Chris Cocks

Optimized brands tend to be in less high growth categories.

We tend to see them as kind of steady eddies, maybe low growth.

They still do a decent operating profit for us.

And so then they get kind of next tranche.

And then reinvent brands are like we talked about at the beginning of the discussion on toys.

Toys are kind of a fast fashion, like cyclical business.

What's popular this year is likely not going to be popular three or four years from now.

And so the reinvent brands tend to be the ones that are in that kind of late stage cycle where they're either rest investing or we're thinking about what the next phase of them is so that they can be a future growth brand.

And so they get mostly kind of like conceptual product development and market research support, but not a lot of go-to-market or inventory support.

No, we didn't have a meeting on that, but we did carefully avoid saying 6-7 around little kids in any playtest labs.

I think we purposely capped our rating scale at 1 to 5 and no longer 1 to 10.

That's very good.

I mean, to be perfectly candid, I think it's a structural weakness of most large companies is thinking about new category development.

You know, you tend to get focused on your existing business and very obvious adjacencies, and then you tend to lose sight of, hey, this new thing that's kind of coming up the pike.

And I think we've been as guilty of it as anyone.

The way that we're countering it is in two ways.

The first way is our licensing business isn't just a very high profit, high growth business for us.

We also use it as a learning lab.

So we tend to be very liberal in how we license out many of our brands, especially in markets or regions where we don't have a lot of go to market capacity.

So like China.