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Jazwares

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Jazwares
Company typePrivate
IndustryToys and entertainment
Founded1997; 27 years ago (1997), in Sunrise, Florida, U.S.
FounderJudd Zebersky
HeadquartersPlantation, Florida
OwnerBerkshire Hathaway
Websitehttps://www.jazwares.com/

Jazwares, LLC is an American company headquartered in Plantation, Florida that designs and manufactures toys and other consumer products. As of 2022, the company is owned by investment holding company Berkshire Hathaway. The company is best known for its Squishmallows plush toy line.

History

[edit]

Jazwares was founded in Sunrise, Florida in 1997 by Judd Zebersky, who left his practicing law career to start the company.[1] Zebersky spent six months visiting factories in China and learning the toy manufacturing process before starting Jazwares, after his wife told him to pursue his dream of "making toys." His wife, Laura Zebersky, also a lawyer, joined in 2005 after selling her practice and, as of September 2023, serves as the company's president and chief commercial officer.[2] The two met in University of Miami School of Law in 1990.[3]

The company launched its first product, oversized plastic cups called Big Sippers, in 1998. The novelty cups were molded to resemble WWE wrestlers and characters from the animated TV series The Simpsons and Pokémon.[4] Since then, the company has focused heavily on licensing entertainment brands for toys, eventually moving to include video games and YouTubers.[5]

In 2008, Jazwares acquired the license to Sega video game character Sonic the Hedgehog and used that license to make action figures and stuffed or plush toys.[6] Eight years after the rights to the Sonic license lapsed in 2014, a Sonic Squishmallow was released in December 2022.[7] In April 2013, video game developer Mojang Studios appointed Jazwares as its license partner for its game Minecraft. Jazwares released its first line of action figures, plush toys and paper craft items in December 2013.[8]

Alleghany

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In July 2014, Alleghany Corporation completed a minority equity investment in Jazwares.[9]  A second Alleghany Corporation equity investment was closed in April 2016, which led to majority stake in Jazwares.[10] It is one of eight portfolio companies Alleghany owns outside of the insurance industry.[11]

In 2017, Jazwares partnered with Hasbro and started releasing Nerf-branded products, such as targets and sports equipment.[12]

In July 2018, Jazwares partnered with video game developer Epic Games to create licensed toys based on its online video game Fortnite.[13] That partnership was renewed in 2022, with Jazwares as the exclusive producer of 2" and 4" action figures for the game.

In October 2019, Jazwares acquired Wicked Cool Toys, which focused on licensed toys from brands Pokémon, Cabbage Patch Kids, and Tyler Blevins' Ninja. In 2019, the company also announced a partnership with YouTube children's entertainer Blippi.

In February 2020, the K-pop band BLACKPINK announced a collaboration with Jazwares to create dolls in their likenesses.[14] In April 2020, Jazwares acquired toymaker Kellytoy, which had created the Squishmallows brand in 2017.[15] That followed a partnership with Kellytoy that started in February 2019 to promote Jazwares' Russ Berrie brand.[16]

In 2021, Jazwares began a costume division, starting with costumes and accessories based on Marvel Entertainment characters, which were released in North America.[17] In January 2023, Jazwares signed an agreement with grocery store chain Krogers to have the chain sell costumes in their retail locations.[18] In May 2021, Jazwares launched action figures based on the video game Halo via a stop-motion video using the action figures on the Halo YouTube channel.[19][20]

Berkshire Hathaway

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In March 2022, Berkshire Hathaway purchased Alleghany.[10] Jazwares commissioned Warren Buffett and Charlie Munger Squishmallows to commemorate Jazwares appearance as a portfolio company at the Berkshire Hathaway annual shareholders festival.[2] The Squishmallows later appeared on auction site eBay for $450.[21] In a 2023 interview, the Zeberskys said they are working closely with Buffett successor Greg Abel.[15]

