US-based toy manufacturing giant Mattel Inc said that it plans on tripling its sales in the Chinese market in 2013, compared with the sales figures in 2010. An official from the company said that Mattel expects to see growth in 2013, which will be a combined figure of sales in 2011 and 2012.
Peter Broegger, the senior vice president and general manager of Mattel said, “China is growing in importance for Mattel. The huge kids population, fast-emerging middle class and their growing income in China provide business opportunity for us”. The official went on to say that China is extremely promising market for the maker of popular toys such as Barbie, American Girl and Monster High.
Broegger also said that the company intends to keep increasing its market share in China. In China, Mattel is trying its best by increasing distribution and creating demand for the products. Additionally, the company is making attempts to attract new customers by engaging them through activities like Barbie live shows, Barbie travelling music and Thomas town. On November 6, 2013, the company sponsored the China children development seminar which has an aim to discuss the demands of children and education.
Whatever the market condition may be, all foreign toy makers – including Mattel – will have to deal with some challenges in the Chinese market.
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