The day “ Barbie “ hit theaters in July, Mattel Chief Executive Ynon Kreiz was in New York City visiting his oldest daughter and the pair decided to walk to a nearby theater for some real-time market research. Kreiz, who had been the driving force behind the decision to bring Mattel’s iconic doll to life on the big screen, loved the film, but with its fate now in the hands of the ticket-buying public, his opinion didn’t much matter. He wanted to see how people were reacting.
His answer came quickly. As he and his daughter approached, they found themselves walking among droves of people dressed in Barbie’s signature pink. And when they poked their heads into each of the five packed theaters showing the movie, they were met with roars of laughter. Some viewers were crying.
“Feeling that reaction — that audience reaction — was very telling,” he said, “and very exciting.”
What happened after opening night is now the stuff of Hollywood legend. The Greta Gerwig-directed film became an instant hit at the box office, raking in more than $1.4 billion, and kicked off a cultural phenomenon. Less well known, though, is the role the film has played in the story of Mattel’s revival. It’s a story that was written in large part by Kreiz, 59, who took the reins when the El Segundo-based company was struggling and who over his roughly six years at the helm has orchestrated a remarkable turnaround, making Mattel into one of the biggest corporate success stories of recent years.
At the heart of his plan was a move that seemed obvious to him, but which previous leaders had failed to execute: Mattel needed to make a splash in the film business. To Kreiz, Mattel’s intellectual property was a gold mine. The company had a roster of instantly recognizable characters beloved by children and adults alike that he was confident could become enormously lucrative if they were exploited wisely.