A childhood full of toys, for many of us, often meant a childhood made possible by the vision of Mattel. With brands such as the iconic Barbie, Hot Wheels, American Girl and countless others, it’s no wonder Mattel has become the standard in regards to childhood play.
To continue that legacy, the company had to analyze and shift their approach to remain as relevant as they’ve always been. Enter Ynon Kreiz, Chairman & CEO of Mattel, who was the fourth person to take over the leadership role in just as many years. In dire need of strong leadership, Kreiz stepped into the position and changed the projection of the company entirely.
On February 26, 2024, The Economic Club of Chicago hosted Kreiz and Mary Dillon — President & CEO of Foot Locker, also a multi-time winner of Better‘s list of Chicago’s Most Powerful Women — who moderated the conversation. During the discussion, they expanded on Kreiz’s success at the helm, what’s on Mattel’s horizon and, of course, the marvel success of the Barbie movie.
Collaboration, Innovation and Execution
Within weeks of taking over the position, Kreiz had re-centered the importance of creating a strong platform on which to grow a company. “What we do matters. Our brands matter,” he said. “What we do is inspirational and really shapes culture. We take that very seriously. … Creativity and innovation is our life blood.”
When referring to the top-down changes he instituted, Kreiz knew the adjustments had to happen in stride. “[Mattel] is a competitive company working in a competitive environment … so you couldn’t just park the car, fix the company and then get back on the road, it all had to be in motion.”
By defining their mission and purpose, out of necessity, the result was overall commitment to and trust in the company — especially from employees. “People want to be a part of a winning team,” Kreiz said.
And winning is exactly what Mattel does, as proven by their 17% increase in sales since pre-pandemic times — even while competitors like Toys “R” Us faced significant losses. However, that doesn’t mean that the toy makers have to remain solely that. “Our brands are so much more than toys,” Kreiz said.
Which is why Mattel is pivoting to their next chapter as a “family entertainment company,” using their wide range of IP as a launching point. They recognize, however, that their foundation is toy making, and they are not leaving that behind.
Making the Timeless Timely
Looking at the Mattel catalog, the pivot to using their IP for film, television and more seemed almost intuitive — especially when considering how other franchises have similarly succeeded.
So why not start with Mattel’s most iconic character, Barbie? And that they did. In fact, within three weeks of overseeing the company, Kreiz was already in talks with Barbie herself, Margot Robbie. And with Robbie came Greta Gerwig, Noah Baumbach and, later, a stellar cast that filled out the vision. This, coupled with a Warner Brothers partnership, guaranteed that the entire process from artistic creativity to marketing strategies was high level.
“This is not about trying to make a movie to sell toys, it’s not even about making a movie,” Kreiz insisted. “It’s about creating a cultural phenomenon, we are trying to create a societal moment.”
A mission that proved successful — earning $1.4 billion at the box office. And it didn’t stop there, considering their engagement with 500,000 stores in which tie-in products were sold in collaboration with 165 different consumer product partners, who promoted the movie on their own channels.
“A lot of people thought they wouldn’t be interested in the movie,” Kreiz admitted. “And the genius of Greta [Gerwig] is that she took a concept — which is ‘To inspire the limitless potential in every girl’ — and made that … relevant to everybody.”
Effecting Change In and Out of the Boardroom
“What we do, whether it is a new Barbie doll [or] a new Hot Wheels Car — it’s news worthy … because it matters,” Kreiz said. “Our company truly loves being engaged and connected to culture and playing an important role in society.”
Mattel helps turn tides in the corporate world and beyond with a few different measures. Namely, that they promote more women into higher positions — such as the five women that sit on their 10-member board. More to their credit, Kreiz reiterated the importance of continuous giving at Mattel. “As much as you give, you get it back in spades.”
What matters to Mattel, according to Kreiz, doesn’t just revolve around the bottom line. For them, it’s also about how they can impact the lives of those around them — as shown through their Mattel Children’s Foundation and environmental priorities.
“[We] have a responsibility but also a great privilege, and if you embrace it and you stay authentic to your purpose and mission you can achieve great things.”
Expanding Mattel’s Range
When Dillon asked how Mattel plans to keep this momentum going, Kreiz responded with a question they often ask themselves, “What have you done for me tomorrow?”
With plans to expand into television; consumer product and merchandise; location-based entertainment; publishing; and partnering with more great companies — it’s safe to say that tomorrow looks pretty bright. Kreiz spoke of movies yet to come, based on Hot Wheels, Polly Pocket and more, with industry giants such as Tom Hanks, J.J. Abrams and others attached.
For Mattel, with generations of dedicated fans already in their corner, the expansion of their IP into different industries — like a theme park in Arizona — was an easy decision. “When you own one of the strongest portfolios in the world, for children and family entertainment, opportunities are everywhere.”
To watch the full interview, visit The Economic Club of Chicago‘s YouTube, or visit them online.
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Margaret Smith is a Chicago-based writer and editor with a passion for socio-political storytelling about their community. They are a graduate of Columbia College Chicago.