In May 2023, Jazwares announced the move of its headquarters to a new building in Plantation on SW 6th Court, after more than 25 years in nearby Sunrise on Shotgun Road along the southwest corner of the Sawgrass Interchange.[22]

In June 2023, Jazwares announced a partnership with fast food chain McDonald's to produce Squishmallows Happy Meal toys.[23]

Acquisitions

[edit]

Jazwares acquisitions include First Act,[24] Russ Berrie,[25] Zag Toys,[26] Wicked Cool Toys and Kellytoy.[27]

Brands

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Jazwares offers product lines for various age groups and interests, including action figures, plush toys, collectibles, role-playing accessories and musical instruments. Examples include BumBumz,[28] Big Fat Yarn,[29] Living on the Veg,[28] CoComelon and Micro Machines. The company has engaged in partnerships with entertainment and media properties and has developed products based on licensing fictional characters from popular franchises such as Star Wars, Pokémon, Marvel, Halo,[20] All Elite Wrestling and Fortnite.[13]

Roblox

[edit]

In 2018, Jazwares partnered with an online game platform and creator Roblox to create toys based games, characters, and developers in the Roblox universe, such as Roblox action figures.[30] It was Roblox’s first foray into merchandising. In May 2022, Jazwares entered a licensing agreement with Uplift Games for its Role-playing video game Adopt Me!, which was developed for and played on the Roblox platform.[31] In June 2023, Jazwares announced a collaboration with Roblox game developers to launch “DevSeries,” which would produce toys and other consumer products based on popular Roblox games.[32]

Recognition

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Jazwares has received awards including the "Vendor of the Year" award by Toys "R" Us,[33] the 2022 Good Housekeeping Best Toy Award (for Big Fat Yarn Plush Décor Kit and First Act Roll Up Drum Pad), and the annual Kidscreen Hot50 list.  Squishmallows has won several awards including the Toy Association's overall Toy of the Year award, Plush Toy of the Year, License of the Year, and People’s Choice.[34]

