Lego makes record sales as bid to ‘stay relevant' sees F1 and Nike tie-ups
Lego has made its highest ever sales as the toy giant said it was outpacing a declining market, and working hard to 'stay relevant' amid new brand tie-ups with Nike and Formula 1.
The Danish company said its revenues grew 13% to 74.3 billion kroner (£8.4 billion) in 2024 while the global toy industry declined 1% in a challenging economic environment.
Its operating profit jumped by a 10th to 18.7 billion kroner (£2.1 billion) compared with the previous year.
Growth was driven by demand in the Americas, Europe and Middle Eastern markets, with a portfolio of 840 products during the year.
Best-selling themes include its Star Wars and Harry Potter sets, and Lego Icons which includes a Pac-Man set and a Lamborghini, while it attracted new buyers with its expanding botanical collection.
At the end of 2023, Lego launched a video game through a tie-up with Fortnite, which it said had brought it some 87 million players, and led to the launch of physical sets inspired by the game.
Chief executive Niels B Christiansen said the business had been working hard to adapt to the changing world of entertainment as children increasingly use mobile-based games – including building an app designed for older children.
Some age groups, particularly nine to 12 year-olds, 'tend to grow up a little bit earlier, and orient themselves to what's interesting on social media', he said.
A strong interest in Formula 1 encouraged Lego to partner with the racing group, with new sets due to be launched this year, while a tie-up with sports brand Nike is also in the making.
Mr Christiansen said the brand partnerships reflect efforts to stay 'super relevant', adding that it was 'seeing this shift and trying to be right on it – even leading that shift'.
Meanwhile, the chief executive recognised that the threat of tariffs from US President Donald Trump was another reason for the global company to 'keep investing ahead' in every region it operates, after upgrading factories in Mexico and China and as it builds new sites in Vietnam and the US.
But Mr Christiansen said he does not 'lie awake at night because of tariffs or Mexico', and said the business would not 'panic' over policy but wait until it is clear what the long-term impact of measures could be.
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