“We used to be called a toy manufacturer,” Mattel CEO Ynon Kreiz said at the UBS Global consumer and Retail Conference in NYC.
The No. 2 toy company in the U.S. is dealing with tariffs by shrinking its manufacturing operations and leaning into movies starring its biggest brands, chief executive Ynon Kreiz said at an investment conference on Thursday.
“We used to be called a toy manufacturer,” Kreiz said at the UBS Global consumer and Retail Conference in NYC. Now “We have become an IP company.”This transition comes as Mattel –second to Hasbro — has been shrinking its manufacturing operations and leaning into licensing its hot properties, including Barbie, Hot Wheels and Uno, collecting royalties on them.spawned a mini pink revolution that Mattel cashed in on as more than 15 other companies made Barbie inspired apparel, furniture, linens, jewelry and even toothbrushes. Meta wins emergency ruling in scramble to block sordid tell-all memoir on Zuckerberg, Sheryl SandbergFDA updates risk of recalled tuna at Walmart, Costco, Trader Joe's – here's what you need to know At the same time, the El Segundo, Calif.-based firm has closed or consolidated five factories, including a 6th one this year, the CEO said on Thursday. Mattel’s goal is to reduce its reliance on China – which accounts for approximately 40% of its production – and to develop relationships with other low cost countries.Other toy companies are scrambling to find alternatives to China as well. “We don’t expect any single country to account for more than 25% of our production,” Mattel chief financial officer Anthony DiSilvestro said at the conference. He did not provide a time frame for these manufacturing goals. Meanwhile, Mattel is filming two movies “Masters of the Universe” in London and “Matchbox” in Morocco. “We have 14 other movies and TV products in development,” Kreiz said. “You don’t need a Barbie movie success,” to have a positive impact on the company.Meta wins emergency ruling in scramble to block sordid tell-all memoir on Zuckerberg, Sheryl SandbergJustin Bieber admits he’s ‘always felt unworthy’ in candid post amid concerns about his healthResearchers design robotic arm controlled by your mindInside 'Snow White' movie controversy as Disney 'doesn't know what to do' with outspoken star Rachel Zegler
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