Mattel (MAT -1%) announces that it formed a strategic partnership with Alibaba (BABA -0.8%) to sell toys to Chinese consumers.
The deal gives Mattel closer access to Alibaba’s 440M active buyers across various e-commerce platforms, while Alibaba gets a crack at some of Mattel’s iconic brands.
“The multi-billion dollar toy category in China is highly fragmented, with tremendous potential for growth. Working with Alibaba, we see a terrific opportunity to develop and lead the category,” says a top Mattel exec.
Mattel and Alibaba will begin product development immediately, with initial availability planned for mid-2017.
