Mattel is bringing the world's favorite blue heeler pup into its toy aisles. The El Segundo-based company has struck a deal with BBC Studios to weave characters from the hit children's show Bluey into five separate Mattel product lines, with the first items expected to hit shelves in fall 2026.
The partnership is a new collaboration between Mattel and BBC Studios involving the Bluey series, according to the Los Angeles Business Journal. Bluey characters will appear across Barbie and Hot Wheels product lines, per the same report, as Mattel folds the Emmy-winning franchise into some of its most recognizable brands. The deal is a multi-year global licensing partnership, with first products expected in fall 2026.
Reports differ over exactly which five lines will carry Bluey branding. License Global reports the lineup includes Barbie, Hot Wheels, Fisher-Price, Polly Pocket and UNO, while other reports name Little People, Barbie Cutie Reveal, Polly Pocket, Hot Wheels and UNO instead of Fisher-Price. The two reported lineups both include Barbie, Hot Wheels, Polly Pocket and UNO, but differ on whether Fisher-Price or Little People rounds out the fifth line.
A Natural Fit, Mattel Executives Say
Nick Karamanos, who heads entertainment partnerships at Mattel, called the collaboration a natural fit, according to the Los Angeles Business Journal. Suzy Raia, executive vice president of BBC Studios' global consumer products division, called Mattel an ideal partner for the expansion, the outlet reports.
Bluey, created by Ludo Studio, debuted in 2018 and has gone on to win two International Emmys for Kids, taking the honor in both 2020 and 2025. The show's popularity has made it a magnet for licensing deals well beyond Mattel — this summer, AMEET Publishing partnered with The LEGO Group and BBC Studios to release a collection of officially licensed LEGO Bluey activity and coloring books, according to bsckids.com.
Toy Giant Leans on Licensing Amid Sales Pressure
The Bluey deal lands as Mattel works through a mixed financial picture. The company reported net sales of $1.13 billion last quarter, a 10% year-over-year increase, but gross margin fell 2.7% over the same period, according to the Los Angeles Business Journal. Digital gaming, action figures and vehicles, plus strong North American demand, helped push sales higher, while higher tariffs, inflation and royalty costs weighed on margins, the outlet reports.
Mattel's stock has taken a hit even as sales climbed. Shares closed at $13.14 last Thursday, down nearly 23% year-over-year and nearly 34% year-to-date, according to the Los Angeles Business Journal. The stock had peaked in 2026 at $22.16 on January 8, per the same report.
Chasing Adult Collectors and Fresh Franchises
Roberto Stanichi, Mattel's chief marketing and brand officer, said the company is seeking to expand its adult-market business and plans to reach adult consumers through new partnerships and collections, according to the Los Angeles Business Journal. Stanichi said Mattel knows how to engage its adult fans, the outlet reports.
Bluey isn't the only franchise Mattel has been leaning on to diversify its slate. Barbie featured a Wicked collection in 2024, and Hot Wheels debuted Stranger Things, KPop Demon Hunters and Top Gun collectibles at San Diego Comic-Con in 2026, per the Los Angeles Business Journal. Mattel has also expanded licensing elsewhere in its business: the company entered multi-year agreements with Hasbro to create co-branded toys and games including Monopoly Barbie Edition, Transformers Hot Wheels and Transformers UNO, according to Mattel's corporate newsroom, and separately struck a multi-year licensing partnership with Warner Bros. Discovery Global Consumer Products granting Mattel global rights to develop and market DC-themed action figures, playsets and accessories.
No pricing, specific launch dates, or financial terms of the Bluey partnership have been disclosed. For now, Mattel is betting that pairing one of children's television's most decorated characters with its flagship toy brands can help steady a stock that has spent most of the year sliding.
