Almost everyone knows the world-known toy brick and has at least owned or has family owe sets of this product. According to Forbes, considered one of the top 100 valuable brands globally is the world phenomenon Lego. Besides the ability to be the creative and imaginative side that Lego can bring to consumers, the company gaining over 5 billion dollars in total sales with a percentage growth of 21% since 2019, has kept a positive increase in revenue and profit since 2004.
Lego has been able to maintain the same formula of the product when it comes to the lego bricks since 1958, meaning using bricks from 1962 can still be used with bricks in 2020, which has made it financially easier to come up with a variety of sets in the future. Lego is also known to manufacture one of the most tire textures globally, producing 300 million tires per year, which are more than known tire brands such as Michelin and Good year. The company has made so many specific pieces of bricks and mini-figures in so many different ways that have had them have over 6,000 to 12,000 different lego piece combinations costing $60,000 to make one specific lego brick. What has helped produce more lego ideas has been the themes the company has introduced relating to movie blockbusters, shows, and videogame titles. Lego has had its low points as well, almost going bankrupt by being $800 million in debt, but by getting rid of themes that have killed their profit and double down on the more successful themes.
The company had grown since its earlier times 80 years ago when they were once making wooden toys in Denmark, but is now known worldwide and found on every convenience store shelves. I admire how much they give new ideas to the consumer but always keeping the same creative play for children and adults alike, which I believe no other toy company can compare.
The Lego Group. “The Lego Group Delivers Strong Growth in 2020.” About Us - LEGO.com US, The Lego Group, 10 Mar. 2021, https://www.lego.com/en-us/aboutus/news/2021/march/2020-annual-results/.
“Lego Group.” Forbes, Forbes Magazine, https://www.forbes.com/companies/lego-group/?sh=26638dfc53d3.
Hi Ethan, I enjoyed reading your post. LEGO has been one of my favorite toys since I was really little. I liked it when you touched on the fact that LEGO introducing new themes into its sets has kept sales high. I personally believe that this a huge piece of what keeps LEGO relevant. They don't have reinvent the wheel and create something entirely different when they make a new set. The theming in my opinion is their innovation. It plays off the innovation and creativity already done by the tv or video game company and captures their consumers. This always keeps LEGO current and supplied with an endless supply of ideas so their sets are always popular.