Three Polish-Jewish brothers, Henry, Hillel, and Herman Hassenfeld, founded a company in Providence, Rhode Island, in late 1923 that sold textile remnants. This humble beginning would evolve into the global toy giant known today as Hasbro, Inc. The company was originally named Hassenfeld Brothers and was incorporated on the 8th of January 1926. While the brothers initially focused on school supplies and pencil cases, they quickly pivoted to manufacturing toys, producing modeling clay and doctor and nurse kits by the early 1940s. During World War II, the company entered the plastic field to support its toy line, and the Hassenfeld brothers also spent the war years helping to rescue and employ fellow Jews from their hometown of Ulanów, Poland. Jacob Klapper, a Holocaust survivor born in Ulanów, recalled being told when he arrived in the United States that Hassenfeld Brothers would employ any survivor from Ulanów, no questions asked. This commitment to their community laid a moral foundation for the business that would eventually become a household name.
The Action Figure Revolution
In 1964, Hassenfeld Brothers introduced the G.I. Joe toy, which they termed an action figure to market it to boys who would not want to play with dolls. This strategic rebranding proved incredibly successful, with G.I. Joe accounting for two-thirds of Hassenfeld's sales in 1964 and 1965. The company had previously turned down a license for a toy based on The Lieutenant television series because they did not want to be tied to a possibly short-lived show. Instead, they focused on creating a new category of toys that allowed children to engage in imaginative play with military-themed figures. The Vietnam War was at its height in 1969, so Hasbro redesigned G.I. Joe to be less militaristic and more adventure-oriented. Their promotional efforts included the catchphrase Boy Oh Boy! It's A Hasbro Toy! in television commercials and print ads. This era marked a significant shift in how toys were marketed and perceived, setting the stage for future innovations in the industry.Acquisitions and Global Expansion
The company had previously sold toys under the Hasbro trade name, and it shortened its name to Hasbro Industries on the 12th of July 1968, and sold a minor stake in the corporation to the public. In 1988, Hasbro purchased part of Coleco Industries' indoor and outdoor children's furniture and ride-on toy product lines for $21 million, including two just closed manufacturing plants in Amsterdam, New York. By July 1989, Hasbro acquired bankrupt Coleco for $85 million. Stephen Hassenfeld died later that year with the company having gone from sales of $104 million in the year he took control to 1989 sales of over $1.4 billion. Alan succeeded Stephen as chairman and CEO. In 1991, Hasbro purchased Tonka Corp. for $486 million, along with its units Parker Brothers, the maker of Monopoly, and Kenner Products. Milton Bradley and Parker Brothers were merged into one division. Alan moved to expand Hasbro overseas with new units in Greece, Hungary, and Mexico. This period of aggressive acquisition and international expansion transformed Hasbro from a regional toy manufacturer into a global entertainment powerhouse.