The Van Gogh 'Sunflowers' LEGO set, created in collaboration with experts from the Van Gogh

Museum in Amsterdam. Provided by LEGO.

Despite a global downturn in the toy market, Danish toy manufacturer LEGO Group achieved record-breaking revenue in 2024. The LEGO ‘Bouquet’ set was a major driver of this success. According to AFP and other media outlets, LEGO announced on March 11 (local time) that its net profit had increased by 5%, and total sales rose by 13%, reaching 74.3 billion Danish kroner ($10.82 billion USD, approximately 15.7 trillion Korean won). This marks a significant leap compared to the 2% growth recorded in 2023. Considering that Denmark’s overall toy and game market shrank by 1%, LEGO’s performance is particularly remarkable. LEGO remains a family-owned business, with Denmark’s Kristiansen family holding 100% ownership through their holding company.

A standout factor in this growth was LEGO's 'Botanical Set,' which allows customers to build flower bouquets using LEGO bricks. This set has become a popular gift item, especially attracting teenage girls and women, expanding LEGO’s customer base. CEO Niels Christiansen stated, “Our market share increased in almost every region, but particularly in the U.S., where the Botanical series sold incredibly well last year and continues to perform strongly in 2025.”

While LEGO thrived during the COVID-19 pandemic, its growth slowed afterward (17% in 2022 → 2% in 2023). However, the company has successfully rebounded by aggressively introducing new sets. Known for its popular Harry Potter and Star Wars series, LEGO increased its lineup to 840 sets last year, with 46% of those being new releases. The newly launched ‘Formula 1’ series has also emerged as a popular addition. In 2023, LEGO partnered with Nike and plans to release new sports-related sets starting this year. The company, which previously had around 70 stores worldwide, plans to expand to approximately 85 stores this year. When asked whether former U.S. President Donald Trump’s tariff policies might impact LEGO, CEO Christiansen responded, “Mexico is exempt from tariffs, so I’m not losing sleep over it.” He added, “We won’t panic. We’re analyzing the situation, considering different scenarios, and taking a long-term view.” LEGO’s largest manufacturing facility is located in Monterrey, Mexico. However, the company is building new factories in Virginia, USA, and Vietnam, while also expanding its plants in China and Hungary. The Virginia facility is expected to begin production in 2027, while the Vietnam plant is set to start operations this year.

(Hankyoreh, March 12, 2025)