Is Sanrio really a Hello Kitty merchandise company?
40.1%Operating margin
¥96.4bnRoyalty salesAbout 49.7% of consolidated revenue on a simple comparison (our calculation)
62.7%Share from non-Hello Kitty charactersBased on merchandising and licensing gross profit in Japan and overseas (our calculation)
What emerges
See the company through the numbers →Rather than a merchandise company dependent on one star, Sanrio has become a character-IP portfolio business that rotates and grows many characters, scales them globally through licensing, and is now moving into self-published games and in-house animation.