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BTS dolls and Barbies boost Mattel’s profits by 10 per cent, surprising analysts who predicted a loss
- The toy giant reports an unexpected boost to its earnings, as BTS dolls and new Barbies drive sales
- Analysts expected a drop in earnings, but were proved wrong as sales exceeded US$720 million
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Toymaker Mattel has reported a surprise jump in quarterly revenue as the launch of dolls based on Korean pop-sensation BTS lift international sales and newer models boost demand for its flagship Barbie brand.
Mattel’s gross international sales rose 10 per cent to US$721.7 million, lifted by sales of dolls based on BTS, who have dominated international music charts for more than a year.
Worldwide Barbie gross sales rose 10 per cent to US$412.8 million in the third quarter, contradicting analysts’ expected 1.2 per cent drop due to fears of a drop in demand because of the release of the Disney movie Frozen 2, the doll rights to which are owned by Hasbro.
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BTS and Barbie, which has been modernised with variants based on popular celebrities, role models, different skin tones and professions, helped lift worldwide doll sales by 5 per cent.
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“The story around BTS shows how we’re able to capture cultural trends and commercialise them,” Mattel CEO Ynon Kreiz said.
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