Australian toymaker named best entrepeneur
Melbourne-based billionaire Manny Stul's Shopkins success see him awarded EY's World Entrepreneur of the Year title in Monaco.
PT1M3S 620 349Most Australian parents probably haven't heard of Manny Stul, but they will know about his Shopkins.
Stul's family-owned toy company, Moose Enterprise turned over $600 million last year and continues to carve out a global marketplace for its products, with its YouTube-friendly Shopkins range of dolls beating heavyweights like Barbie and Bratz.
The Melbourne-based toy maker beat 55 contestants to win the Ernst and Young World Entrepreneur of the Year title in Monaco at the weekend - the first time an Australian has won this award.
'Shopkins King': Manny Stul celebrates his win at the EY World Entrepreneur awards ceremony in Monaco.
The global title comes after Stul, 67, won EY's Australian Entrepreneur of the Year. Last month the BRW Rich listed put Stul and his family's wealth at $1.24 billion.
The accolades come despite a huge setback in 2007, when a craft bead produced by Moose had to be recalled because it was found to contain a chemical that turns into party drug "GHB" in the human body.
Judges noted the disaster in their comments.
Young children have been swept up in the Shopkins craze.
"Manny was our choice, not only due to his impressive growth, but also because the business he has nurtured has shown sustained global success. His mettle was tested when Moose faced a product recall that would have overcome less resilient and well-managed businesses," said chair of the judging panel Rebecca MacDonald.
What are Shopkins?
For the uninitiated, Shopkins is a range of miniature toy characters fashioned on typically mundane items found in a supermarket.
Shopkins have taken off worldwide.
The brightly coloured figurines are no more than three centimetres tall. Kids can collect, share and trade the figurines, which have unique faces and names. For example, there is a chocolate chip biscuit named Kooky Cookie, a candy bar named Cheeky Chocolate and an apple named Apple Blossom. They are sold with tiny plastic shopping bags and baskets, ready to be filled, much to the delight of parents worldwide.
A Shopkins 12 pack typically retails for $13 in Australian stores, while Shopkins Donatina's Donut Delights sells for $29 and a Shopkins Collector's Case costs $20.
Up to date
Most Australian parents know Shopkins.
Stul has helmed the company for sixteen years, but credits innovation for the company's success.
"You need to be up to date. If we know someone is doing X, doesn't matter what it is, we won't go after them, we will do our own thing. Be innovative, creative and keep away from the rest of it. Its been the strength of the company," he said after the win.
Australia's economic future depended on a greater emphasis on innovation, Stul said.
"Australia is a small isolated country. We need to be focused on innovation," he said.
"Everyone uses the word 'disruptive' but it's the reality and we need to be encouraging a lot more innovation and export of that innovation."
Movie move
Stul revealed his company would be releasing a movie based on one its products in October.
"Our next big move will be into entertainment and our next big move will be into licensing," he said.
Stul claims Moose's success in the US market is due to "cutting edge marketing". Moose is the fifth biggest toy advertiser on American TV, he claims.
"We were the disrupter, and so there are people chasing us to where they perceive us to be," he said.
"But we've moved way beyond that already."
One-man band
Sixteen years ago, when Stul began his reign as CEO, he learned the nuts and bolts.
"I did everything myself, which was a very fortunate thing. Distribution, warehousing, finance, selling.
"I did all my own selling and packing for the first three years," he said.
Now Moose currently employs around 50 people in Melbourne and 100 in China.
Stul credits his father, a cabinet maker, for teaching him how to handle staff.
"Everyone should learn this lesson", he said.
"Whatever you pay a bad person is too much and whatever you pay a good person is not enough."
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