Barbie, the iconic doll from Mattel, is proving to be the superhero that the struggling toy industry needs. Not only has the blockbuster movie featuring Margot Robbie as Barbie been a massive success, but it has also brought positive outcomes for rival toymakers who feature Barbie’s signature pink color in their products. Jay Foreman, CEO of Basic Fun, the company behind Tonka Truck and Lite Brite, explains the effect of Barbie’s success, stating, “When the $1 billion Barbie brand does well, there is a big trickle-down effect in the toy industry. It’s lifting an entire ecosystem in toyland.”
This rose-colored trend extends to Basic Fun’s Care Bear stuffed animals, with Foreman revealing, “Our pink Care Bears are selling three times faster than they were four weeks ago.” Additionally, a new line of Fingerlings, featuring a monkey character, has seen remarkable sales as well. Sydney Wiseman, VP of WowWee, the toy company that produces Fingerlings, states, “Our light pink Fingerling is selling twice as much as all the other colors. The Barbie movie is having a ‘halo effect’ on all things pink.”
This success comes as a much-needed boost for the toy industry, which has experienced sluggish sales growth and excess inventory for over a year. Even Barbie’s sales dropped by 23% in the first half of the year. However, the movie’s popularity has generated a surge in demand, leaving toy manufacturers struggling to keep up. The unexpected demand has caught them by surprise. According to a company executive, WowWee has already sold out of their Barbie-branded slide and is in talks with their Chinese manufacturer to increase production.
Similarly, Tara Toys has witnessed a buying frenzy for their Barbie-branded storage cases and tie-dye doll clothing kits, even though they are not connected to the movie. Sales of the storage cases alone have increased by 40%, while other Barbie-related items have seen a 20% to 30% rise. Some of this boost comes from a special Barbie display in select Walmart stores. However, if the items sell out, replenishing the supply this year will be nearly impossible.
Other toy companies, including Hasbro and MGA Entertainment, have also noticed a slight increase in sales but consider it insignificant compared to Barbie’s popularity. Isaac Larian, CEO of MGA Entertainment, predicts a surplus of licensed Barbie toys that won’t sell well in the coming months. Nonetheless, toy companies are willing to embrace any positive impact during the slower summer season.
As for Basic Fun, they have big plans to capitalize on the Barbie phenomenon. They have received approval to introduce a Barbie Lite Brite next year, complete with pink hearts, lipstick, and shoes. Foreman enthusiastically expresses, “There are countless opportunities to ride on the coattails of Barbie’s success.”
In conclusion, Barbie’s influence in the toy industry stretches beyond Mattel. As her movie continues to thrive, her signature pink color is lifting sales for rival companies. The positive effect ranges from Care Bears and Fingerlings to various Barbie-related products. The industry, facing a decline in sales, is now struggling to keep up with the unexpected surge in demand. Nevertheless, companies are eager to ride the wave of Barbie’s success and tap into the immense potential it presents.
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