creations company that inspires the wonder of childhood. Our mission is to be the recognized leader in play, learning and development worldwide. Mattel’s portfolio of global consumer brands includes American Girl®, Barbie®, Fisher-Price®, Hot Wheels®, Monster High® and Thomas & Friends™, among many others. Mattel also creates a wealth of lines and products made in collaboration with leading entertainment and technology companies. With a global workforce of approximately 32,000 people, Mattel operates in 40 countries and territories and sells products in more than 150 nations. Visit us online at www.mattel.com.
About Fosun Group
Fosun was founded in 1992 in Shanghai. Fosun International (00656.HK) was listed on the main board of the Hong Kong Stock Exchange on July 16, 2007. As at December 31, 2016, Fosun’s total assets exceeded RMB480 billion and is principally engaged in three business segments of health, happiness and wealth. Fosun has been persistently focusing on China’s growth momentum and further developing in industries related to health, happiness and wealth. Fosun endeavors to build a C2M (Customer to Maker) ecosystem, aspiring to making a major stride towards its vision of “Innovating a global happiness ecosystem, deeply rooted in China and centered around the family”.