Lego is on a hot streak. The company went 7 for16 in this year’s “Toy of the Year Awards.” And they were only nominated in 9 categories.
Awards aren’t the only place Lego is winning. Lego’s revenue was up 22% in 2022, that’s six percent ahead of the American toy industry and well ahead of inflation. And they were profitable too, exceptionally so, with the company reporting a 32% increase in operating profits.
Lego does it all without seeming to break a sweat. How did they do it so elegantly? Lego CEO Niels B. Christiansen attributes the company’s success to expansive investment combined with a long-term view. Here is how he put it:
“In 2021 we saw the benefits of strategic investments made over the past three years to innovate our portfolio, expand and evolve our retail experiences and increase capacity within our global supply chain network.The LEGO Group achieves strong growth while investing to build for the future
The company made a lot of money in 2021 so expect them to continue to invest. A new factory in Vietnam is set to open this year, as are expansions to its other facilities.
Here is what I think: Lego’s most outstanding achievement is its ability to successfully translate the ultimate hands-on play experience, building with physical bricks, to building with virtual bricks, the ultimate hands-off play experience – an astounding accomplishment.
And, oh yes, Lego was STEM and STEAM before there was STEM and STEAM. A pan-generational favorite, Lego the perfect combination of skill, accomplishment, aesthetics, education, and just plain fun.