Ravensburger takes 60% stake in Steiff, leaving plush-toy icon independent as it tackles earnings weakness

Two of Germany's most storied toy names are now under one roof. On 17 June, Ravensburger, the Ravensburg-based board-game and puzzle maker, announced the acquisition of a 60 percent majority in Margarete Steiff GmbH, the 146-year-old manufacturer of premium plush animals. The seller is the Steiff Beteiligungsgesellschaft, an investment vehicle held by the heirs of founder Margarete Steiff. Both firms stressed that Steiff will continue to be run independently from its historic base in Giengen an der Brenz; its managing directors Frank Rheinboldt and Frederik Reimann stay in place.

The deal mechanics

The purchase price was not disclosed. The transaction remains subject to antitrust clearance.

“For us it was decisive to place Steiff in responsible, entrepreneurial hands that understand and respect the brand, its values and its history.”

Ravensburger CEO Clemens Maier said that his company was inspired by founder Otto Maier’s vision of “playthings for the brain, hand and heart,” and that Steiff “in a special way stands for the heart.”

Why now: Ravensburger’s earnings problem

In an internal letter to employees, Maier was frank about the group’s financial health.

“We have an earnings problem, not a liquidity problem. That means we have enough financial resources and reserves, but operationally we earn too little money from our business.”

Revenue slipped from a record €790 million in 2024 to €742 million in 2025, largely because the trading-card hype around “Disney Lorcana” faded. Although the core games, puzzles and books business grew, it could not offset the drop. At the same time, cost pressures along the value chain are mounting. Ravensburger has launched a restructuring programme focused on three priorities: improving the cost structure, making the business more scalable, and strengthening growth.

2024790

2025742

2024

790 € million

2025

742 € million

Data from the article text

What the deal means for staff and strategy

For Ravensburger’s roughly 2,500 employees – in Ravensburg and at a site in the Czech Republic – nothing changes immediately.

“For the time being, everything stays as it is.”

Maier’s note said no additional workload arises from the acquisition and that the company will “in the medium term examine whether and where sensible opportunities for cooperation arise.” Low-double-digit job cuts are already planned as part of the cost measures. The Steiff investment is meant to serve the growth pillar, expanding the group’s revenue base and giving it access to a brand that, in Maier’s words, can reach consumers “significantly better and earlier.” Brand consultant Tabea Höllger noted that few brands can build as much emotion from birth, giving Steiff a rare advantage over rivals who must wait until children are older.

Steiff’s long-term future

The founding family said the sale to Ravensburger sets the course for Steiff’s long-term future. Steiff managing director Frank Rheinboldt expects the partnership to “develop the brand further in the long term, make targeted use of international potential and combine tradition with new impulses for the future.” Both companies want to keep the brand’s independence and the Giengen location. Integration of product portfolios and any synergies will be reviewed in the coming months.