If you’re a fan of pop culture, chances are you’ve seen Funko’s diminutive figurines of characters like Thor and Harry Potter. The cult brand has exploded in popularity and emerged as a force to be reckoned with at comic, game and toy conventions around the world. Funko has also carved out a massive footprint in retail, at stores such as Wal-Mart, Target and Toys R Us and in hundreds of specialty hobby and collectibles shops.
The company’s success stems from a broad collection of licensing deals, with popular franchise properties such as Star Wars and Harry Potter generating huge sales. The company has a finger on the pulse of pop culture fads and tries to license anything that might be relevant with fans. It’s a strategy that has led to the company booking $425 million in revenue last year and growing into a billion-dollar-plus brand. But it’s not without some growing pains.
In the first quarter of 2022, Funko filled its Arizona distribution center to the brim with figurines and was forced to dump the merchandise at a loss because it couldn’t sell it fast enough. The company has since restructured and cut 10% of its workforce.
Funko is now opening the doors to its second brick-and-mortar store, located on Hollywood Blvd in Los Angeles. It’s billed as a “land of whimsy, adventure, fun and larger-than-life photo opportunities and immersive sets inspired by your favorite worlds, characters and moments.” It also offers a full line of merchandise including apparel, toys, figures, bobbleheads, pins, accessories, home decor and more. funko store