United States: Mattel, an American multinational toy manufacturing and entertainment company, is doubling down on its plans to expand “outside the toy aisle” following the success of the Barbie movie. This announcement comes amid a 12 percent decline in sales for the three months to the end of June.
According to reports, Mattel’s brands, including Barney, Hot Wheels, and Polly Pocket, are also set to feature in upcoming Hollywood films.
“Barbie speaks to the potential of Mattel films,” Chief Executive Officer Mr. Ynon Kriez said in the company’s earnings presentation.
“This is a milestone moment for Mattel and a showcase for the cultural resonance of our IP (Intellectual Property),” Mr. Kriez added.
Mattel, which has not yet said whether it will make money directly from the Barbie movie, has also released a soundtrack album and entered into more than 165 consumer product partnerships for the film.
The Barbie movie, which stars Ms. Margot Robbie and Mr. Ryan Gosling, sees the children’s character and her friend Ken exploring their identities.
Disney’s Marvel Cinematic Universe is the setting for dozens of blockbuster movies, featuring a cast of characters including Iron Man, Thor, and Captain America. Along with its best-selling brand Barbie, Mattel’s stable of household names includes Bob the Builder, Thomas the Tank Engine, and Uno.
Recently, Mattel announced that its Chief Operating Officer Mr. Richard Dickson would be leaving the firm. Mr. Dickson, who helped revive the Barbie brand, was named as the new chief executive of US clothing retailer Gap.
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