Ty Warner

CEO of Ty Inc. and inventor of Beanie Babies[16]

What is Ty Warner known for?

Born in Chicago, Illinois on September 3, 1944, H. Ty Warner is a notable alumnus of Lyons Township High School in La Grange, Illinois. He's a widely known American businessman, toy manufacturer, and at one point, a convicted felon.

Warner made his fortune primarily as the CEO, sole owner, and co-founder of Ty Inc., which manufactures and distributes popular stuffed toys, including Beanie Babies. His business acumen and the Beanie Babies boom of the 1990s amassed him a significant fortune, making him one of the richest people in America. In fact, in 2020, Forbes listed him as No. 359 on its list of the wealthiest individuals in the country, boasting a net worth of $2.3 billion.

His early life saw him delight in the artistry of his surroundings since he grew up in a Prairie-style house in La Grange, designed by famed architect Frank Lloyd Wright. An early interest in the world of toys could have stemmed from his father, a jeweler and toy salesman.

After his initial studies at Lyons Township High School, he went on to St. John's Military Academy in Delafield, Wisconsin, graduating in 1962. He tried his academic hand at Kalamazoo College in Michigan, only to leave after a year.

Perhaps driven by family complications and a desire to try something different, Warner moved to Los Angeles, aiming to kickstart an acting career. However, with little success, he returned to Chicago and began working for plush toy maker Dakin, the company where his father previously worked. Showing an innate talent in sales, he was considered to have uncanny instincts. But after a controversial stint at Dakin, he was let go, compelling him to embark on a sabbatical to Italy.

Warner returned to Chicago in 1986, founded Ty Inc., and began the journey that would make him a billionaire. Using his life savings and a bequest from his father, he started selling stuffed toy cats, a venture that soon led to the creation of the iconic Beanie Babies. These small plush toys shaped like various animals quickly caught on, and their sales drove a significant proportion of Ty Inc.'s profits.

His business strategies were unconventional. Instead of relying on large retailers like Toys R Us, Target, or Walmart, he chose to sell Beanie Babies to small independent toy stores. Even his production plan was unique - he generated artificial scarcity by restricting shipment quantities and frequently changing the toy line-up, which helped fuel demand.

The Internet became a vital tool for Warner in his business. When Lina Trivedi, a college student working at Ty Inc., introduced him to the potential of online sales and marketing, he began leveraging the Web's capabilities. This approach opened up new avenues for sales and further contributed to Warner's wealth and status.

Warner's journey, full of ups and downs, stands testament to his resilience and business sagacity. Despite the odds, he built an empire on the foundation of small plush toys and became a name synonymous with Beanie Babies.