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Lego set to build on a new market

Lego set to build on a new market

The masterpiece mosaic of 112,031 Lego bricks featuring Jinbao, the mascot of the China International Import Expo, at the Danish company’s 378sqm booth at the Expo has made it stand out as one of the most noticeable exhibits.

But it is with the exclusive launch of two sets of Spring Festival-themed products that the toymaker hopes to further penetrate into the country, one of its fastest growing markets, in which it has been selling its iconic bricks for 35 years.

“This is the first time we’ve made sets for a specific country or region,” Lego Group CEO Niels B. Christiansen said at the launch event during the CIIE in Shanghai.

“If you measure it by turnover, the US is the biggest toy market in the world, as well as for Lego.

“But if you look forward, the potential, the opportunity and growth rates in China are amazing.

“So if you look at growth potential, China is the most important market,” he added.

In March, the company reported its first sales decline in 13 years in its 2017 financial report. Its revenue fell by seven per cent from 37.9 billion Danish crowns ($5.77 billion) in 2016 to 35 billion crowns. However, China continued to post double-digit growth, as the report showed, but failed to give a specific rate. CHINA DAILY

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