Mattel Inc expects to advance four times from now with more than $31 billion toys and games market in 2020 via digitally connected toys and beefs up to take on LEGO Group and Hasbro Inc. Mattel says it emphasizes on e-commerce and repackaging its core brands as educational toys and connecting them to internet will drive its position in the market.
Mattel has been revamping its toys, developing AI Barbie Holograms, smart sensors-enabled Hot Wheels cars and virtual reality powered View-Masters to make them relevant to millennial parents. The new, digitally connected toys will be launched globally in fall 2018, the company said.
“In China, there is a lot of recognition on linear learning and development. There is a real need for development of EQ, primary motor skills and social-emotional skills,” Mattel’s Chief Executive Margo Georgiadis said.
Mattel unveiled its plan of launching a network of play clubs to sell its toys in a joint venture with Fosun Group, Investment firm. This is the third joint venture after Alibaba and Baby Tree, aimed at promoting the company’s educational products.
Mattel’s Hotwheels Speedometry, play-based lessons which teach children about subjects such as measurement, distance, potential and kinetic energy, through building miniature race tracks. The company said it aims to enmesh more educational content with other brands such as Fisher-Price and Thomas & Friends, which are popular in the Asian country