Barbie may just have to find a new place to park her Ferrari other than the toy-store shelf.
Come this Christmas, Utah toy stores will be making room on their shelves for a new Mattel toy line -- cute, cuddly and overstuffed mascots for the 2002 Winter Games.On Friday, the Salt Lake Organizing Committee announced that Mattel, the renowned maker of such toy lines as Barbie, Cabbage Patch Dolls, Chatty Cathy and Hot Wheels, has signed on as a Games licensee. The deal guarantees SLOC more than $1 million in advance payments from sales royalties.
"There is no better company than Mattel to help us bring the Olympic Mascots to life for children of all ages," said SLOC President Mitt Romney. "Their high-quality products will be constant reminders of the fun and enthusiasm the Olympic mascots convey about the 2002 Games."
The sponsorship announcement came one day before the official unveiling of the names for the three mascots: a rabbit, a coyote and a bear. The names will be announced during halftime of today's football game between Brigham Young University and the University of Virginia. The first 3,500 fans wearing blue will receive free Olympic merchandise.
Louise Georgeson, director of strategic alliances for Mattel, said the company will rush into production a line of mascot products specifically for the Utah market and in time for the Christmas shopping season. The first toys produced will be donated to children's hospitals sometime in December. The real money-making marketing push for Mattel will be for next year's holiday season.
"They are very cute and adorable," Georgeson said, "and they have appeal beyond being mascots."
Mattel secured the licensing agreement only for a line of plush toys. No licensing agreement has yet been signed for other types of toys related to the Olympics or the mascots. Mattel is negotiating with SLOC to extend the licensing agreement across other Mattel brands, Georgeson said.
Mattel will develop a variety of plush toy mascots ranging in price from about $9 to $40 each. The history and Indian legends behind each mascot will be told on the product's packaging, she said, adding the stories will be a fundamental part of the marketing campaign.
Mattel is also the licensee for the plush mascots for the 2000 Games in Sydney. Georgeson said the Sydney Games will be a good sales barometer for products for the 2002 Games, but there are, as yet, no target figures for the number of plush toys that must be sold or that will be manufactured.
Mattel is headquartered in El Segundo, Calif., and has offices and manufacturing facilities in 36 countries. Its products are sold in 155 nations throughout the world, returning annual revenues of al-most $6 billion.
Romney said SLOC was immediately drawn to Mattel because of the company's worldwide reputation and an existing distribution network rivaled by no other toymaker. "To have a company of Mattel's stature is a great benefit," Romney said. "They are a premier manufacturer."