Toy giant, Mattel have warned the public of its raise in prices in the run-up to Christmas as the industry faces higher costs.
Mattel’s chief executive, Ynon Kreiz revealed this following the rise in costs of raw materials and shipping, as global economy recovers from the pandemic.
The Chief Executive was speaking as the company unveiled the second quarter figures that beat Wall Street forecasts. Net sales for the period jumped by 40% compared to the same time in 2020 to $1.03bn that was boosted by a 46% rise in billings for Barbie, the company’s biggest brand.
Kreiz said, “We will be looking at increasing prices in the second half of [the] year.
“We haven’t broken out [which products will be affected], but this is in response to some of the inflationary pressures.
He also revealed the company was not alone in the price increase, “We’re not the only ones who did it, in our industry everyone did – and no-one is surprised by [price increases].”
They also announced better than expected sales of more than $1bn (£720m).