Isaac Larian
Isaac Larian | |
|---|---|
| Born | March 28, 1954 Kashan, Isfahan province, Imperial State of Iran |
| Occupation | Entrepreneur |
| Years active | 1971–present |
| Known for | Founder and CEO of MGA Entertainment |
Isaac Larian (, born March 28, 1954) is an Iranian-born American billionaire entrepreneur, who founded and currently leads MGA Entertainment, recognized as the largest privately held toy manufacturer worldwide.
Early life and education
Larian was born into an Iranian Jewish family in Kashan, located in Isfahan province within the Imperial State of Iran. When he was four years old, his family relocated to Tehran, settling in the district of Narmak. His father operated a modest textile store, where Larian started working at the age of nine.
At 17, in 1971, Larian emigrated alone to the United States with $750, no proficiency in English, and no accommodation arranged. He began employment as a dishwasher earning $1.65 per hour and subsequently progressed to roles as a busboy and waiter.
After working for a year, he enrolled at Los Angeles Southwest College before transferring to California State University, Los Angeles, from which he graduated in 1978 with a degree in civil engineering.
Early career
Larian’s intention to return to Iran was thwarted by the 1979 Iranian Revolution. He initially launched Surprise Gift Wagon, a mail-order enterprise marketing decorative brass items imported from Asia, but it did not succeed. He then partnered with his brother Fred to import consumer electronics through their company ABC Electronics.
By 1987, they secured distribution rights for Nintendo, and in 1993 obtained licensing for the "Power Rangers" brand. The business was rebranded as MGA Entertainment. By 1997, their focus shifted primarily to toys, achieving early success with the Singing Bouncy Baby product.
MGA Entertainment
The company officially adopted the name MGA Entertainment in 1998. In 2001, MGA introduced the "Bratz" doll collection. By 2005, Bratz generated $800 million in sales, surpassing competitor Barbie, which recorded $445 million.
In 2004, Mattel filed a lawsuit against MGA alleging that the creator of Bratz had developed the concept while employed by Mattel and accused MGA of recruiting Mattel personnel. MGA responded with counterclaims accusing Mattel of unfair competition tactics including espionage on sales representatives and incentivizing retailers to prioritize Barbie over Bratz.
In November 2006, MGA expanded by acquiring toddler toy maker Little Tikes. The company launched the popular "Lalaloopsy" doll series in 2010.
In August 2011, a court ordered Mattel to pay MGA $310 million covering attorney fees and trade secret misappropriation; however, part of this ruling was later overturned on procedural grounds. In January 2014, MGA filed a renewed lawsuit in California state court seeking damages exceeding $1 billion related to these disputes.
Toys "R" Us
Following Toys "R" Us’s bankruptcy declaration in March 2018, Larian initiated a GoFundMe campaign aiming to purchase the retailer. He personally invested $200 million toward raising $1 billion intended for acquiring the company’s assets. Contributions were donations without equity participation. By April 13, Larian submitted an $890 million bid: $675 million allocated for 274 U.S. stores and $215 million for 82 Canadian outlets.
Stock trading
Between 2005 and 2019, Larian engaged in trading Mattel shares worth hundreds of millions, achieving a net gain of $28 million, which equates to an 11% return, even though Mattel's stock value dropped by 57%. In addition to Mattel, he also bought and sold stocks of rival company Hasbro during this timeframe.
Personal life
Larian lives in Los Angeles with his spouse and their three children.
He was honored with the Ernst & Young Entrepreneur of the Year Award in the consumer products sector in 2004 and later received the national Ernst & Young Entrepreneur of the Year title in 2007.