‘Barbie’ movie: How Mattel reinvented the iconic brand

Richard Dickson, president and chief working officer of Mattel, make clear the struggles, triumphs, and the way forward for the long-lasting ‘Barbie’ model in a dialog with Fortune at Cannes Lions—the artistic trade’s equal of the Oscars.

A Difficult Street

Whereas Mattel’s legacy spans practically eight a long time, it hasn’t all been easy crusing for ‘Barbie’.

Dickson acknowledged the model’s previous struggles, admitting: “Customers didn’t suppose that she was related. She didn’t mirror the world that children reside in.”

This sentiment was strengthened by inside market analysis in 2014 that exposed Barbie’s diminishing enchantment and her lack of ability to encourage and symbolize range. Dickson stated the model hit its lowest level in over 14 years, marking a pivotal and arduous time for Mattel.

“Mothers have been selecting different manufacturers in addition to Barbie, the enterprise itself was reflecting that,” he stated.

Reinventing Barbie

To reverse the decline, Mattel launched into a complete rebranding technique, utilizing the playbook which was the springboard to most of the model’s smash-hit successes.

Dickson outlined its 4 key elements, the primary being a reevaluation of the model’s function. “Why will we even exist? What made us nice to start with?” he stated.

For Barbie, it meant reigniting her unique essence of “inspiring the limitless potential of women”, a imaginative and prescient Ruth Handler, Barbie’s founder, embraced when she created the 11-and-a-half-inch doll.

The second element focuses on design-led innovation, making certain inclusivity and illustration by means of doll growth. Mattel aimed to create dolls that mirrored the various world round us, together with the discharge of its first-ever doll with Down’s syndrome.

Remaining culturally related is the third pillar of the playbook, enabling Mattel to faucet into the heartbeat of society and join with its audience.

Lastly, executing with excellence was paramount, making certain that sensible concepts seamlessly transition into tangible market choices.

“Nice concepts are nice, however when you can’t convey them to market, they’re nothing however nice concepts,” Dickson stated.

A glimpse into the long run

Right now, Mattel stands on the precipice of a monumental theatrical occasion—the discharge of the Barbie film starring Hollywood A-listers Margot Robbie and Ryan Gosling, which was such an infinite manufacturing effort that it sparked a worldwide scarcity of sizzling pink paint.

However that turnaround has solely been made potential as a result of efficacy of the playbook in follow, and Dickson proudly introduced: “We hit our highest stage of enterprise ever in 2021.”

Mattel’s journey of reinvention, nevertheless, doesn’t finish right here.

Trying to the long run, Dickson mapped out Mattel’s strategic imaginative and prescient—unlocking the worth of their mental property, or IP.

Whereas Barbie takes the lead together with her foray into the theatrical realm, Mattel has a lineup of 13 different manufacturers in numerous phases of movie growth, starting from theatrical releases to tv reveals, reside experiences, and digital gaming.

The target is obvious: to current Mattel’s cherished IP by means of fascinating storytelling codecs, thereby boosting toy gross sales, shopper product relevance, and influence throughout numerous classes.

Because the Barbie film serves as a catalyst, it paves the way in which for an period of creativity and content material creation at Mattel.

The corporate’s dedication to unlocking the potential of its IP ensures that audiences can anticipate extra fascinating films and experiences to come back.