Originally formed in 1949 as Shinshou Kougyou (新正工業), a maker of festival toys and other assorted inexpensive amusement. Bandai began investing in the company in 1986, and as was wholly owned in January of 1987. The company was renamed Yutaka (ユタカ) in January of 1990.
In 2001, it was announced that Yutaka would be re-organized as Popy, borrowing the name of the original Popy, and a few minor Bandai business units would be moved under it, most importantly including B-Club. The reorganization was completed in March 2003.
It's important to note that while this company carries the Popy name, it is a separate organization with a separate legacy from the toymaking entity orginally known as
Popy.