Lego reported strong sales growth for 2024 as more shoppers snapped up its colourful plastic brick construction sets, reported Reuters in a summary of the reported results. The toymaker said it was taking market share from rivals.
Lego CEO Niels Christiansen said: “We have had really strong momentum, particularly also in the U.S. in 2024, we ended the year well and we’ve actually seen that momentum continue into 2025. He added that it has gained market share in “just about every market.”
Lego’s overall revenue grew 13% to 74.3 billion Danish kroner (GBP 8.37 billion), up from 2% growth in 2023.”
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- Revenue up 13% in 2024 to 74.3 bln Danish crowns
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The company has broadened its product range to reach new customers. The Lego Botanicals sets – flower bouquets and plants made of bricks – were popular gifts and had helped attract more teenage girls and women
Known for its long-running Star Wars and Harry Potter franchises, Lego has also created offline versions of online worlds popular with today’s children, teens, and even adults, launching sets inspired by video games Animal Crossing and Fortnite last year.
“Lego has nearly doubled annual revenue since 2019”
Lego increased its range of sets last year to 840, 46% of which were new, and said it was tapping into a “passion of sport” through partnerships with Formula 1, as motor sports grows in popularity, and with sportswear giant Nike.
Sales from Lego’s own stores and website grew by 12%, even as the broader toy market declined by 1%. Operating profit was up 10%.
Lego plans to expand its store footprint further this year, expecting to open around 85 stores globally, up from about 70 in 2024.
Lego’s biggest manufacturing site is in Monterrey, Mexico, but Christiansen shrugged off the impact of U.S. President Donald Trump’s tariffs on Mexico.
Christiansen said: “Tariffs is not what’s keeping me awake at night. We will not panic – we are analysing, looking at the scenarios and we will be thinking long-term about it also in the sense that we won’t do things that can destroy the good momentum we have.”
The company is building new factories in the US state of Virginia and in Vietnam It is also expanding the Monterrey factory and facilities in China and Hungary.
The Virginia factory, part of Lego’s aim to bring production closer to consumers, should start producing in 2027 while the Vietnam factory will start up this year.
