Increased customer satisfaction leads to repeated spending and lower customer acquisition costs, which caused LEGO to thrive in the China market. Founded in 1934, LEGO is a private Danish toy company known around the world for its classic bricks.
How is Lego doing in China?
Lego sales soared in 2020, but don’t just credit stay-at-home trends, it’s gaining fans in China. Lego consumer sales jumped 21% in 2020, the result of a broader product range, e-commerce investments paying off and a surge of growth in China.
Is Lego popular in China?
Although Lego doesn’t disclose sales by country, it says China is already one of its best markets, clocking double-digit growth as the company’s global sales last year rose 6%, to a record $6.3 billion.
Why is Lego so successful?
LEGO inspires and develops the builders of tomorrow
Building with LEGO bricks helps kids develop their creativity, increase their problem-solving skills, become more resilient and boost their collaboration and communication skills.
When did Lego go to China?
Lego, the Danish toymaker, first entered the Chinese market in the 1980s and has since grown to 140 stores across 35 cities, but with plans to expand its retail estate to 220 stores by the end of this year it recognises it must adapt to local tastes.
Who owns LEGO now?
Can you buy LEGO in China?
The LEGO Group has already opened three flagship stores in China since the first one was opened at Shanghai Disneytown in 2016. The other two are located at the People’s Square in Shanghai and Wangfujing shopping street in Beijing.
Why did LEGO fail in 2004?
One reason that Lego nearly went bankrupt was because they lost sight of who their target audience was. They made unfounded assumptions, hastily innovating and creating without really researching beforehand to find out if that was what their audience actually wanted.
Who created lepin?
Guangdong Loongon Animation & Culture Co., Ltd.
(广东小白龙动漫文化股份有限公司), often referred to as Loongon, is a Chinese children’s toy manufacturer based in Guangdong and founded in 2003. Loongon and its family of brands, including Lepin and Cogo are known for producing Lego-compatible brick sets.