Toy maker Mattel inks multi-year agreement with Elon Musk’s SpaceX
Category: #retail  By Pankaj Singh  Date: 2022-07-21
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Toy maker Mattel inks multi-year agreement with Elon Musk’s SpaceX

California-based toy manufacturing and entertainment company, Mattel, has recently signed a multi-year agreement with Elon Musk’s private spaceflight company, SpaceX.

The latest deal has been entered to develop a range of SpaceX-inspired toys, which is expected to be released in 2023.

According to Nick Karamanos, Senior Vice President of Entertainment Partnerships at Mattel, with the rapid advancement in space exploration activities, the company has shown excitement to collaborate with SpaceX and help spark limitless play patterns.

SpaceX has long been selling merchandise through its website. However, these items have been limited to jackets, shirts, and other accessories like bags and hats.

Under Mattel’s assistance, the space exploration company will venture into other categories such as dolls, plush, or building sets.

Since the collectors market has become a lucrative space for the toy manufacturer and other companies like Funko and Hasbro, exclusively licensing deals with pop culture brands with devoted fan bases has become highly crucial.

For the unversed, Mattel and Elon Musk have linked up to develop toys in recent years. In early 2020, the toy maker created two remote-controlled toy vehicles based on the Cybertruck of Tesla.

The latest deal comes a few months after two Mattel Barbie dolls were sent into space as a part of a collaboration with the ISS National Lab to encourage more girls to consider engineering, aerospace, and STEM careers.

Mattel, which has been revitalizing under CEO Ynon Kreiz over the past 4 years, has entered various strategic licensing deals to boost its business.

For instance, in January, the toy maker recouped the Disney princess license from its rival Hasbro and was intending to start selling toys based on characters from the “House of Mouse”, including Elsa, Anna, and Merida, in 2023.

Mattel declined to comment on the latest deal. A representative for SpaceX also did not immediately respond to requests for comments. The financial terms of the agreement have not been disclosed.

Source credit:

https://www.cnbc.com/2022/07/20/mattel-inks-deal-with-elon-musks-spacex-to-produce-line-of-toys.html



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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