The LEGO Group Will Continue its Expansion in China
The LEGO Group, a global toy manufacturer, plans to continue expanding in China through physical stores and online sales. According to an executive, the company's consumer sales have outperformed the global toy market in the first half of the year.
Their fiscal report for the first six months of 2023 shows a one percent revenue growth, reaching DKK 27.4 billion ($4 billion) compared to the same period last year.
The company's consumer sales have grown by three percent, which is more than the declining toy market, contributing to a strong market share growth. The operating profit was in line with expectations at DKK 6.4 billion compared to DKK 7.9 billion in the first half of 2022. The net profit was DKK 5.1 billion compared to DKK 6.2 billion in the same period last year.
The LEGO Group now has over 460 flagship and certified stores in 120 cities across China. They plan to release more than 750 products this year, with around half being new.