Ynon Kreiz
The most challenging corporate transformations are seldom about creating something totally new from scratch. When Ynon Kreiz took over as Mattel’s Chairman and CEO in 2018, he inherited one of the world’s most recognizable toy businesses at a difficult moment. Sales were under pressure, operations were complex and the company was navigating a rapidly changing consumer and entertainment landscape.
The challenge was not simply to improve performance. It was to reconsider how an established toy manufacturer could compete as brands increasingly moved across screens, digital platforms and new forms of consumer engagement.
From Turnaround to Execution
Kreiz’s tenure at Mattel began with an emphasis on stabilizing operations. The company went through comprehensive restructuring aimed at reducing costs and strengthening accountability.
During a 2023 interview with Fortune, Kreiz said Mattel had achieved more than USD 1.2 billion in cost savings over five years, including more than USD 1 billion during the first three years of its restructuring. This restructuring was tough, but it provided the operational platform for other strategic initiatives. As the business stabilized, the focus shifted toward expanding the potential of Mattel’s existing brands beyond their core products and into intellectual property and franchises.
Managing Brands as Franchises
Mattel, under Kreiz, has increasingly positioned itself as an IP-driven play and family entertainment company. With this approach, the focus shifted to generating value through films, television, games, licensing, publishing and live experiences while continuing to support the core toy business.
This changed the way that Mattel looked at its portfolio. Brands such as Barbie, Hot Wheels, Fisher-Price, American Girl, Masters of the Universe, UNO and others were more than brands on store shelves. They represented characters, stories and established intellectual property that could create new opportunities for consumer engagement across different channels. Kreiz’s business plan was not about moving away from toys but about building broader opportunities around them.
Mattel’s evolution under Kreiz’s leadership can be viewed as a progression from operational transformation toward a broader IP and franchise strategy.
The Barbie movie proved to be the clearest example of that model. The importance of the film was not only financial. It demonstrated how an established consumer brand could extend into popular culture through collaboration. The film itself became a major cultural phenomenon. It provided Mattel with a prominent success story for its franchise model. It also gave Mattel a visible demonstration of how intellectual property could be interpreted for a new medium while generating broader consumer attention.
Kreiz has also ensured that the entertainment aspirations of Mattel are not confined to a single studio partnership. This operating style has enabled the company to work on multiple projects at once with various partners. The recent filings of Mattel reveal that its entertainment pipeline has grown further with multiple films with big studios along with television and other platforms.
Turning Strategy into Reach
The impact of the transformation can be seen across Mattel’s entire portfolio. For instance, in 2025, Mattel gained market share in key categories globally, while several of its core brands continued to show strong momentum. Hot Wheels was a particular standout, with worldwide gross billings increasing 11 percent. The performance illustrates how an established property can maintain its core product presence while reaching consumers through a broader mix of experiences and communities.
That model is also visible in digital entertainment. Mattel Television Studios has developed television programs based on existing and revived brands. Mattel163 joint venture with NetEase was expected to generate more than USD 200 million in revenue in 2024, demonstrating the potential for Mattel’s brands to extend beyond the toy aisle.
This proves that business transformation is often less about diversification than about integration. Kreiz’s approach highlighted the coherence between creative development, product innovation, licensing, distribution and operations.
Mattel has continued to explore new avenues for growth. The company has expanded its entertainment collaborations with Mattel Brick Shop. It has also worked with OpenAI on AI-powered products and experiences based.
Consumer businesses continually evolve as brands respond to changing audiences, categories and channels. Mattel’s 2025 performance reflects the breadth of its portfolio, spanning multiple brands and categories. That has altered the number of ways the company can generate value from its intellectual property. Rather than relying on a single product category or channel, the company is building a broader ecosystem spanning toys, entertainment, licensing, digital experiences and other forms of consumer engagement.
Mattel’s evolution under Kreiz’s leadership can be viewed as a progression from operational transformation toward a broader IP and franchise strategy. The company’s focus has expanded from strengthening its cost structure and operations to developing new opportunities for established brands across toys, entertainment, licensing and digital experiences.
