In an interview Wednesday with CNBC’s Jim Cramer, Mattel CEO Inon Kreiz detailed the company’s growth strategy, saying its aim is to engage with consumers through culture.
“We embrace culture and focus on creating cultural moments and cultural touchpoints, making timeless brands timely,” Kreitz said. Ta. “We want to continue creating moments like these and special connections with the people who buy our products.”
Mattel’s fourth-quarter profit on Wednesday fell short of analysts’ expectations. Revenue rose 16% to $1.62 billion, but fell short of the $1.66 billion expected by analysts at LSEG (formerly Refinitiv).
Mattel has been attracting a lot of attention following the box office success of Barbie, a collaboration with Warner Bros. Discovery. Mattel has announced plans to expand its movie universe, with several movies in the works about its toys, including “Barney” and “Hot Wheels.”
Kreitz said another example of the company’s efforts to keep the brand relevant is through products such as Super Bowl-themed toys, including Barbie dolls. He reiterated that Mattel views consumers as fans who develop an emotional connection with the brand, and that the company’s turnaround in its toy business will help it become more relevant and connect with its customers. This was due to efforts to strengthen the situation.
“We have very strong and consistent execution of our toy strategy, and we continue to grow and improve our intellectual property and entertainment strategies, and the Barbie movie is just one example of that,” he said. Ta. “We’ve done similar things in television, digital, consumer products, publishing and location-based entertainment, and we’ll see more of that this year.”