ROME — Italy’s leading toy company, Giochi Preziosi, is set to come under Chinese control.
What happened: During a meeting at Italy’s Ministry of Enterprises and Made in Italy, the group confirmed an agreement for China’s Superhisen Corporation—its main manufacturing partner—to acquire a stake in the company.
Why it matters: The transaction, which includes a capital increase of around €80 million, would give Superhisen a majority stake and industrial control of Giochi Preziosi, including its Spanish subsidiary Famosa.
- The agreement is now moving through the remaining steps toward final approval.
The deal marks the most significant turning point in the company’s recent history. Founded in 1978 by Enrico Preziosi, Giochi Preziosi grew into Italy’s largest toy company, driven in part by major licensing agreements including Disney, Fortnite and Pokémon. If approved, the recapitalization would mark the beginning of the founding family’s gradual exit from control of the group.
What’s behind: The ownership shift comes after years of mounting financial pressure. Giochi Preziosi’s business model, heavily reliant on manufacturing in China, was hit by soaring shipping costs from Asia, compounded by rising raw material and energy prices.
- The squeeze on margins steadily weakened the company’s finances: by the end of 2025, the group reported total debt of €410 million, annual losses of €97 million and negative equity exceeding €217 million.
Between the lines: The agreement with Superhisen would form the cornerstone of the company’s turnaround plan, but it would not fully cover its financial needs. Management continues to seek additional investors to support the restructuring effort. At the same time, the group is preparing to submit its final restructuring plan for the 2027–2031 period.
The big picture: This is not the first time Giochi Preziosi has opened its capital to outside investors. In January 2020, the company sold a 4% stake to a group of investors.
- Today’s transaction, however, is of a different scale: it would not only inject fresh capital, but also transfer majority ownership and industrial control to a Chinese group.
The bottom line: The agreement also reflects a broader trend.
- On one hand, it highlights the challenges facing heavily indebted European companies seeking fresh capital to complete their turnaround. On the other, it adds another case to the growing debate in Italy and across Europe over long-established companies passing into foreign ownership.
- In this case, the industrial partner that has long served as Giochi Preziosi’s main manufacturing supplier is set, if the deal receives final approval, to become its controlling shareholder.
