Lego CEO: China and Lego make the best match
Updated 15:59, 01-Mar-2019
The toymaker Lego released its report showing the company jumped out of the bearish toy market and see revenue rose four percent to over 5.5 billion U.S. dollars in 2018. Lego's CEO, Niels Christiansen is very happy with the company's growing top- and bottom-line.
Lego posted single-digit growth in the U.S. and Western Europe market but double-digit growth in China's market. Christiansen said there is a great match between what Lego offers and what Chinese society desired right now.
Games and puzzles, construction toys and plush toys are the best-selling categories in China's market, according to industry expert Anne McConnell. Lego CEO said Chinese parents value the importance of play to be quality and educational. “Lego is exactly what happened to that; it is really important for the kids to get equipped with the 21st-century skills of resilience and problem solving, creativity and collaborative skills,” said Christiansen.
Children playing in Lego's‍ Beijing flagship store. /VCG Photo

Children playing in Lego's‍ Beijing flagship store. /VCG Photo

Christiansen told CGTN that Lego eyes more than double the number of Lego stores in China this year, with new flagship stores. Apart from physical stores, Lego group is working together with China's tech titan Tencent to provide a safe digital environment for kids and launched a sandbox game “Imagination Creates the World” for building creativity.
“We believe the next generation of kids will be digital natives,” Christiansen said, adding that with digitalization processing, augmented reality is one of the ways for Lego to develop itself so that could build into role plays and playing with an iPad and iPhone.
The combination of physical and digital is a unique way for Lego. Christiansen told CGTN that the price gap is narrowing. “The world gets more and more globally,” and the gap will not be an issue.