Toy company Mattel has seen major success in the release of Barbie the Movie, which has just reached $1bn at the global box office.
The movie is based on the company’s iconic doll Barbie, which was created in 1959. Many of the movie’s costumes were based on different versions of the doll throughout its 64-year history.
Mattel is now reversing this in their retail strategy by releasing a new collection of toy products based on the movie. This is with the aim of capitalising on global audience interests and channel this into consumer purchases.
An expanded toy collection features new looks worn by the film’s iconic Barbie and Ken characters and a 4-pack of Hot Wheels Corvettes inspired by Barbie and Ken’s cars in the film. Hot Wheels is another Mattel-owned toy, showcasing the cross-brand power of the Barbie marketing machine.
These latest items are available in collectible packaging, further cashing in on the history of collectability that comes with iconic toys like Barbie.
Mattel chief brand officer and executive vice president Lisa McKnight commented: “Barbie continues to be the cultural event of the summer, and as we chart Mattel’s path forward, she will continue to serve as an icon of empowerment and inspiration for generations to come.”
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As stated by McKnight, it is crucial for Mattel to maintain the upward trajectory that the Barbie movie has brought the company.
In the UK alone, the toy industry was valued at £4.3bn in 2022 and is forecast to grow at a compound annual growth rate (CAGR) of more than 1% between 2022-2027.
The new toy products will certainly add to Mattel’s recent success, with its revenue at over $5bn and numerous marketing collaborations with brands ranging from GAP to Airbnb.