Toy giant Lego has reported double-digit sales growth year-over-year in the first half of 2024, rising by 13% in a "toy market that’s not growing right now," according to The Lego Group CEO Niels B. Christiansen.
Christiansen sits down with Yahoo Finance executive editor Brian Sozzi to talk about Lego’s fundamental building blocks that continue to make the brand a standout among consumers.
"The appreciation of the fact that playing allows you to gain some skills and to really develop your brain, but also a lot of skills that you need through life, I think that’s actually well appreciated by parents and kids really like it," Christiansen says, later adding: "The Lego brand is just such a good bridge between digital and physical."
As children turn more to gaming, AI, and other digital experiences, Lego is also "beefing up our own digital competence quite significantly."
Lego has sought out more sustainable production materials for its trademark bricks to offset pricing worries in an inflationary environment. 30% of the resin or raw materials for Lego products have been "what is called certified mass balance material. So material that has a very high element of non-fossil based materials in it, either renewable or sustainable bio-based materials.," Christiansen explains. "That translates into 22% of a Lego brick, on average."
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