Mattel's earnings report: Hot Wheels is gaining momentum, Barbie fades away

by:Ennas      2021-12-28
Core reminder: Hot Wheels, a car model brand, is the only one of all major brands under Mattel that has achieved double-digit sales growth.     Forget the aura Barbie brought to Mattel. The best selling product of the largest toy manufacturer in the United States is Hot Wheels car models. According to Mattel Inc.'s (Mattel Inc., MAT) second fiscal quarter report released on Friday, its revenue fell 7% to US$988.2 million, with a profit loss of US$11.4 million, a sharp drop of 61 from its profit of US$2830 in the same period last year. %. Sales of its iconic Barbie doll series have fallen for the sixth consecutive fiscal quarter, with overall global sales falling 19% during the quarter. Only Hot Wheels is the only major brand under Mattel that has achieved double-digit sales growth, with an overall increase of 19%.   Hot Wheels is the world’s leading car model brand, launched by Mattel in 1986. At present, Hot Wheels produces car models in four sizes: 1:64, 1:43, 1:18 and 1:50. In the early days, Hot Wheels and another car model manufacturer, Matchbox, were the main competitors. The car models produced by Matchbox were more popular, and Hot Wheels was positioned in creativity and advanced customization. However, Mattel acquired Tyco Toys Inc in 1997 and became the new owner of the Matchbox under Space Toys.  Without the threat of the old enemy, Hot Wheels has begun to dominate the car model market since the new century, and its sales volume reached 300 million units in 2014 alone. Many automakers have granted Hot Wheels patents for the production of car models, and allowed them to consult the initial design drafts and detailed parameters of the components. Although Hot Wheels’ initial market positioning is for children and young people, in recent years, more and more adults have become fascinated by Hot Wheels car models. As a result, Mattel has produced many limited edition car models for adult cars. Fan collection. As far as the United States is concerned, children between the ages of 3 and 7 are still the main audience of Hot Wheels, while Latin America and Asia have become the main sales areas of Hot Wheels. Hot Wheels has launched several successful series of car models in history, including the first car models that have been popular since they came out, the Hot Wheels classic series (The Hot Wheels), the Treasure Hunt series and the Sizzler series Wait. At present, Hot Wheels mainly produces F1 and Ferrari series car models.   has contributed to the popularity of Hot Wheels car model collections, and Mike Strauss has contributed to it. Known as the father of the Hot Wheels collection, he has been holding Hot Wheels collection conferences throughout the United States since 1986. Beginning in 2001, the annual National Hot Wheels Collection Festival was officially established in Southern California. Car model players from all states will gather in California in the spring. Strauss has published Hot Wheels Newsletter and Tomart's Guide To Hot Wheels at its own expense since 1986. These two magazines have become the bible of car model enthusiasts all over the world. . Recently, Mattel plans to cooperate with Tesla to launch a Tesla mini model that is not only suitable for children, but also suitable for adults. The prototype of the first Tesla car to imitate is the Tesla dual-motor four-wheel drive version of the Model S P85D. It is available in two colors, silver and red, and retails for $1.09.  As the first Tesla car model, because of its large collection value, the industry believes that it can increase to US$30-50 after holding it. In addition to the collection value, the launch of the Tesla model by Hot Wheels will undoubtedly help to reshape the next generation's perception of Tesla as a new car brand, which can be described as a win-win situation. At present, Mattel has no plans to continue to produce Tesla Model X or Model 3. However, Chris Down, vice president and general manager of Hot Wheels, said that Hot Wheels is looking forward to making changes with Tesla. Comprehensive and broader cooperation.
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