Ravensburger Takes Control of Iconic Plush Toy Maker Steiff in Bold Expansion

German games and puzzles company Ravensburger is acquiring a majority stake in Steiff, the famous plush toy maker. The deal follows Ravensburger’s recent purchase of NordSüd Verlag, Switzerland’s largest children’s book publisher. Margarete Steiff started her felt goods business in 1877 with a small fabric elephant, originally made as a pin cushion. It quickly became a popular children’s toy. In 1902, her nephew Richard Steiff designed the first plush bear with movable limbs, later sold as a ‘Teddy bear’ from 1906.

Steiff’s toys, known for their quality and the iconic button in the ear, brought in around €64 million in 2023. The company employs nearly 1,300 people. Ravensburger, famous for board games like Memory and Tip the Hat, reported €742 million in revenue for 2025, down from a record €790 million in 2024.

Under the new ownership, Steiff will remain an independent company. Ravensburger plans to simplify structures and reduce costs, including cutting jobs in the low double digits. The acquisition strengthens Ravensburger’s position in the children’s products market. Steiff will continue producing its premium plush toys while operating under Ravensburger’s management. Cost-saving measures are expected to follow the takeover.