The Barbie film created a world cultural occasion and with at the very least 16 extra movies aimed toward adults within the pipeline, might this sign the beginning of a brand new period within the toy trade?
Barbie was the highest grossing film worldwide in 2023 and topped web searches within the US for film merchandise earlier this yr.
Throughout the pandemic, when everybody was in search of leisure at dwelling, the toy trade grew quickly. Gross sales have been up 16-20% in 2020.
Whereas the trade as an entire has since retreated to its pre-pandemic progress ranges, Mattel has continued to develop and outpaced its competitors.
In “an trade the place the typical life expectancy of a model is 3 to five years”, what’s Mattel’s secret to success?
This episode of The Massive Query sees Sanjay Luthra, EVP Managing Director EMEA & World Head Direct to Shopper at Mattel sit down with Hannah Brown to debate the Barbie impact and Mattel’s new buyer technique.
Mattel ‘broke the mould’
Barbie could look very younger, however in precise reality she is over 65 years previous. When she was created by Ruth Handler, she broke the mould as the primary doll designed to encourage younger women to look past the normal roles of spouse and mom and now is available in greater than 180 totally different sizes and styles.
Within the 2023 Barbie movie, *spoiler alert*, the massive bosses of Mattel are depicted because the unhealthy guys. It’s a surprisingly daring transfer that many corporations would by no means ponder.
“We’re very severe about our manufacturers however we aren’t so severe about ourselves,” Sanjay laughed when requested about this determination.
And it positively paid off. The movie triggered an iconic cultural second and is the primary in a line of Mattel motion pictures firmly aimed toward an grownup viewers.
Are toys only for kids?
Mattel is “no extra a toy firm,” Sanjay advised The Massive Query.
However don’t fear, they’re not going completely off-piste. “It is a toy and household leisure firm and we need to construct numerous enterprise, movies, tv, stay occasions, shopper merchandise, and digital gaming all past the toys.”
Whereas Barbie could also be Mattel’s greatest model, one among their quickest rising companies in the meanwhile is Mattel Creations, which is known as after the signal on the unique storage the place the corporate began in 1945.
Overlook about low-cost toys aimed toward kids, Mattel Creations caters to an grownup viewers who’re in search of a way more detailed and premium product.
“There’s a development rising, which is grownup followers and collectors who’re getting closely into the toy trade,” Sanjay explains.
“They need to join with their childhood reminiscences.”
Within the US from 2020 to 2022, this market has grown $3.9bn (€3.25bn) and while not fairly as large, the European grownup market has grown by a billion over the identical interval.
Latest collaborations noticed Monster Excessive dolls group up with excessive finish vogue model Off-White for a group of restricted version dolls retailing at €185. The primary launch bought out in a matter of hours.
preserve an older demographic engaged?
Sanjay and his group have additionally used Mattel Creations as a spot for followers to assemble and the corporate to achieve buyer insights.
In March 2024 they ran their first Mattel REVEALED digital occasion. Over two days, followers might tune in to see previews of upcoming merchandise and behind the scenes insights from among the toy designers.
“We thought we’d get like 4,000 or 5000 followers approaching that,” Sanjay defined.
“You will not imagine, we noticed 65,000 followers coming on-line and connecting there. It is like a soccer stadium.”
“We bought numerous toys, however the quantity of suggestions and knowledge which we acquired, will assist us as I speak about constructing this neighborhood to the following stage.”
The Massive Queryis a collection from Euronews Enterprise the place we sit down with trade leaders and consultants to debate among the most necessary matters on at present’s agenda.
Watch the video above for the complete dialog with Mattel.
Video editor • Joanna Adhem