Lego Powers Through Toy Industry Slump

  • 📰 NBCDFW
  • ⏱ Reading Time:
  • 37 sec. here
  • 7 min. at publisher
  • 📊 Quality Score:
  • News: 35%
  • Publisher: 63%

BUSINESS News

LEGO,TOYS,SALES

Despite a predicted second consecutive year of declining sales for the toy industry, LEGO continues to thrive, demonstrating strong revenue growth and market share gains.

The toy industry is headed for its second consecutive annual sales decline, but Lego is bucking the trend. The Danish company saw revenue jump 13% in the first six months of the year and continues to snap up market share. Lego has reshaped its business and diversified its customer base, helping it to elevate sales even in inflationary market conditions.

Lego's strategy has involved delving into the world of licensing, catering to adults as well as kids, tapping into the digital gaming world, partnering with studios and streamers to bring Lego content to consumers and building manufacturing sites close to distribution hubs to smooth the supply chain. Recent standouts among its tried-and-true portfolio are newly emphasized 'passion points,' kits that appeal to a wide variety of consumers, from those obsessed with franchises such as Star Wars and Harry Potter to car enthusiasts and animal lovers. 'Lego has consistently bucked the trend the past few years,' said James Zahn, editor in chief of The Toy Book. 'When other companies go down, Lego tends to go up.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 288. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Lego Lifts Toy Sales Despite Industry DeclineWhile the overall toy industry faces a second year of sales drops, Lego stands out with strong growth. The company's strategies of diversification, licensing, and focusing on 'passion points' have fueled its success.
Source: NBCPhiladelphia - 🏆 569. / 51 Read more »