Lego has been ranked as Denmark’s most valuable brands for some time, however the gap between it and second placed Maersk may have widened.
Although privately owned, Lego released first half figures last week which showed revenues had grown nearly 50% to DKr23bn ($3.6bn), a record.
That’s an astounding achievement for a consumer products business, especially given the Covid pandemic.
Counter intuitively, Lego has doubled down on opening new retail outlets, including 40 in China.
Lego has cleverly stayed close to its core consumer target, children 4-12 years, whilst embracing digitalisation, bolting modern marketing techniques like licensing and merchandising into its playbook. It has partnered with Disney, Marvel and DC Comics to name a few.
Lego also has a strong education and teacher endorsed opinion leader programme which appeals to parents, the main spenders.
Lego’s CEO was careful not to talk up the growth numbers too much, not that he has to worry about a public audience of investors!
Interestingly, the CEO also promised Lego would not be taking price rises, unlike some of its closest rivals.