Sanrio to Cut Reliance on Hello Kitty by Buying Character

Sanrio Co., the Japanese Hello Kitty brand licenser, aims to spend as much as 30 billion yen ($377 million) to buy rights to a character for the first time to cut its reliance on the white cat with a red bow and no mouth.

“We want to diversify our character portfolio instead of spending time to boost recognition of our existing characters in overseas markets,” Managing Director Susumu Emori, 62, said in an interview. He declined to say whether the company is in talks with any candidates.