Mattel's Barbie Doll has been in the market since 1959. Through the hardship and work of Ruth and Elliot Handler, Barbie became the world's iconic fashion doll that our grandmothers, mother and even you and your daughter had played with.

For 55 years, toymaker Mattel's success proliferated as Barbie Dolls evolved. But this year, Mattel reported on Thursday that they suffered a -3.0 percent, 8 percent sales drop and a 21% fall on its flagship Barbie brand.

Barbie brand sustained a shocking 21 percent drop in sales during the third quarter, as compared to last year. The declining sales manifested in the last two quarters by at least 14 percent in each.

"Clearly we have work to do as we enter the fourth quarter, and we remain focused on executing during the all-important holiday season and beyond," Chief Executive Bryan G. Stockton stated.

Based on some reports, Barbie brand is still on the top list of doll brands, but due to the entry of new characters and smartphone games, the iconic doll brand seem to reduce in the last quarters.  Chief Exe. Stockton added that they are investing more on the improvement of the doll's features to pick up the sales.

With the strong sales in Mattel's line of Disney toys including the blockbuster movie 'Frozen' characters- Queen Elsa, Princess Anna and Olaf the Snowman Barbie sales had been partially affected. Barbie has struggled in sales, losing out dollars to newer doll lines.

 However, it is not yet done for Mattel as the company is also faced with other challenges.  This year, Mattel was overtaken by Lego as the biggest toy company in the whole world with the hit success of the 'The Lego Movie.'

Mattel also lost rights to produce Walt Disney Princess and Frozen characters to Hasbro Inc in September.

As Mattel Inc. reported yet another revenue miss on Thursday, Chief Executive Bryan Stockton calmly said that he's 'confident' that the company toys will rule the space under the Christmas tree.