In a Wednesday interview with CNBC's Jim Cramer, Mattel CEO Ynon Kreiz detailed the company's growth strategy, saying its aim is to engage consumers through culture.
"We're very much about embracing culture, creating cultural moments, cultural touch points and make sure that we take brands that are timeless and make them timely," Kreiz said. "We look to continue to create these moments, these special connections with people who buy our product."
Mattel's fourth quarter earnings on Wednesday fell short of analysts' expectations. Even though sales rose 16% to $1.62 billion, it fell short of the $1.66 billion expected by analysts at LSEG, formerly Refinitiv.
Mattel has seen a lot of attention after the huge box office success of "Barbie," its collaboration with Warner Bros. Discovery. Mattel has announced plans to expand its cinematic universe, with several films in the works about its toys, including Barney and Hot Wheels.
Kreiz said another example of the company's effort to keep its brands relevant is through products like Super Bowl-themed toys, which include Barbie dolls. He reiterated that Mattel views its consumers as fans that foster emotional connections with brands, attributing the company's toy business turnaround to its efforts to become more relevant and connected to customers.
"We've been executing on our toy strategy very strongly and very consistently, we continue to grow and elevate our IP strategy, our entertainment strategy, and the 'Barbie' movie is just one example," he said. "We've done the same in television, in digital, in consumer product, in publishing, in location-based entertainment, and you will see more of that execution coming and happening this year."
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