Lego’s 2021 Annual Revenue Rises 27% As People Of All Ages Keep Building!
Sales of Lego, the popular Danish toy production company, continued to rise in 2021 as both kids and adults continue to build "Star Wars" and "Harry Potter" models before, during, and after the COVID-19 lockdown.
Kist recently, a representative from Lego revealed its yearly revenue and it jumped 27% for 2021, reaching $55.3 Danish krone (approximately $8.06 billion) from $43.7 Danish krone (approximately $6.36 billion) in 2020.
Notably, Lego is one of the toy companies that saw a huge gain during the pandemic as both adult and kid consumers are still interested in building sets for fun. Lego has a diverse number of designs for their toys and the appeal spans along multiple generations.
Notably, Lego's top brands are Lego City, Lego Technic, Lego Creator Expert, Lego Harry Potter and Lego Star Wars. The designs range in size and difficulty in building. Lego even says the themes make it fun for kids to learn building skills while adults get to expand their creative side.
Furthermore, Lego noted that as it is about to be in its 90th year, the company expects its growth rates to normalize and transition back to single-digits. This year, Lego plans to start phasing in sustainable sales packaging to replace single-use plastic bags for a more eco-friendly alternative.
In 2021, Lego opened 165 new stores, which include 95 in China, bringing the toy company's total global store count to 832. Notably, China is now one of Lego's top markets and accounts for 340 stores in its global retail areas.
Adding to this, Lego's recent annual earning results was factored in that the toy company decided to stop delivering toys to around 80 owned stores in Russia following the country's war with Ukraine.
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Lego even went on to donate around $16.5 million to help support families and children in Ukraine.