References

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  1. ^ Meléndez, Mel (June 30, 2023). "Squishmallows: For the child in all of us". South Florida Business Journal. Retrieved 2023-09-18.
  2. ^ a b Mott, Filip De. "Warren Buffett says the married couple behind the maker of Squishmallows are 'ideal Berkshire managers'". Markets Insider. Retrieved 2023-09-18.
  3. ^ Stempel, Jonathan (2023-05-14). "How TikTok sensation Squishmallows found Warren Buffett". Reuters. Retrieved 2023-10-09.
  4. ^ "Jazwares celebrating 25 years of innovation and play". Vol. 13, no. Spring. pp. 68–69.
  5. ^ Sheridan, Victoria (2020-02-21). "Company Profile: Jazwares". aNb Media, Inc. Retrieved 2023-10-11.
  6. ^ Amaro, Joe (2010-06-06). "SEGA America Blog | Joe Amaro from Jazwares Answers Your Questions". Sega Blog. Archived from the original on June 6, 2010. Retrieved 2023-09-18.
  7. ^ Lada, Jenni (2022-12-24). "Sonic the Hedgehog Squishmallows Debut". Siliconera. Retrieved 2023-09-18.
  8. ^ Tach, Dave (2013-04-19). "Mojang and Jazwares team up to build MInecraft toys". Polygon. Retrieved 2023-09-19.
  9. ^ Velasquez, Alexi (2014-08-05). "Alleghany Capital Corporation Invests in Jazwares". The Toy Book. Retrieved 2024-01-07.
  10. ^ a b Spoehel, Jay (2022-10-19). "Warren Buffett's Berkshire Hathaway completes $11.6B acquisition of insurer Alleghany". Associated Press. Retrieved 2023-09-19.
  11. ^ Zahn, James (2022-03-23). "Warren Buffett's Berkshire Hathaway to Acquire Jazwares Owner Alleghany Capital". The Toy Book. Retrieved 2023-10-11.
  12. ^ Howell, Madeleine (2017-11-08). "Revealed: the 12 'must-have' toys for Christmas 2017". The Telegraph. ISSN 0307-1235. Retrieved 2023-09-19.
  13. ^ a b Foster, Elizabeth (July 20, 2018). "Jazwares to launch Fortnite-inspired toy line". Retrieved 2023-09-24.
  14. ^ Pangan, Karen (Feb 23, 2020). "BLINKS, Rise! BLACKPINK Members Are Getting Their Very Own Dolls". Cosmopolitan.
  15. ^ a b Li, Yun (2023-07-02). "100 million Squishmallows sold in a year — How the toy sensation joined Warren Buffett's conglomerate". CNBC. Retrieved 2023-09-27.
  16. ^ Zahn, James (2019-02-15). "Jazwares, Kellytoy Team for Russ Berrie Worldwide". The Toy Book. Retrieved 2023-09-27.
  17. ^ Zahn, James (2021-04-20). "Jazwares Enters the Costume Category with Marvel Deal". The Toy Book. Retrieved 2023-09-27.
  18. ^ Pelletier, Ashley (2023-01-30). "Kroeger, Jazwares Team Up for Halloween". The Toy Book. Retrieved 2023-09-27.
  19. ^ Edwards, Trevor (2021-05-04). "Halo Releases 'World of Halo' Stop-Motion Action Figure Short". Game Rant. Retrieved 2023-09-27.
  20. ^ a b Thompson, Luke Y. (2020-08-03). "Jazwares Unveil Their First Halo Action Figures". Comic Book Movies and Superhero Movie News - SuperHeroHype. Retrieved 2023-09-28.
  21. ^ Devor, Nick. "Who Needs Berkshire Stock When You Can Buy Warren Buffett Squishmallows?". barrons. Retrieved 2023-11-06.
  22. ^ "Mayor Sortal's Plantation Update 05.03.23". Plantation, Florida. Retrieved 2024-07-13.
  23. ^ Watson, Cole (June 7, 2023). "Market Moves". Retrieved 2023-09-28.
  24. ^ Foster, Elizabeth. "Jazwares acquires instrument maker First Act". Retrieved 2023-09-28.
  25. ^ Foster, Elizabeth. "Jazwares acquires Russ Berrie, Applause brands". Retrieved 2023-09-28.
  26. ^ "Alleghany Capital Corporation Announces @Jazwares ' Acquisition Of Zag Toys". Action Figure Insider. 2018-02-23. Retrieved 2023-09-28.
  27. ^ "Alleghany's Unit Closes Buyout of Squishmallows Owner Kellytoy". Yahoo Finance. 2020-04-03. Retrieved 2023-09-28.
  28. ^ a b "Exclusive: Jazwares talks Squishmallows and more". Toy World Magazine | The business magazine with a passion for toys. 2023-08-08. Retrieved 2023-09-29.
  29. ^ "'The View' shares 2022's hottest toys and must-haves for the holidays". ABC News. Retrieved 2023-09-29.
  30. ^ McCumbers, Alex (2022-01-31). "Our Favorite Action Figures for Play and Display". Popular Mechanics. Retrieved 2023-09-29.
  31. ^ Canela, Annabelle (2022-05-19). "Jazwares Enters Long-term Global Licensing Agreement with Uplift Games". The Toy Book. Retrieved 2023-09-29.
  32. ^ Patterson, Madison (2023-08-29). "Jazwares' DevSeries Collection Brings Virtual Roblox Games to the Toy Box". The Toy Insider. Retrieved 2023-09-29.
  33. ^ "Toys 'R' Us Awards Jazwares | License Global". www.licenseglobal.com. Retrieved 2023-09-29.
  34. ^ Zahn, James (2022-02-18). "The Toy Foundation Crowns 2022 Toy of the Year (TOTY) Award Winners". The Toy Book. Retrieved 2023-09-29.
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