Mattel held the master toy license for Disney Princess products before Hasbro took over in 2016.
Mattel developed and sold Disney Princess dolls and related toys for years, helping make characters such as Cinderella, Belle, Ariel, Jasmine, and Snow White familiar parts of the toy aisle. The company’s work included fashion dolls, playsets, and role-play merchandise.
Disney later transferred the master toy agreement to Hasbro, with the change taking effect in 2016. This transition is often discussed as a major licensing shift because Disney Princess was one of the most valuable character portfolios in the toy industry.
The answer refers to the principal toy license, not to every company that ever made a Disney Princess item. LEGO, Jakks Pacific, and numerous regional manufacturers have produced licensed Disney goods in particular categories or periods. Mattel’s distinction was its broad master-toy relationship before Hasbro’s appointment.