Mattel (MAT) shares moved up Tuesday on news that the Hot Wheels and Barbie maker is joining forces with China-based e-commerce giant Alibaba (BABA) to market and develop toys for Chinese consumers.
The toy maker’s products will be offered on Alibaba’s Tmall marketplace, which serves over 440 million consumers, said the companies in a joint release.
Mattel and Alibaba’s A.I. Lab also plan to codevelop new products “designed to aid child development through the use of cutting-edge technology and smart, interactive learning.” Products will hit shelves in mid-2017.
Mattel and Alibaba’s A.I. Lab also plan to codevelop new products “designed to aid child development through the use of cutting-edge technology and smart, interactive learning.” (Kobby Dagan/Shutterstock)
Mattel (MAT) shares moved up Tuesday on news that the Hot Wheels and Barbie maker is joining forces with China-based e-commerce giant Alibaba (BABA) to market and develop toys for Chinese consumers.
The toy maker’s products will be offered on Alibaba’s Tmall marketplace, which serves over 440 million consumers, said the companies in a joint release.
Mattel and Alibaba’s A.I. Lab also plan to codevelop new products “designed to aid child development through the use of cutting-edge technology and smart, interactive learning.” Products will hit shelves in mid-2017.
Mattel has a growing number of interactive toys and games in its arsenal, from the Fisher-Price Think & Learn Code-a-pillar to the Nabi Aristotle, the latter of which debuted at CES and includes the integration of Amazon’s (AMZN) Alexa digital voice assistant.
“We look forward to supporting Mattel’s growth through our robust data and commerce technology infrastructure, which will help to elevate their overall business from product development to brand-building to rural penetration for this unique and massive market,” said Alibaba CEO Daniel Zhang in the statement.
Mattel shares were up 0.6% to close at 25.69 on the stock market today. Rival Hasbro (HAS) shares dipped 0.3% to 97.80. Alibaba lost 1.5% to 101.59.
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