MAT - Mattel defends Barbie trademark in legal battle with Burberry

2023-07-03 07:09:40 ET

Mattel ( NASDAQ: MAT ) is in a legal battle with Burberry Group ( OTCPK:BURBY ) over the fashion company's efforts to trademark "BRBY" for a line of clothing, bags, and other products.

In a filing with the U.S. Trademark Office, toy giant Mattel ( MAT ) claimed the BRBY mark would mislead consumers into associating the products with Mattel's ( MAT ) Barbie dolls and related merchandise. The toy company stated that its own Barbie trademark is one of the most recognizable brands in the world. The legal argument is that Barbie and Barbie-formative marks serve as the basis for a robust portfolio of trademark registrations after decades of common use and amassing extensive common law rights. The toy giant noted the Barbie mark is widely known in many fields outside of the dolls category. The trademark is noted to broadly cover clothing, jewelry, cosmetics, and the live-action Barbie movie, which is opening later in July.

Shares of Mattel ( MAT ) moved up 1.25% in premarket trading on Monday. The toy stock is up 9.22% on a year-to-date basis to almost double the return of rival Hasbro ( HAS ). In April, S&P Global Ratings upgraded Mattel ( MAT ) to a BBB- rating after factoring in the toy company's earnings report and guidance update. The ratings agency gave Mattel an investment grade rating on increased confidence that Mattel's ( MAT ) recovery over the past few years is largely sustainable after the company reported strong underlying fundamentals for Q1 and market share gains in all three core product categories.

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