Investing.com - Toymaker Mattel (NASDAQ:MAT) jumped nearly 11% in afternoon trading on Tuesday after landing a licensing deal for Hello Kitty products.
The agreement with Sanrio will allow Mattel to produce Hello Kitty toys, dolls, playsets, games, puzzles, baby gear, plush, vehicles and other products.
“This relationship is another example of Mattel’s commitment to collaborate with globally-recognized franchises as part of our transformation into an IP-driven, high-performing toy company,” said Janet Hsu, chief franchise management officer at Mattel.
The products are expected to go on sale around the globe in 2020.
As Mattel surged, so did rival Hasbro (NASDAQ:HAS). Its shares were up 5.4%.