Chris Cocks

And we're able to learn from the local partners about what's hot and what works in a fantastic collectible and innovation market like China and Southeast Asia.

And so we actually learn about new categories kind of popping up there.

The great thing about that is it's a real win-win for the partner.

They basically get a clear market where we're not really competing with them.

We get a learning lab and then we can apply the lessons from that learning lab, like the winners from it.

to our distribution and our marketing and licensing muscle outside of that core market.

So that's actually been pretty powerful for us.

You know, like an example of of one that we learned a lot from was My Little Pony.

My Little Pony three years ago, like

Maybe we made $5 or $10 million on it in 2024.

I think our partner in China, Caillou, I think they did more like $400 million of trading cards in My Little Pony.

And they've parlayed that into a whole line of kind of teen-oriented collectibles.

And it's kind of reinvented how we conceive of the brand and what the potential is of the brand.

And we're starting to execute against that outside of that core market, both with Caillou and ourselves.

So that's been pretty valuable for us.

And then the second area that we've done it in is what we call CEO initiatives.

So it's like we take high performing people out of our business units, out of kind of like a traditional global play lead role and

And we give them like an assignment for six to nine months and say like, hey, go run after this.

And we keep their job kind of on the side and they can go back to it at any time.

And we recognize that probably nine out of 10 times those things aren't going to yield fruit, but it's a fun stretch assignment for a high performer, high potential person.