Seems like it. I guess it also means Bugs Bunny t-shirts will be licensed by Netflix.

They could also do crossover merch, putting Bugs Bunny on a Squid Game jacket: https://www.netflix.shop/en-pe/collections/squid-game/produc...

They'll have to step up their game in plush, this to me looks like it's from CafePress: https://www.netflix.shop/en-pe/collections/squid-game/produc...