Squishmallows

Kelly Toys Holdings, headquartered in Los Angeles, California, was founded in, 1986 by Jonathan Kelly.[3] 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.[4] After collaborating for one year, Kelly Toys Holdings was acquired by Jazwares Inc, a privately owned company, in 2018.[5] 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.[6]

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[7] and nearly 800,000 followers on Instagram. Almost 2 years after launching Squishmallows, Kelly Toys Holdings has sold over 50 million units.[8]

The company has also linked with Monopoly and created a monopoly board involving purchasing Squishmallows instead of properties.[9] The game also includes a special version of Cam the Cat which can only be found in this game.[10]

Squishmallows are made from soft spandex and filled with polyester fiber.[11] As mentioned by Squishmallows on their Twitter account, they are manufactured in China.[12] 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.[13] 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.[14]

Demonstration of reversible Squishmallows known as Flip-A-Mallows

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.[15]

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.[16] Third-party websites like eBay host listings for Jack the Black Cat valued at nearly $2,000.[17] Among the many Squishmallows that are sold, some of the most popular include Connor the Cow, Malcolm the Mushroom, Archie the Axolotl, and Philippe the Frog. There are reports that resellers are harassed and doxxed by the community.[18]

Event-exclusive Squishmallows are Squishmallows that are only awarded as prizes in the events such as Select Series: Lamont Sweepstakes[19] or Trading Card Sweepstakes.[20] 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.[21]