Mattel CEO confirms plans to raise prices as he calls for zero tariffs on toys
CNN
A prolonged trade war means that for many American families, an extensive Barbie or Polly Pocket collection could soon be a luxury.
Last week, President Donald Trump advised Americans that his trade war could result in children’s dolls costing “a couple bucks more.” That, at least, seems to have come to fruition. The CEO of Mattel, the toy manufacturing giant and maker of Barbie, told the Wall Street Journal on Monday that the company plans to raise prices on American toys due to tariffs. “As we sit here today, we’re modeling different scenarios, but it’s hard to tell where things will land and how the tariff situation will evolve,” Chief Executive Ynon Kreiz told the newspaper. “It’s very volatile right now.” A prolonged trade war means that for many American families, an extensive Barbie or Polly Pocket collection could soon be a luxury. Trump’s 145% tariffs on most goods coming from China are slamming the toy industry. Nearly 80% of all toys sold in the United States are manufactured in China, according to industry group the Toy Association. Mattel CFO Anthony DiSilvestro said during its earnings call on Monday that the current tariffs would cost it roughly $270 million this year and “that’s before you consider any of the mitigating action.” There’s already evidence some prices are on the rise. According to a product pricing analysis from Telsey Advisory Group, a Barbie doll with swimsuit sold at Target rose 42.9% over a week in mid-April to $14.99. That’s among the largest jumps the consumer research firm tracked. Kreiz told investors Monday that “under the current scenarios we are considering” in response to tariffs, he expects 40% to 50% of its products to remain priced at $20 or less. However, he also advocated for zero tariffs on toys and games around the world.
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