Lego expands Chinese ambitions
The Danish toy-retailer Lego (sales of €5.15 billion in 2019 up by 6%) aims to increase stores in China by almost 60% during 2020, moving up from 140 to almost 220 stores. In 2019, China was Lego’s fastest growing market, reporting a double-digit sales growth. In early March, the C.E.O. said that the coronavirus represents only a short-term blow to China’s economy that won’t change the toymaker’s expansion plans. The situation in China creates “some short-term uncertainties, but it doesn’t change the long-term strategy with our investments in the country”, he said. “Just because shoppers aren’t going to stores doesn’t mean they’re not buying, given the iniquitousness of online commerce in China. In the short term, there may be a shift in where we sell.