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Friday, Feb 23, 2024

Mattel Wants Your Help to Reinvent Toys

With declining sales of its core brands and a new focus on innovation, El Segundo toy maker Mattel Inc. is calling on the public to help it invent new toys.

The company on Thursday said it is partnering with New York’s Quirky Inc., which allows the public to submit ideas for products through its website and then participate in the product-development process.

Mattel said it will work Quirky, and with inventors who submit ideas through Quirky’s site, to reimagine its products and grow sales for brands such as Barbie, Fisher-Price and Hot Wheels. Mattel said it expects new products developed with Quirky’s help to be available for this year’s holiday season.

“This marks a new era for Mattel,” said Richard Dickson, the company’s president and chief operating officer. “This new partnership will enable us to accelerate the speed and scope of invention by tapping into Quirky’s dynamic community.”

This is just Mattel’s latest announcement of a partnership aimed at freshening up its toy line. Earlier this year, it announced it is working with tech giant Google Inc. on a new, virtual-reality version of Mattel’s classic Viewmaster toy.

Mattel shares rose 6 percent to close at $26.75 Friday. The Quirky deal was announced after markets closed Thursday.

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