President Biden sat down Monday with retail business leaders, including Mattel CEO Ynon Kreiz, who told America Reports that he sat in the president's ability to turn around supply chain bottlenecks as the holidays roll in.
President Biden's commitment to support the private sector in mitigating supply chain disruptions, including port congestion, was very encouraging, he said. Mattel appreciates the administration's leadership in helping to focus attention on this important area. Kreiz shared that Biden s main focus is on clearing the ports by bringing together all constituent resources. The toy manufacturer has seen an improvement in the flow of goods and products as ports open up, according to the CEO.
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Mattel's head said that even though the toy industry has experienced plenty of economic disruption, it is still headed towards a second record year in a row with up to 60% growth year to date in 2020 and 70% in 2021. Kreiz said there shouldn't be any worries about fulfilling demand at Mattel.
He said that the holiday season is going to have plenty of toys for children of all ages. We work closely with our retail partners to make sure we have the right product in the right quantities at the right time, in order to satisfy as many holiday consumers as possible. Mattel is working through supply chain challenges, but Kreiz noted that there is incredible demand for products that are resonating at levels that we have not seen in a long time. He said that we re not certain we will be able to meet all of the demand, but we are doing what we can. We are very encouraged by the progress we made, and we see the 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.