Lego has announced a 13% increase in revenue for the first half of 2024, reaching 31 billion Danish krone, or approximately $4.65 billion. This impressive growth reflects the brand’s expanding appeal, buoyed by the success of its Lego Icons and Lego Creator lines and its collaboration with Epic Games’ Fortnite.
Despite a challenging toy industry landscape marked by inflation and reduced consumer spending, Lego has managed to thrive. The company’s CEO, Niels Christiansen, highlighted strong performance across its diverse portfolio. Unlike competitors like Mattel and Hasbro, which have faced declines in sales, Lego is seeing increased volumes and steady growth, attributed to both its traditional and innovative product offerings.
Last year’s trend of consumers opting for lower-priced sets has stabilized, with increased overall volume contributing to this year’s revenue boost. Christiansen noted that while consumer spending in China has been more conservative, Lego remains optimistic about long-term opportunities in the region. This optimism is reflected in the company’s strategic expansion, including 20 new store openings in China in the first quarter and an additional 20 planned for the second half of the year.
Lego is also making strides in sustainability, having nearly doubled the use of renewable and recyclable materials in its bricks compared to 2023. Christiansen emphasized that the company is investing significantly in these sustainable materials and is committed to not passing the cost onto consumers. Lego aims to source half of its raw materials from sustainable sources in the coming years, demonstrating its dedication to environmental responsibility.
As Lego continues to build on its pandemic-era success with a broad range of products for all ages and ongoing expansion efforts, the company remains a standout in the toy industry, navigating challenges with innovative strategies and a focus on sustainability.
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