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Synergies Abound as Funko Buys Underground Toys image

Synergies Abound as Funko Buys Underground Toys

Funko acquires Underground Toys, setting the stage for expanding distribution in international markets and extending its reach in licensed housewares. In buying London-based Underground for an undisclosed sum, Funko will take over their European product distribution.

Funko has annual revenue of around $400 million, with 88 licenses. While the companies share many of the same licenses, Underground has several that Funko doesn’t, including the TV series “Sherlock”, Peppa Pig, Downton Abbey, Yo Kai Watch and Fireman Sam.

Underground has talking plush figures and other collectibles including those tied to Star Wars and The Avengers. Underground also has a more extensive licensed housewares offering, and last year took a booth at the International Home + Housewares show.

Funko also fields housewares. It also In addition, Funko entered the t-shirt and apparel business in buying Flophouse in 2015 and has expanded into lanyards and keychains as well. Flophouse was started by Mike Becker, who founded Funko as a bobblehead toy company in 1998.

Funko and Underground have similar retail distribution in the U.S. through Toys R Us, GameStop and its ThinkGeek chain, Barnes and Noble, F.Y.E and other retailers. Underground also developed a Disney-related housewares line for sale through Walgreen’s.

In combining the companies, Underground Toys Managing Director Andy Oddie was named Managing Director for EMEA, reporting to Funko CEO Brian Marrioti.

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