Toymaker Hasbro Inc (NASDAQ:HAS) saw its share price rise after a product update to investors which, in rebranding Mr Potato Head, has stirred up a mini-controversy online.
Key business headlines included the extension of a licensing deal with EPIC Games, to make and sell action figures and toys under the immensely popular Fortnite brand, an extension for NERF with the NFL, and three new versions of Monopoly.
Hasbro meanwhile emphasised Environmental, Social, and Corporate Governance (ESG) matters including the role of its ‘chief purpose officer’ and, on an investor call, discussed goals for diversity and inclusion.
Along the way public relations evidently found itself in a tangle when it came to the modernisation of branding for its iconic face-changing root vegetable toy.
Basically, the company has changed the logo to remove ‘Mr’ from the ‘Mr Potato Head’ branding.
In an earlier version of the press release, according to reports, the toy company said: “Hasbro is making sure all feel welcome in the Potato Head world by officially dropping the Mr. from the Mr. Potato Head brand name and logo to promote gender equality and inclusion.”
As the rebranding news began trending across social media, the above wording was subsequently removed, and, replaced with “Hasbro is officially renaming the Mr. Potato Head brand to Potato Head to better reflect the full line.
“But rest assured, the iconic Mr. and Mrs. Potato Head characters aren’t going anywhere and will remain Mr. and Mrs. Potato Head.”
The update saw the pendulum of social media commentary swing in the other direction.
If consumers or investors are unclear about what is actually happening with the spud-face toy: it would appear that the toy brand’s packaging will carry the ‘Potato Head’ logo whilst the characters Mr and Mrs Potato head will remain, to feature in marketing and entertainment, in the Toy Story movies and merchandising.
The stock market, meanwhile, largely shrugged off or ignored the social media storm-in-tea-cup.
Hasbro shares rose by 93 cents or 1.02% closing Thursday in New York at US$91.84.
Along with the Fortnite, NFL and Monopoly updates Hasbro also detailed content deals with Netflix plus updates regarding a new Transformers feature film with Paramount as well as movies for the GI Joe, Magic the Gathering, and Dungeon and Dragons brands.
It also detailed new product lines (Peppa Pig and PJ Masks) targeting the preschool market along with a partnership between the PlaySkool brand and Amazon focussing on learning and sustainability.
A Peppa Pig theme park was also announced, to added as an expansion to Merlin Entertainment’s Legoland Orlando, Florida.