Asmodee has ramped up its reignited acquisition strategy by buying Japon Brand from CMON, anchoring the board game giant’s push into a “currently untapped market” for the company.

Japon Brand was instrumental in bringing Japanese designs such as Love Letter and Machi Koro to international markets, after being inspired by the surge in novel games from home-grown designers in the early 2000s.

The company will form the cornerstone of Asmodee’s new Japanese design studio, Nekuma, which will look to find games from local designers that it can release globally, as well as helping Asmodee bring its existing titles to Japanese players.

Asmodee CEO Thomas Koegler said, “Japan is one of the most creative and culturally influential markets in the world. With Nekuma and the integration of Japon Brand, we are building a long-term platform that connects Japanese creators with players globally.

“True to Asmodee’s entrepreneurial and bold DNA, this capital-light and agile initiative allows us to invest where creativity is thriving while positioning Asmodee for sustainable growth in Asia.”

Asmodee has grown into a board game publishing and distribution giant thanks to the heavy expansion the business undertook after being bought by private equity firm Eurazeo in 2014.

But the vast bulk of the company’s revenue comes from its operations in Europe, which accounted for more than 76% of its €1.6bn net sales in 2025.

The United States contributed about 13.1% of 2025 net sales, while the company’s entire ‘rest of the world’ net sales – covering every country outside of Europe or the Americas – made up less than 5%.

Asmodee currently has offices in South Korea, China and Taiwan following an expansion to the continent in 2021, with those teams having developed and published localised titles including Splendor Pokémon, Love Letter Cookie Run, Pokémon Chips, and Love Letter Fox Spirit, as well as making use of crowdfunding platforms across the region.

The company said Nekuma would “integrate and expand” that activity under interim head of studio Frederic Nugeron, Asmodee’s current global senior vice president – route to market for the Asia Pacific region.

It said Nekuma would lead game sourcing “to identify and support the most promising Japanese and Asian tabletop game designers”, while Asia-focused publishing will be managed by the company’s existing Korea team.

Nugeron said, “Our ambition with Nekuma is very concrete: be present on the ground, listen to designers, understand cultural nuances, and build trusted relationships within the Japanese ecosystem.

“By combining local expertise with Asmodee’s global reach, we can support creators more closely and bring distinctive Asian games to a worldwide audience.”

Asmodee said Japon Brand would continue to operate with its existing expertise and relationships, with “no impact” on current partnerships or contracts.

CMON Divestments Continue

The buyout comes less than two years after board game crowdfunding major CMON acquired Japon Brand, with a plan to keep it as an independent division that would use CMON’s infrastructure and reach to help it introduce games to the global market.

That investment followed a strong 2023 for CMON, in which its net profit jumped more than 35% amid a hefty drop in its sales-associated costs.

But the company has faced a punishing financial situation since, posting losses of $3m across 2024 and nearly $7m for the first half of 2025 – figures which dwarf the overall $4.2m profit it had managed to make over the previous nine years combined.

As well as laying off staff and halting new game development and campaign launches, CMON has been attempting to recover by selling a string of its most lucrative IPs – including its most famous and profitable title, Zombicide, and Cthulhu: Death May Die, both of which were bought by Asmodee.

Asmodee continued its acquisitions of CMON games last month by picking up bluffing and set collection game Sheriff of Nottingham, which CMON had previously bought from Brazilian publisher Galapagos Jogos in 2016.

The board game giant announced in November 2024 that it was preparing to “reignite” its strategy of buying up smaller board game publishers and distributors, saying at the time that it had a pipeline of more than 20 acquisition opportunities.

But the revived M&A process is yet to fully mirror Asmodee’s private equity-fuelled buying spree from the latter half of the 2010s, during which it acquired more than 40 companies and IPs.

That heavy expansion included the company adding more than 20 game studios, including Days of Wonder, Fantasy Flight Games, Lookout Games, Catan Studio and Z-Man Games.

Asmodee CEO Thomas Koegler was asked during the company’s quarterly results presentation last month whether the company was ready to make “more meaningful” acquisitions rather than small bolt-on deals.

He said in response, “Without being specific, the activity in the pipeline is in accordance with our plan. The smaller acquisitions are faster. IP acquisitions and asset deals are faster to execute. I’m satisfied.”

Other expansion activity since Asmodee announced its M&A plan has included the company launching a new party games studio, Moodbox Games, as part of a push into the US mass market.

It also recently launched a dedicated kids-focused brand, Asmodee Kids, in preparation for releasing a slate of re-worked, simpler and shorter versions of some of its most popular titles.

Asmodee posted record sales of €524m during the last quarter of 2025 despite a slump in its US performance, with trading card game earnings in Europe acting as a driving force for the business.

