Hello Kitty-themed parks and stores in Japan are forced to close temporarily due to the effect of Coronavirus on the economy and circumstances currently facing by the business to generate growth in Europe, the USA, and Asia.
It has been reported that the company’s net income is 95 percent lower than the previous year and less than 10 percent from what is expected.
Over the last few years, the company has somewhat succeeded in having the show “Aggretsuko” aired in Netflix Inc.along with the plan to work with New Line Cinema and Warner Brothers for an English-language Hello Kitty movie. But for six consecutive years, the company’s revenue has not been improved and the stock trades reached only almost one-third high of 2013, and they also disregarded their midterm goal set in 2018.
On July 1st, the 92-year-old Shintaro Tsuji who is the founder of Hello Kitty owner Sanrio Co. will pass on the presidential position to his 31-year old grandson Tomokuni Tsuji. The crisis has caused a big change in the company and a lot of work for the new CEO.