From Vision to Plush Icon
Interview with Frank Rheinboldt, CEO of Margarete Steiff GmbH
The Steiff brand is not only a synonym for high-quality plush toys but is also considered an icon of the toy industry. Founded by the visionary Margarete Steiff, who wrote an impressive success story despite her disability, the brand has secured a special place in the hearts of many people over 140 years. In the interview with Frank Rheinboldt, the CEO of Steiff, we learn more about the company's history, current challenges, and the future of this legendary brand.
In our online store, you will find over 300 different products, of which only about 50 to 60 are teddy bears. The teddy bear business remains important, but we are no longer exclusively dependent on it.
Wirtschaftsforum: How important is product quality for Steiff?
Frank Rheinboldt: Quality is our top priority. Margarete Steiff once said, 'For children, only the best is good enough.' This is a guiding principle that we often remind ourselves of. We place great importance on the workmanship and the materials we use. Our products are handmade in our own manufacturing facility, where we constantly monitor quality.
Wirtschaftsforum: What target groups do you address with your products?
Frank Rheinboldt: Our main target group is children, but we also see a growing market for collectors and adults who connect nostalgic feelings with our products. The share of collector products today accounts for about 15 to 20% of our sales. The remaining 80 to 85% are products intended for children.
Wirtschaftsforum: How are you dealing with current trends and the digital transformation?
Frank Rheinboldt: In recent years, we have increasingly focused on digital marketing. Online sales are increasing, and we need to adapt. We also use social media to reach younger audiences. In addition, we have started analyzing trends using artificial intelligence to better meet our customers' needs.
Wirtschaftsforum: Are there plans for future product lines?
Frank Rheinboldt: Currently, we are focusing on our core competencies in plush and are complementing our range with fashion. We have several licenses, including a particularly significant partnership with Disney, which looks back on a long history. The first plush license Disney ever had was in 1932 with Steiff, and an iconic image shows Walt Disney himself holding a Steiff Mickey Mouse. This connection is of great importance to us, as it not only reflects our tradition but also offers the opportunity to integrate iconic characters into our product lines.
Wirtschaftsforum: Where do you see the biggest markets for Steiff?
Frank Rheinboldt: Our strongest market is the DACH region. Other important markets include the USA and the United Kingdom. In recent years, we have also started to tap into the Chinese market, which is very promising.
Wirtschaftsforum: How important is the corporate history for Steiff's brand identity?
Frank Rheinboldt: Steiff's history is an essential part of our brand identity. It not only provides us with a unique background but also values that we uphold. Quality, durability, and attention to detail are values that we have lived for over 140 years.
Wirtschaftsforum: What challenges do you see for the future of Steiff?
Frank Rheinboldt: The biggest challenge is to keep our brand relevant for younger generations. We need to ensure that we are appealing not just to parents and grandparents but also to young mothers and fathers. Digitalization and changing shopping habits also present new challenges, but I am confident that we will overcome them.
Wirtschaftsforum: Is there anything else you would like to share with our readers finally?
Frank Rheinboldt: I would like to emphasize that Steiff is a brand that conveys joy and comfort. When someone gifts a Steiff product, they know they are giving something special. That is a feeling we would like to continue to promote.
Wirtschaftsforum: Mr. Rheinboldt, how did you come to Steiff?
Frank Rheinboldt: I have worked in the textile industry for over 30 years, both in retail and manufacturing. Two years ago, I had the special opportunity to join Steiff, one of the most famous brands with a long tradition. It is truly a wonderful feeling to be part of this brand.
European Business: What makes the Steiff brand so special?
Frank Rheinboldt: The remarkable story of Margarete Steiff is certainly a key factor. She was a woman disabled by polio, who persevered and had a vision. She invented the small pincushion 'Elefäntle', which became a popular children's toy, and her nephew Richard invented the first movable teddy bear in 1904. This tradition of innovation and quality has continued throughout the company's history. Steiff is synonymous with durability and high quality, and that is something we continue to uphold today.
European Business: How has Steiff's product range changed over the years?
Frank Rheinboldt: Of course, our product portfolio has diversified over time. In the past, we were almost exclusively focused on teddy bears, but today we offer a variety of characters.