The board game giant’s overall net sales jumped 22.2% across October to December 2025 compared to the same period a year earlier, with the performance of products it distributes for other companies surging more than 50%.

Net sales for games published by Asmodee itself fell almost 13% year-on-year in the quarter, however, weighed down by US net sales slumping 23% to €70.4m.

That drop saw the US fall behind both France and the UK in Q3 in terms of the company’s highest-performing countries for net sales, with France surging 47% year-on-year to over €111m, and the UK growing 41% to €82.7m.

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Altered, the trading card game which broke Kickstarter records with its €6.2m debut crowdfund three years ago, is ending after its latest crowdfunding campaign fell far short of its goals.

Publisher Equinox scrapped the crowdfund for Altered’s Roots of Corruption expansion yesterday after raising more than €420,000, having launched the campaign last week with a €50,000 target – a figure it described on the project page as a “technical necessity” in order to use Gamefound’s stretch goal system.

Equinox said in an update yesterday that it had also collected €680,000 through retailer pre-orders for the expansion – but added that the €1.1m total was “far too far” from the €2m the company required “to guarantee the future of the game”.

The statement said, “It would be dishonest to tell you that we can still turn the tide by Friday evening. We must face reality: the numbers simply aren’t there.

“It is with a heavy heart that we have decided to cancel the Roots of Corruption campaign. As we committed to doing, all backers – both players and retailers – will be reimbursed in full. This is the cornerstone of our responsibility toward you, and it is the most obvious decision to make.

“This campaign does not only mark the end of a crowdfunding project; unfortunately, it also marks the end of the Altered adventure.”

Altered shattered the crowdfunding record for a TCG on Kickstarter through its debut campaign in 2023, pulling in more than €6.2m (about $7.1m) from about 15,000 backers.

The announcement of the game’s demise coincides with that record being taken from it by the Cyberpunk TCG, which had already raised almost $10m from 12,000 backers just a couple of days after the campaign was launched.

Altered aimed to stand out from high-profile competitors such as Magic: The Gathering through its focus on exploration and bringing heroes together, rather than battles between characters and monsters, as well as innovations such as a print-on-demand and a digital marketplace for cards.

Those innovations were beset by heavy delays, however, and only went live in an open-beta form in April last year – putting the game at a disadvantage as it tried to compete in a crowded TCG space with alternatives such as Star Wars: Unlimited, Lorcana, One Piece and Flesh and Blood.

That digital marketplace also made it difficult for retailers to offer the TCG staple of being able to buy, sell and trade single cards, and the game’s powerful early momentum waned as the title struggled to go toe-to-toe with offerings based on hugely popular IPs.

Equinox returned to crowdfunding for Altered’s fifth expansion, Seeds of Unity, in October last year – but faced similar problems to the most recent crowdfund in reaching its necessary totals.

That campaign hit the €50,000 goal set by Equinox in less than nine minutes, but an update from the publisher two weeks later revealed that the actual amount needed to create the game was €2.5m – a figure which if it did not reach, “the adventure will come to an end, and both backers and retailers will of course be refunded”.

Noting the €50,000 crowdfunding goal for that project, and the message on the Gamefound page describing it as more than 1,000% funded, Equinox made no mention of it being a technical necessity for the stretch goal system.

It said at the time, “The funding goal displayed on Gamefound is symbolic, as it usually is in crowdfunding campaigns.

“It’s chosen to help build early momentum but doesn’t reflect our actual needs. Setting the bar too high sometimes makes a project feel out of reach, while a more accessible goal helps get the collective energy moving right from the start.”

That campaign ultimately collected almost €900,000 after being extended for several days, with another €1.4m coming through retailer pre-orders.

Equinox said at the conclusion of that campaign, “While we haven’t reached the objective of €2.5m mentioned initially, we’re not that far off our goal, and with some adjustments on our part (which includes reviewing some budgets and determining new production processes) we believe we can cover that difference.”

Equinox had come under fire from some Altered players for launching its Roots of Corruption campaign before Seeds of Unity had been fully delivered to backers.

The company said in an update to Seeds of Unity backers that while it aimed for a four-month cycle per set, production delays meant that it “no longer [had] the flexibility to push dates back”.

Uncertain Future

Equinox founder Régis Bonnessée acknowledged in the latest update announcing the end of Altered that players would inevitably have questions about the future of their digital collections, the game’s availability on Board Game Arena and “the legacy of this universe”.

He said, “We are not going to leave you in a vacuum. We simply need some time to digest this moment, to properly close this chapter, and to provide you with clear and respectful answers. Thank you for every card played, for every smile exchanged, and for everything you put of yourselves into this adventure. It was an honor to imagine it with you.”

