Sales of doll-maker Barbie hit 1.35 billion dollars last year – the most since at least 2014 – as parents stocked up on toys to get children through the pandemic.
Sales of the well liked doll rose 16 percent globally, helping to lift toymaker Mattel to its best sales year since 2017.
The pandemic has been good for the toy industry, which has gained from limits facing other forms of entertainment. The surge in demand strained worldwide supply chains earlier in the year.
Mattel’s chief executive said the firm, which also owns other popular brands such as Hot Wheels, was ultimately able to meet the “extraordinary” increase in demand for its products.
Mattel also announced a new cost-savings program, which it said would help save 250 million dollars by 2023. Unlike prior efforts, which focused on cutting the firm’s manufacturing footprint, this one would be broader, including plans to standardize its global marketing efforts.