Lego sales are building on pandemic-era growth, boosted by a diverse array of products that attract both children and adults.
Yesterday, the privately held Danish toymaker reported revenue in 2022 jumped 17%, reaching 64.6 billion Danish krone, which is about $9.28 billion USD.
Lego was among the toy companies that saw massive gains during the pandemic, but the maker of those brightly colored bricks has outpaced rivals:
- Lego is generating almost twice the revenue of Barbie maker Mattel Inc., which less than a decade ago, claimed the title of the world’s biggest toy company.
- Lego also outpaces Hasbro Inc., maker of the Monopoly board game and Nerf guns.
Lego CEO Niels Christiansen told CNBC, “People are buying more… It’s not price increases driving it, if anything it’s people buying some of the bigger and more complicated sets. It’s a combination of volume and value.”
Christiansen pointed to the strength of Lego’s brand and its diverse product line that hits on a variety of “passion points” for its strong performance in 2022. These products range from themed sets of Star Wars and Harry Potter to botanical flower arrangements and muscle car replicas.
Heading into the new year, Lego is looking to continue to snap up market share and to add to its 2022 revenue gains. Christiansen said the company expects growth for the full year to reach high single digits.
Get instructions on how to enable our Flash News Briefing skill to your Amazon devices: