Ravensburger acquires Steiff to expand its iconic toy empire

Ravensburger has announced plans to acquire a majority stake in Steiff, the historic plush toy manufacturer. The move comes as the company also prepares to streamline operations and reduce its workforce by a low double-digit percentage. Ravensburger, famous for its board games and puzzles, sees the deal as a strategic expansion of its portfolio. Steiff, known for its premium plush toys and the iconic teddy bear with a button in the ear, reported revenue of around €94 million in 2023. Over two-thirds of this came from its toy division. The selling family behind Steiff stressed that the agreement aims to secure the brand’s long-term future. Under Ravensburger’s leadership, Steiff will remain an independent company.

Ravensburger’s CEO, Clemens Maier, praised Steiff’s emotional connection as a heritage brand. The acquisition follows another recent purchase: a majority stake in NordSüd Verlag, a Swiss children’s book publisher, to bolster Ravensburger’s book division. Despite record revenue of €790 million in 2024, the company’s sales dipped to €742 million in 2025, prompting cost-cutting measures. The deal strengthens Ravensburger’s position in the toy and children’s entertainment market. Steiff will retain its brand identity while benefiting from Ravensburger’s resources. Meanwhile, the company’s restructuring efforts aim to improve efficiency amid fluctuating sales.