OTTO's toy subsidiary MyToys physical store business has been sold
German e-commerce company Otto Group recently announced that the physical store business of its toy subsidiary MyToys has been sold to ToysinoGmbH, and will officially take over MyToys' 19 physical stores on October 1. In addition, the Mytoys.de shopping website will also close at the end of the fiscal year, but the MyToys brand will continue to be sold on the OTTO platform.
The physical store business of MyToys, Otto Group's toy subsidiary, has been sold to ToysinoGmbH, and will be officially handed over on October 1. This means that ToysinoGmbH will take over MyToys' 19 physical stores, with plans to rebrand all of them as Toysino by February 2024. This move will strengthen Toysino's competitiveness in the toy market and lay a solid foundation for its future development.
In addition to the sale of the physical store business, Otto Group also announced that the MyToys.de shopping website will be closed at the end of the current financial year. However, the MyToys brand will continue to be sold on the OTTO platform. This decision may be due to the consideration of online competition, OTTO wants to focus resources more on its core e-commerce platform, to further enhance the brand awareness and influence.
As a large retail group headquartered in Hamburg, Germany, Otto Group is an international, diversified and innovative company. Its business involves multi-channel retail, financial investment, logistics and warehousing services and other fields, and owns Germany's largest online retail e-commerce platform OTTO. However, in the face of fierce market competition and the rising e-commerce giants, Otto Group needs to constantly adjust and optimize its business layout.
The sale of the physical store business and the closure of the MyToys.de shopping website can be seen as part of the strategic adjustment of the Otto Group. By focusing its resources on its core business, the Otto Group is better able to respond to market challenges and enhance its competitiveness and profitability. At the same time, the MyToys brand will still be sold on the OTTO platform, which will bring more sales opportunities and revenues to the Otto Group.
German e-commerce company Otto Group has announced that it will sell the physical store business of its toy subsidiary MyToys and close the Mytoys.de shopping website. The move aims to optimize the company's business layout and focus resources on enhancing the competitiveness of its core business. Although the physical stores will be renamed Toysino, the MyToys brand will continue to be sold on the OTTO platform. This strategic realignment will bring more sales opportunities and profitability to the Otto Group, further strengthening its position in the retail industry.