The LEGO Group was founded in 1932 as a family business,by Kirk Christiansen, a carpenter, in Jutland, Denmark to manufacture wooden toy designs. Its initial business was the making of wooden toys in Denmark. It is only after 1958 that one of the founder’s sons came up with the idea of the LEGO brick. For this product, the company gained international recognition earning it various accolades from Fortune Magazine as well as the British Association of Toy Retailer.The company’s vision is to “Inspire and Develop the Builders of Tomorrow”, and its vision being,“Inventing the Future of Play”. The motto of the company is “Only the Best is Good Enough”, which has remained the same since 1932 when it was established.

Guided by its philosophy and motto, the company has invested heavily in R&D, developing and marketing its array of products based on its philosophy of children learning and development through play.The company places emphasis on high quality of its products, guided by its motto of “Only The Best Is Good Enough” (LEGO Group, 2016), and stresses on products that enhance children’s being and prepares them to be better adults. The company also aims at creating toys that appeal to children imagination and develops their creative urge and joy of creation which is an impetus in human beings (Bigus, 2013). As a result of this simple business philosophy, the LEGO Group has grown into a globally recognized brand with headquarters inDenmark, and main offices in USA, China, UK, and Singapore.Globally, It is ranked the second largest manufacturer of toys after Mattel, based on recorded sales volume, reporting annual sales of more than $5.2 Billion in 2015 (Kell, 2016), and employing more than 15,000 people globally (LEGO Group & Trangbæk, 2016).Besides toys, Lego has diversified its products and services portfolio to include games, theme parks, apparels, and video games. Among the company’sbest-selling productsareits trademark LEGO Brick, NINJAGO, LEGO Minifigures, LEGO MINDSTORMS, and Motorized Trains. Its most recently launched product includes LEGO Elves and LEGO Jurassic World™ which were positively received globally.

Indeed, LEGO Group is a company whose presence cannot be ignored. It has continuously reported growth in sales volume for the past years and based on their 2015 financial performance and projected future financial prospects, 2016 can only get better.

References

Bigus, P. (2013). The LEGO Group: Building Strategy. Ontario: Richard Ivey School of Business Foundation.

Kell, J. (2016, March 1). Lego Says 2015 Was Its ‘Best Year Ever,’ With Huge Sales Jump. Retrieved from Fortune: http://fortune.com/2016/03/01/lego-sales-toys-2015/

LEGO Group. (2016). About the LEGO Group. Retrieved from LEGO group: http://www.lego.com/en-us/aboutus

LEGO Group, & Trangbæk, R. R. (2016). 18 Percent Global Sales Growth in the First Half of 2015. Retrieved from LEGO Group: http://www.lego.com/en-us/aboutus/news-room/2015/september/interim-result