Mattel sees potential in early education market

Mattel Inc, the world's largest toy maker, is tapping into China's early childhood education market by working together with local investment conglomerate Fosun Group.

The California-based toy giant announced on Wednesday that its joint venture with Fosun will aim at launching a network of play clubs which combine preschool educational services and retailing. The joint venture is subject to Chinese regulatory approval.

The first play club is expected to open in early 2018, targeting children aged up to 6. It will be located in the newly completed Bund Finance Center in central Shanghai, where Fosun moved its headquarters two months ago.