Last year, the toy industry was among the few to prosper as the pandemic upended many businesses. For Mattel, it was the second straight year of growth, and Lisa McKnight, global head of Barbie and dolls, attributed the company's success to its legacy brands Barbie, Hot Wheels, and Fisher-Price.
"Not only is Barbie, again, the premier brand in connecting to culture, reflecting what's going on around us, but we made a real effort to shift our strategies. We leaned into social [media] to make sure that we were cultivating conversation right out of the gate and providing not only entertaining content but also important, relevant content to help parents navigate through this incredible time," she told Cheddar.
Growth within the Barbie line, according to McKnight, expanded last year and the company saw incremental sales after the launch of Barbie Extra, which targets an older audience. Perhaps the most stunning part about Barbie's success over the past year is the rate at which another legacy item, the Dreamhouse, flew off of shelves.
"We constantly reinvent it, and last year, we sold one Dreamhouse every minute. It did incredibly well because of its play value and [it] resonates with parents that grew up with the Dreamhouse themselves," she said.
As corporate America engages in conversations surrounding social progress, Mattel has invested in its Play Fair initiative, which aims to snuff out systemic racism. Inclusivity, diversity, and representation continue to be pillars the company says it strives for, whether it be through its toy lines, workplace demographics, or by giving a voice to those who often go unheard.
While Mattel is trending upward in terms of growth and sales, upcoming projects like a Barbie movie starring Margot Robbie, the Barbie digital gaming app, and the enhanced line of body types offered in its dolls will potentially help the brand maintain its standing.
"Obviously we have to go where our consumers are going, and certainly they're consuming digital media like never before. We've had great success with our kid-targeted gaming app, and we're going to be looking at expanding the audience in the future years," McKnight said.
Nestlé has dismissed its CEO Laurent Freixe after an investigation into an undisclosed relationship with a direct subordinate. The company announced on Monday that the dismissal was effective immediately. An investigation found that Freixe violated Nestlé’s code of conduct. He had been CEO for a year. Philipp Navratil, a longtime Nestlé executive, will replace him. Chairman Paul Bulcke stated that the decision was necessary to uphold the company’s values and governance. Navratil began his career with Nestlé in 2001 and has held various roles, including CEO of Nestlé's Nespresso division since 2024.
Kraft Heinz is splitting into two companies a decade after they joined in a massive merger that created one of the biggest food companies on the planet. One of the companies will include brands such as Heinz, Philadelphia cream cheese and Kraft Mac & Cheese. The other will include brands like Oscar Mayer, Kraft Singles and Lunchables. When the company formed in 2015 it wanted to capitalize on its massive scale, but shifting tastes complicated those plans, with households seeking to introduce healthier options at the table. Kraft Heinz's net revenue has fallen every year since 2020.
