Mattel CEO feels ‘encouraged’ Biden will untangle supply chain crisis amid holiday season
Mattel expects to have 'plenty of toys' for the holidays, Kreiz says
President Biden sat down with retail business leaders Monday, including Mattel CEO Ynon Kreiz who told "America Reports" that he’s putting his faith in the president’s ability to turn around supply chain bottlenecks as the holidays roll in.
"I was very encouraged by president Biden’s commitment to support the private sector in mitigating supply chain disruptions including, in particular, port congestion," he said. "Mattel appreciates the administration'fus leadership in helping to focus attention and resources in this important area."
Kreiz shared that Biden’s main focus is in clearing the ports by pulling together all constituent resources. According to the CEO, the toy manufacturer has already seen an improvement in the flow of goods and products as ports open up.
CYBER MONDAY SALES TOTAL $10.7B, DOWN 1.4% FROM LAST YEAR
Mattel’s head explained that even though the toy industry has experienced plenty of economic disruption, it’s still headed towards clutching a second record year in a row with up to 60% growth year to date in 2020 and 70% in 2021. At Mattel, Kreiz said, there should be no worries about fulfilling demand.
"We do expect to have plenty of toys for children of all ages this holiday season," he said. "We work very closely with our retail partners to make sure that we have the right product in the right quantities at the right time on shelves to satisfy as many holiday consumers as possible."
Even though Mattel is working through supply chain challenges, Kreiz noted there is"incredible" demand for products that are "resonating at levels we have not seen in years."
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"We’re not sure we’ll be able to meet all of the demand but we’re doing what we can," he said. "We’re very encouraged by the progress we made, and we see supply chain as a core, competitive advantage for Mattel."
According to Kreiz, Mattel’s hottest toys this holiday season include the new Barbie Dream House and Hot Wheels Monster Trucks.