Daily Management Review

Lego posts record revenue in 2020


The Lego Group has reported its financial results for 2020.

Howard Dickins
Howard Dickins
The company's revenues increased by 13% year-on-year to 43.7 billion kroner (about $7 billion). According to Bloomberg, this is a record high in the history of the Danish toy manufacturer. And consumer sales grew by 21% over the year.

The year was so successful for Lego not only and not so much because of the pandemic and self-isolation, but because of the growing popularity of the company's products in China and because of Lego's investment in online sales. While physical shops were closed due to the COVID-19 pandemic, visits to Lego's official website have doubled, the report notes.

That said, in the case of China, it is the physical shops where parents bring their children that are playing a special role, according to the company’s CEO Niels Christiansen. In 2020, Lego opened 134 new outlets worldwide, 91 of them in China. At the same time, the manufacturer plans to open another 120 shops worldwide, 80 of them in China.

source: bloomberg.com