Funtastic Ltd - FUN share price

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Funtastic Limited (ASX: FUN) announced plans to change its name to Toys“R”Us ANZ Limited, reflecting the company’s significant transformation to a digital-first retail focus and accelerated growth trajectory. Plans also include an update to the company’s ASX ticker symbol to TOY, subject to the necessary approvals. The change in corporate identity follows the successful acquisition of the Hobby Warehouse Group in November 2020, which includes e-commerce businesses Toys“R”Us, Babies“R”Us, Hobby Warehouse and IT distributor Mittoni Pty Ltd. The Group is the exclusive Australian and New Zealand licensee for the Toys“R”Us® and Babies“R”Us® brands through a long-term licence agreement with the global brand owner, TRU Kids Inc. in the US. The change in corporate identity reflects the transformation of the company increasingly into a direct-to-consumer retailer of toy, baby, and hobby lifestyle products with a digital-first retail focus. The company reported a 14.9% lift in revenue for the half year to 31 January 2021 to $16.2 million and a 465% rise in net profit, however this result only accounted for contributions from the Hobby Warehouse Group from 26 November 2020 to 31 January 2021. Babies“R”Us is set to relaunch in Australia with thousands of products at the end of this financial year initially as an e-commerce destination, growing to an enhanced offering during the second half of 2021 in what the company considers to be an under-represented retail category.