The entry of the Chinese company Superhisen into the capital of Giochi Preziosi seems imminent. According to what was written today by the Corriere della Sera , the Asian group, already among the main suppliers of the Italian company, would have signed a memorandum of understanding with the Preziosi family for the rescue of the historic toy company founded in 1978 by Enrico Preziosi. The operation would involve a capital increase of about 80 million euros, aimed at handing over the majority of the group to the Chinese along with other international institutional investors about whom there is still no official news.
If the binding agreement expected in the coming days goes through, the “king of toys” will enter the phase of disengagement from a group that over the years has dominated the national market with brands such as Cicciobello, Gormiti, Canta Tu, Winx and Tamagotchi. But behind the operation there is not only the attempt to save Giochi Preziosi. There is also the project to build a European toy platform centered on integration with the Spanish company Famosa, already controlled by the Italians since 2019.
THE LONG CRISIS OF ENRICO PREZIOSI’S GROUP
The crisis of Giochi Preziosi is not new. In recent years the group has been overwhelmed by a combination of factors: pandemic, raw material price increases, explosion of energy costs and above all the rise in logistics and maritime shipping costs from Asia, a central hub for a company that produces much of its toys in China.
The numbers tell the depth of the crisis. At the end of 2025 the total debt had reached about 410 million euros, of which almost 265 million towards banks and financial institutions. The parent company closed the fiscal year with a loss of 97 million and a negative net equity of over 217 million.
To avoid collapse, the group resorted to a composition with creditors before the Court of Milan. The procedure, started in autumn 2025, was progressively extended to numerous subsidiaries considered strategic: Giochi Preziosi Italia, Giocheria, Grandi Giochi, Giochi Preziosi Store, GPH and Startrade.
According to the documentation filed in court and leaked to some media outlets, the rescue plan revolves around the creation of a Newco GP intended to collect the group’s operational activities and debts. The new company should then receive capital, goods and shares from Superhisen and other investors.
THE PLAN: FEWER STORES, MORE WHOLESALE AND INTEGRATION WITH FAMOSA
The industrial strategy developed by the advisors foresees a drastic rationalization of retail. Essentially: fewer direct stores and greater focus on wholesale distribution, considered the real engine of the group’s future profitability.
The plan also focuses on industrial integration between Giochi Preziosi and Famosa, the historic Spanish company of the Nancy and Nenuco dolls acquired in 2019. Until now, according to the documents of the composition procedure, synergies between the two companies have remained limited. Now the goal is to create a single platform for marketing, supply chain, research, purchasing and product development, with estimated savings of over 3 million euros annually.
The industrial project also foresees the international relaunch of historic brands such as Cicciobello, Gormiti and Nenuco, as well as expansion into markets such as France, Germany, the United Kingdom, the United States and Japan. The declared objective is to return to profitability already by 2026 and exceed 50 million EBITDA by 2030.
THE WORKERS AND THE TRADE UNION FRONT
While advisors and investors work at financial tables, on the ground the crisis translates into closures and layoffs.
In recent months several Hamleys, Giocheria and Giochi Preziosi stores have closed their shutters, while the group has started closing the direct retail network. The crisis involves over 300 workers.
At the end of April an agreement on extraordinary layoffs was reached at the Ministry of Labor for 135 workers of the companies Giochi Preziosi Store and Startrade. The agreement, signed with Filcams Cgil, Fisascat Cisl and Uiltucs, guarantees wage coverage until December 31, 2026. Involved are 88 employees of Giochi Preziosi Store and 47 of Startrade.
However, the unions are asking for clarity on the group’s industrial future. “The most delicate aspect is to have an overall picture of the group’s galaxy of companies,” said Filcams Cgil, emphasizing how some companies remain healthy and profitable.
The discussion also reached the Ministry of Enterprises and Made in Italy, where in recent weeks a dialogue has opened on the group’s crisis and the recovery plan.
THE ROLE OF FINANCIAL INVESTORS
Alongside Superhisen, other financial investors should also enter, already identified according to the documentation filed in court but not yet officially announced. Among the names circulating are DeA Capital of the De Agostini group and Europa Investimenti, a company of the Arrow Global group specialized in managing distressed assets and restructuring operations. The operation would also pass through Famosa Holdings: after the contribution of goods and the conversion of part of the trade receivables, Superhisen would reach 51% of the Spanish holding. Subsequently, that share would be contributed to the new Newco GP intended to acquire the operational assets of Giochi Preziosi along with other capital and goods contributions.
THE SPANISH GAME OF FAMOSA
The Famosa dossier is central to the entire operation. The Spanish company is also in serious financial difficulty and is undergoing a preliminary debt restructuring procedure.
According to the Spanish economic daily El Economista, Superhisen would have already signed a preliminary agreement to intervene in the company’s capital. The plan would involve the contribution of goods and toys worth about 20 million euros and the purchase of another 10 million in trade debts towards suppliers, to be subsequently converted into capital.
Famosa itself now depends heavily on Asian production: 84% of products come from Chinese suppliers. A fact that explains the strength of a major Eastern supplier in the negotiation.
WHO IS SUPERHISEN
However, the profile of the Chinese group destined to become the new reference shareholder of Giochi Preziosi remains unclear. There is very little public information about Superhisen: no consolidated financial statements or major corporate disclosures are found, while the available traces lead to a private structure active between China, especially in the Xiamen area, and California.
The group operates in the production and distribution of toys and has been one of the main industrial suppliers of the Asian supply chain of Giochi Preziosi and Famosa for years.
