'There's no fear of failure': How an iconic 85-year-old company is reviving its ideas and its profits

From alphabet blocks to Power Wheels, Fisher-Price toys are iconic.

The Mattel-owned company has been around since 1930 and is in the midst of a revival, during a time when the toy industry is adapting to a new generation of millennial parents.

When Christopher Sinclair took over as Mattel CEO last year, he was tasked with breathing new life into a struggling company, and he doubled down on the company's recent push to embrace innovation.

Mattel reported its Q2 earnings last week, and Fisher-Price's performance was a highlight, with worldwide gross sales up 3% (up 6% if you don't adjust for currency fluctuation), indicating that Fisher Price is retaining its momentum from last year, after six consecutive quarters of declining sales.

Business Insider spoke with Fisher-Price head Jean Ann McKenzie, design head Mark Zeller, and 20-year Fisher-Price veteran designer David Dubois, who indicated that the reinvigoration of a struggling brand is the result of significant shifts in the company's approach.

A fitting representation of this new way of thinking is Fisher-Price's second annual Mix Faire, an employee expo held at the company's headquarters in East Aurora, New York, in May.