**Reinventing Barbie: Mattel’s Strategic Journey**
*The Challenges Faced by Barbie*
Barbie, the iconic doll brand, has had its fair share of struggles over the years. Consumers found Barbie to be irrelevant and out of touch with the realities of kids’ lives. Internal market research in 2014 revealed Barbie’s diminishing appeal and lack of diversity. This marked a difficult time for Mattel, Barbie’s parent company, as the brand experienced its lowest point in over 14 years.
*The Path to Reinvention*
To reverse the decline, Mattel embarked on a comprehensive rebranding strategy. They focused on four key components to breathe new life into the Barbie brand. The first step involved reevaluating the brand’s purpose and reigniting its original essence of inspiring the limitless potential of girls.
The second component was design-led innovation, incorporating inclusivity and diversity into doll development. Mattel aimed to create dolls that reflected the diverse world around us, including the release of its first-ever doll with Down’s syndrome.
Remaining culturally relevant was the third pillar, allowing Mattel to connect with its target audience by tapping into the pulse of society. Finally, executing with excellence was crucial to ensuring that innovative ideas seamlessly transitioned into tangible market offerings.
*A Glimpse into the Future*
Today, Mattel is on the cusp of a monumental theatrical event—the release of the Barbie movie featuring renowned Hollywood actors Margot Robbie and Ryan Gosling. This production effort was so massive that it even sparked a global shortage of hot pink paint.
However, Mattel’s journey of reinvention does not end with the movie. Looking ahead, Richard Dickson, president and COO of Mattel, outlined the company’s strategic vision of unlocking the value of their intellectual property (IP). While Barbie leads the way in the theatrical realm, Mattel has 13 other brands in various stages of film development, ranging from theatrical releases to television shows, live experiences, and digital gaming. Their objective is clear: to present their cherished IP through captivating storytelling formats to boost toy sales and consumer product relevance across diverse categories.
As the Barbie movie serves as a catalyst, it sets the stage for an era of creativity and content creation at Mattel. The company’s commitment to unlocking the potential of its IP ensures that audiences can anticipate more captivating movies and experiences in the future.
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