The upcoming ‘Barbie’ movie ‘will be a catalyst’ for future Mattel films, CEO says

Posted May 2, 2023 by: Admin #News

Mattel CEO Ynon Kreiz believes that the upcoming Barbie movie, featuring Margot Robbie as Barbie and Ryan Gosling as Ken, could be a “legacy-making event” for the company. Speaking on Yahoo Finance Live at the 2023 Milken Institute Global Conference, Kreiz stated that the film would be a showcase for the quality of movies that Mattel is looking to produce and the type of partnerships they are forming with Hollywood talent and major studios.

Advertisement:

The Barbie movie marks the first time that Mattel has put out a movie based on one of their intellectual properties, with the company currently having 14 content projects in development. In addition to the Barbie movie, Mattel is also working on a Warner Bros. film based on the Matchbox toy car brand.

Advertisement:

Mattel’s efforts to keep the Barbie brand culturally relevant have included releasing three new dolls representing top business leaders, the Wojcicki sisters, and signing a Barbie apparel deal with Gap, which will hit stores in May, just weeks before the movie’s release. According to Statista, the Barbie brand generated $1.5 billion in gross sales in 2022.

Despite these efforts, Mattel’s stock has been under pressure in the past year, with shares losing 27% as consumers pulled back on discretionary items amid record-high inflation and a slowing economy. Mattel’s first-quarter sales fell 22%, and the company is still working to clear excess inventory.

Advertisement:

Kreiz is optimistic, however, that the second half of the year will be a different story for Mattel. While it’s too early to tell how the holiday season will shape up, Kreiz believes that Mattel has some meaningful drivers for the full year.

Advertisement:

Next: Holly Willoughby no longer ‘very friendly’ star she was at start of career, says ex-co star
READ IT!
Advertisement:

Thanks for your SHARES!

You May Also Like

Add a comment