The company’s stock jumped as much as 10% in mid-day trading following the announcement.
Under the agreement with Sanrio, Mattel will develop and design toys, play sets, games and other products inspired by the Japanese company’s portfolio, including Hello Kitty, Keroppi, Chococat, Tuxedosam, My Melody and others. The toy lines will be available in North America, Europe, Latin America, Australia and New Zealand beginning in autumn 2020, according to a press release.
“We’re excited to bring the Supercute world of Sanrio to life through toys that will allow fans of all ages to experience Hello Kitty and Sanrio Friends in new ways,” said Janet Hsu, chief franchise management officer of Mattel. “This relationship is another example of Mattel’s commitment to collaborate with globally-recognised franchises as part of our transformation into an IP-driven, high-performing toy company.”
“Mattel is the perfect partner to align with our mission to evolve the brand and connect with Sanrio fans worldwide,” added Craig Takiguchi, COO of Sanrio. “Its global reach and creative approach to product development and storytelling is like no other. I am confident that together we will transform our toy business in a unique way that will resonate with generations of Sanrio fans.”
Financial details of the deal were not disclosed. Hello Kitty is a $7b brand, and earlier this year Sanrio granted film rights to Warner Bros. to develop a movie based on the property.