- Lego keeps growing in struggling toy market
- Revenue up 13% in 2024 to 74.3 bln Danish crowns
- Lego CEO shrugs off Mexico tariffs
- Lego plans to open more stores this year
LONDON, March 11 (Reuters) - Lego reported strong sales growth for 2024 as more shoppers snapped up its colourful plastic brick construction sets and the toymaker said it was taking market share from rivals.
Lego has broadened its product range to reach new customers, and CEO Niels Christiansen said the Lego Botanicals sets - flower bouquets and plants made of bricks - were popular gifts and had helped attract more teenage girls and women.
"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," Lego CEO Niels Christiansen said in an interview.
Lego has gained market share in "just about every market", Christiansen said. Lego's overall revenue grew 13%, opens new tab to 74.3 billion Danish crowns ($10.82 billion), up from 2% growth in 2023.
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 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% to 18.7 billion Danish crowns.
Lego plans to expand its store footprint further this year, expecting to open around 85 stores globally, up from about 70 in 2024, Christiansen said.
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.
"Tariffs is not what's keeping me awake at night," Christiansen said, asked about the impact of U.S. tariffs on Mexico.
"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," he added.
The Danish family-owned company is building new factories in the U.S. state of Virginia and in Vietnam, and is 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.
($1 = 6.8666 Danish crowns)
Reporting by Helen Reid Editing by Christina Fincher
Source: Reuters