To Infinity And Beyond: The Mowbray Siblings Assembled A Billion-Dollar Fortune From Cheap Toys. Can They Create Something Grander? [Forbes]
Walmart Inc. (WMT)
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Source: Forbes
To Infinity And Beyond: The Mowbray Siblings Assembled A Billion-Dollar Fortune From Cheap Toys. Can They Create Something Grander? N ick Mowbray is working from home, Zuru, founded in 2003, specializes in making inexpensive toys, like Bunch O Balloons, a gadget that fills 100 water balloons in 60 seconds. It sells those playthings in 120 countries, including every major U.S. retailer, and generates more than $400 million in annual sales. The company is based in Hong Kong, where Mat and Anna live. Domiciling the business there provides Zuru access to low tax rates, and the siblings have invested heavily in automation to further save on costs. Zuru is debt-free, and it has never taken outside funding, save for an initial $20,000 loan from the Mowbrays’ parents, an engineer and a teacher. The business is worth more than $1 billion, and the siblings own it themselves. It could be worth a lot more in the future if the trio’s plans come to fruition. Toys are just Phase 1. Up next is a line
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