Will a Ken Makeover Boost Mattel's Sales?
Industry leading toy company Mattel, Inc. (NASDAQ: MAT) recently announced that Ken, the longtime on-again/off-again boyfriend of its flagship Barbie, would be getting a much-needed makeover in a move that will make the character more representative of the general population. The classic Ken doll has sported the chiseled physique and square jaw for much of his existence but has failed to resonate with a diminishing subset of the population.
Mattel revealed 15 new and diverse Ken dolls, which would feature a variety of body types, skin tones, eye colors, and hairstyles. The press release states, "The line includes 15 new Ken dolls with three body types, seven skin tones, eight hair colors, nine hairstyles and modernized fashions, ranging from casual business attire to athletic wear."
This may all seem like fun and games, but this is one of several necessary strategic moves made by the toy giant to arrest its decline after years of failing to innovate and neglecting its key brands. Making Barbie and Ken appeal to a broader, more diverse audience is key to reviving Mattel and arresting flagging sales.
Source: Fool.com
Mattel Inc. Stock
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