Squishmallows

Squishmallow is a brand of stuffed toy that was launched in 2017 by Kelly Toys Holdings LLC. Squishmallows are round and come in a variety of colors, sizes, animals, and textures. The brand has created over 1,000 Squishmallows characters with unique names and background stories.

Founder
Kelly Toys Holdings, headquartered in Los Angeles, California, was founded in 1986 by Jonathan Kelly. In an interview with Yahoo! Finance, Kelly stated that he came up with the idea for Squishmallows when he went to Japan and saw a variety of appealing toy products, including plush toys. Kelly and his team then spent several months creating a toy that emulated the “soft, cute, and kawaii” look of the Japanese plush toys. After collaborating for one year, Kelly Toys Holdings was acquired by Jazwares, a privately owned company, in 2018. Judd Zebersky, CEO and president of Jazwares, declared plans of partnership with Kelly Toys in 2019. The official partnership was announced in April of 2020 by Zebersky along with Kelly Toys and their parent company, Alleghany Corporation. Thus, Kelly Toys Holdings expanded its position in the market for toys and obtained opportunities to get further licenses for the brand. Kelly Toys Holdings was Jazwares' second acquisition following their acquisition of Wicked Cool Toys.

Popularity
Squishmallows first gained success during the COVID-19 pandemic in 2020 through social media outlets, like TikTok, where Squishmallow collectors would post about their plush toy collections. The TikTok hashtag #Squishmallows has gained over 550 million views. Squishmallows has acquired nearly 120,000 followers on Twitter as of 2023 and nearly 800,000 followers on Instagram. Almost 2 years after launching Squishmallows, Kelly Toys Holdings has sold over 50 million units.

Collaborations
Since the company’s partnership, Squishmallows has collaborated with many other brands, further expanding its position in the market. Some notable collaborations include Squishmallows x Hello Kitty, announced on Jazwares’ official website in April of 2021, and Squishmallows x Pokémon, which debuted at San Diego 2022 Comic-Con where guests could view the upcoming launch of Squishmallow characters. The company has also linked with Monopoly and created a Monopoly board involving purchasing Squishmallows instead of properties. The game also includes a special version of Cam the Cat which can only be found in this game. In December of 2023, McDonald’s announced Squishmallows x McDonald’s. This collaboration presented 12 Squishmallows plushies as collectible Happy Meal toys, including a special-edition Grimace design. The most recent collaboration as of March 2024 is Squishmallows x Puma, which released a select few of Squishmallow characters as sneaker and apparel designs available to consumers at retail stores and on the PUMA website.

Materials
Squishmallows are made from soft spandex and filled with polyester fiber. As mentioned by Squishmallows on their Twitter account, they are manufactured in China. Squishmallows originally came in four sizes, but are now sold in 12 different sizes ranging from a clip-on 3.5 inches to a large 24 inches. Authentic Squishmallows can be identified by their three attached tags. Squishmallows have also extended their line to include HugMees, Squish-Doos, Heroes, Flip-A-Mallows, Squishville, Mystery Squad, Micromallows, and Stackables.

Retailers
Squishmallows were originally sold directly through the KellyToys website and later became available in retail locations through partnerships with stores such as Walgreens. Squishmallows can now be found in many stores including Costco, Walgreens, CVS, Kroger, Hot Topic, London Drugs, Five Below, GameStop, Walmart, Hamrick's, and more. The higher-priced and more high-end Squishmallows are sold at Hallmark while the more cost-efficient Squishmallows are typically found at Costco, Target, and Walmart. Squishmallows are sold in Canada, Mexico, the United States, the United Kingdom, and Australia.

Pricing and collectability
In 2022, Squishmallows announced a new Rarity Scale for their plushies. This rarity scale presents a limited number of units sold for each design. “Regular” squishmallows have an unlimited production quantity and will depict a standard tag on each design. Squishmallows in the “Rare” scale will have a silver stamp on the tag, indicating only 75,000 units of that design are available. “Ultra Rare” Squishmallows have a gold stamp on the tag with only 50,000 units available. “Special Edition” Squishmallows are sold with a holographic stamp on the tag, only having 20,000 units available. “Select Series” Squishmallows are marked with a black stamp and are exclusively sold on the Squishmallows website. Only 10,000-5,000 units of Select Series designs are sold. A “First to Market” stamp on Squishmallows indicates that a specific plush is part of the first 5,000 units to be released. “Check-In Series” Squishmallows are location exclusive designs that require you to visit a specific store during a certain event to acquire that design. “Founder’s Edition” Squishmallows are obtained by redeeming a Founder’s Redemption Card, only found in Squishmallow Trading Card packs.

Due to the demand for the toy, Squishmallows are often sold by resellers for an increased price. The average resell price for a Squishmallow depends on the size, condition, and rarity of the specific item. Some limited edition or high-demand Squishmallows are sold by resellers and collectors for hundreds or thousands of dollars. Jack the Black Cat, known for its closed white eyes and white whiskers, is one of the rarest Squishmallows sold to date. KellyToys introduced the limited edition stuffed animal on their website in 2020, where it sold out within two hours. Third-party websites like eBay host listings for Jack the Black Cat valued at nearly $2,000. Among the many Squishmallows that are sold, some of the most popular include Connor the Cow, Malcolm the Mushroom, Archie the Axolotl, Benny/Brina the Bigfoots, and Philippe the Frog. There are reports that resellers are harassed and doxxed by the community. Controversy surrounds the concept of resellers and Squishmallow traders within the community.

Event-exclusive Squishmallows
Event-exclusive Squishmallows are Squishmallows that are only awarded as prizes in the events such as Select Series: Lamont Sweepstakes or Trading Card Sweepstakes. Event-exclusive Squishmallows are generally considered rare and the odds of winning can be as low as approximately 1 in 10,000 such as the prize for Squishmallows Trading Card Sweepstakes: JSK Business Cat.

Charity work
Kelly Toys Holdings has a charitable donation program called Kelly Toys Care where Kelly Toys Holding's employees would volunteer to host charitable events and donate toys to anyone that needs comfort. According to Kelly Toys Care, they value “Education, Inclusion, and Mental Health and Wellness.” They also want to support any charitable organizations around the world with the same mission and spread awareness regarding mental health.