Lego's going to invest more than $1 billion in its first factory in the US.
👉 Background: The LEGO group was founded back in 1932, and is the world’s fourth-largest maker of toys. Here's a fun fact: seven lego sets are sold every second around the world 🌏.
👉 What happened: Demand hasn't slowed for the Big L... In fact, Lego just said it is going to invest more than $1 billion in its first factory in the US. And it ain't just demand from kids.
👉 What else: For adults (or AFOLs - adult fans of lego), Lego brings back old memories from movies and it can also act as a form of stress relief. It's all part of the company's plan to expand beyond kids to adult fans of Lego.
💡 As a company matures, it needs to expand either its product range or audience to continue growing. Lego's writing the textbook on how to do both.
💡Back in the late 90’s, Lego was nearly 💀. It posted its first loss ever in 1998. But the company managed to broaden its product by creating licensing deals with franchises like Star Wars, Disney and Marvel.
💡Not only did this appeal to kids.. But it also attracted a whole new demographic of adults. So by doubling down on this market and expanding its portfolio to appeal to consumers of ALL ages, Lego's managing to stay ahead of the curve.
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