Lego’s consumer sales actually grew 3% in a market that went down by 7%.
👉 Background: Lego is the family-owned company founded in Denmark back in the 1930s. And today there are over 600 billion lego parts in existence, which is enough to reach the moon if you stacked them end to end.
👉 What happened: Lego’s sales for the first six months of the year rose by just 1% or $4 billion USD. But Lego’s consumer sales actually grew 3% in a market that went down by 7%.
👉 What else: This means they’ve actually stolen some market share from their competitors like Hasbro and Mattel. And they're going full-steam ahead by opening new stores in China, despite a weaker economic climate.
💡 A weak market isn’t a free pass to slow down. It’s actually an opportunity to cement a strong position.
💡While Lego’s competitors had double-digit percentage dips in sales, Lego came out on top with their 1% growth in revenue. And in times like this, a company needs to use their momentum to grow faster than their competition… and stay ahead.
💡So now, Lego’s planning to open a total of 150 new stores this year, with over half of them being in China.
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