Barbie's allure fades

  • The world's largest toymaker, Mattel Inc. reported a 23 percent drop in profit highlighting the brand's struggle to remain relevant. It's shares dropped by more than 6 per cent in mid morning trading. Mattel executives said that their other girls dolls were taking away sales from Barbie. 

    According to CTV News, the introduction of new franchises have increased growth for the industry. "The Barbie brand is likely being modestly impacted by their successes," he said. He also said that Barbie sales could increase in the second half of the year because shipments of new products would increase in time for the holiday season. 

    Toy industry sales have been in decline all year but Mattel is expected to outperform its rivals. However, this has shown that the largest U.S. toymaker also gets affected by declines throughout the industry. 

    Tagged as: Business news, Mattel, Barbie dolls sales drop, drop in profit for barbie