Bonnessée added, “I have experienced the end of projects before – cycles that come to a close. But today feels different. Tonight, we feel a profound sadness as we reflect on what Altered has become for all of us.

“Tonight, we are thinking of you – our players, our community, our ambassadors. To everyone who accompanied us, supported us, and sometimes challenged us. Altered managed to create something rare: a sincere, kind, and committed community.

“We say this because we met you time and again. You often surprised us. We are sad tonight because we realize what this game represented for many of you. And because we also realize all that we failed to achieve.

“We are thinking of the game stores. To those who believed in the game before it was a certainty, who championed it to their customers, and who ordered stock on a gamble. Running a game store is an act of faith in itself; betting on an independent French TCG with an original universe and no established license to lean on… that deserves to be acknowledged. Thank you to them.

“We are thinking of our artists. Altered is a universe, a visual identity—something recognizable at a single glance. This world did not exist until they drew it. Thank you to them for giving substance to all of this.

“We are thinking of our partners—those we call such for lack of a better word, because “partner” describes a contract but not the relationship. For their advice, for what they taught us by their side, for the moments they believed in the project even more than we perhaps deserved. We grew together, and that cannot be erased.

“And of course, on a personal level, my thoughts are with the team. To the women and men who continued to believe, even when the headwind became exhausting. To their resilience in the face of invisible obstacles, to their total dedication. They have been extraordinary. I know that word can feel worn out, but here, it takes on its full meaning. Thank you to them for allowing this universe to exist, if only for a time.”

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US-based tabletop game and card manufacturer AdMagic is shuttering its popular Print and Play arm, with company founder and CEO Shari Spiro telling BoardGameWire the operation had been a “financial burden” to the rest of the business for several years.

Spiro told BoardGameWire it had been a “difficult and sad decision” to close the company, which had provided prototypes, promos and components for a string of big-selling titles, as well as fast turnaround print and play services for budding developers and designers.

Print and Play, which was bought by AdMagic in 2015, will close its doors on March 27, with any existing orders “received, printed and put into our standard turnaround production queue”, according to its website.

Spiro would not say whether any Print and Play employees would be kept on in other areas of the business after next week’s closure. The division had 12 employees on March 6, according to the team page on its website at the time.

Spiro told BoardGameWire, “My team invested a lot to keep Print and Play open as long as we could, but unfortunately, the amount of hand work and the time it takes to do the high quality of work done through a small company like Print and Play, costs more than we could actually sell the jobs for.

“In addition our endeavor to cover employees 100% with full health insurance, a 401(k), a robust paid personal time off program, a move to a state of the art brand new facility a few years ago to get the team out of an office building (which was inappropriate for that type of work), two new laser [printers] in the past two years and the associated lease payments for all of the above, in addition to the rising costs of materials all added up.

“Additionally we are not owned by private equity so we don’t have the kind of big money other companies have supporting us. Keeping Print and Play open was putting the rest of our team at risk.

“The financial strain to Ad Magic became overwhelming and so this is why we reached this difficult and sad decision. Moving forward this will help Ad Magic and Breaking Games as it will remove the financial burden which has been borne by the rest of the team for several years now.

“Although our model for prototype services will shift, we will still be able to accommodate our clients through our Ad Magic/Breaking Games divisions.”

Prototype designs worked on by Print and Play over the years include Thunder Road: Vendetta, Andromeda’s Edge, Galactic Cruise, DC Super Heroes United and DCeased, Super Boss Monster and Tiny Epic Game of Thrones.

The company’s services were also well used by designers looking to put together early versions of games to pitch to publishers, as well as for creating review and demo copies for companies to send out to content creators and other partners.

Gil Hova, the designer of games including Wordsy and The Networks: PrimeTime, posted to BlueSky yesterday, “Found out during Unpub that Print & Play, one of the best board game POD companies out there, is closing their doors in a couple of weeks.

“I used them extensively in my Formal Ferret days to make prototypes. Their turnaround time was unrivaled. Sad to see them go.”

AdMagic, which Spiro founded in 1998, has grown to become one of the largest independent tabletop printing companies in the US.

The company scored big successes in the early 2010s thanks to the rising wave of Kickstarter projects, working on huge-selling titles such as Cards Against Humanity and Exploding Kittens.

AdMagic launched its own board game publishing arm, Breaking Games, in 2015 on the back of that success, and has gone on to publish titles including Dwellings of Eldervale, Rise of Tribes and Letter Tycoon.

AdMagic also operates supply chain business Oomph, logistics company Blackbox and custom playing cards maker YourPlayingCards.com.

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