Ty Plush

Harold Ty Warner (born September 3, 1944) is a wealthy American toy manufacturer and businessman. He is Chairman, CEO, sole owner and founder of Ty Inc., which manufactures and distributes Beanie Babies, Ty Girlz and a variety of other Ty plush items. more...

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In 2005 Forbes estimated his net worth at approximately $4.4 billion - down from a peak of $6 billion - still making him one of the wealthiest people in the world.

Early years

Warner attended Kalamazoo College in Michigan but dropped out after a year and moved to Hollywood to commence a career in acting. He had little success as an actor and returned to Chicago. There he began working for plush toy maker Dakin, where he became an accomplished salesman - employing clever tactics to influence the decisions of buyers in large stores. After nearly two decades at Dakin and a long sabbatical in Italy, Warner returned again to Chicago. He enjoyed living in Chicago much more than anywhere else he had lived.

Ty Inc.

In 1986, Warner mortgaged his home and invested his life savings into founding Ty Inc. Using his extensive contacts in toy retail, Warner was quickly able to realize what would sell and how to sell it. At one Atlanta Toy Fair, he obtained orders for 30,000 toys in one hour. In 1993, Ty Inc. launched Beanie Babies. By 1996, they had become a cult phenomenon delivering Warner tremendous wealth. When the niche collectible became a nationwide fad, Ty became a billionaire. Beanie sales reputedly eased after 2000, although the company is believed to continue to be strongly profitable. At the peak of the Beanie craze, the privately owned Ty Inc. is believed to have earned over $700 million in profits in a year. In 2007, Ty Inc. went head to head with MGA Entertainment makers of the Bratz with the release of Ty Girlz dolls and virtual world.

Warner's business strategy was novel. He did not spend money on advertising. He selectively limited production of certain Beanie Babies to encourage collectors. He did not distribute Beanies at large department stores to encourage the perception that Beanies were an elite offering. As a result of these strategies, collectors would enthusiastically await and buy up new products with a secondary market emerging where some Beanies sell for hundreds of dollars. At their peak of popularity, some Beanies reached a price of $5000, despite having originally sold for as little as $5 in stores. There have been books published on collecting Beanies and hundreds of websites about Beanies were formed on the internet.

Investments in hotels and resorts

Warner has diversified beyond toys with significant investments in hotels, property and golf courses. Ty Warner Hotels and Resorts include the Four Seasons Hotel in New York, the Sandpiper golf course, the Four Seasons Resort in Santa Barbara, California, the San Ysidro Ranch in Montecito, the Kona Village resort in Hawaii purchased in July 2004 and the Las Ventanas al Paraiso Resort in Los Cabos, Mexico which was acquired in September 2004. In 2005, Warner added the historic beachfront Miramar resort and Rancho San Marcos golf course to his portfolio. He purchased the Miramar for $45 million. One thing Warner has realized in his resort business is that it pays to get out and \"press the flesh\" unlike the ultra private manner in which he operates his Beanie Baby empire.

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