As experts in the business news industry, we are excited to bring you the latest updates on one company that is defying the odds in a challenging market. Lego, the Danish toymaker, has reported a significant increase in revenue in the first half of 2024 despite an industry-wide sales slump fueled by inflation.
According to CEO Niels Christiansen, Lego saw a 13% jump in revenue, reaching 31 billion Danish krone, or approximately $4.65 billion. This growth can be attributed to the company’s strength across its portfolio, particularly with Lego Icons and Lego Creator, as well as its partnership with Epic Games’ Fortnite. Unlike some of its competitors like Mattel and Hasbro, Lego has managed to maintain steady growth by offering a diverse range of products that appeal to both kids and adults.
In addition to its popular franchise sets like Harry Potter and Star Wars, Lego has also introduced innovative design options for consumers, such as building flowers, succulents, famous works of art, and animals. Sales in the U.S. and Europe have remained strong, while China sales have remained flat. However, Christiansen remains optimistic about the long-term potential in China, with plans to continue expanding in the region.
One key aspect that sets Lego apart is its commitment to sustainability. Christiansen highlighted the company’s efforts to increase the use of renewable and recyclable materials in its products. In 2024 alone, Lego has nearly doubled the amount of sustainable materials used in its bricks compared to the previous year. The company aims to source half of its raw materials from sustainable sources in the coming years, demonstrating its dedication to environmental responsibility.
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