When did LEGO almost fail?

In 2003, LEGO was $800 million in debt. How did this household brand ever bounce back? Much can be attributed to the company's many brand collaborations. When did LEGO start in brand licensing?

When did LEGO nearly go bust?

The Danish toymaker experienced a rough year in 2005 when it nearly went bankrupt after losing sight of what mattered most in the business - customer satisfaction.

When was LEGO struggling?

The 40-year-old toy-making company struggled in the early 2000s, nearly succumbing to bankruptcy in 2003. Now, Lego stands out from the competition.

Why did LEGO almost go out of business?

Sales plummeted to such an extent that, by 2003, the company was mired in debt to the tune of US$800 million and facing bankruptcy.

What happened to LEGO in 2003?

But just 16 years ago, in 2003, LEGO was on the brink of bankruptcy. It had acquired a debt of some $800 million, a negative cashflow of $160 million, and a year-on-year 30%fall in sales.

LEGO's Catastrophic Failure

What went wrong with Lego in 2004?

We were not making toys that were sufficiently interesting to children. We failed to innovate enough. And we had nowhere cut deep enough to right-size the company". In 2004, Kjeld Kirk Kristiansen resigned as CEO and appointed Jørgen Vig Knudstorp, the first non-family CEO.

Has Lego ever forgotten a piece?

We do our best to make every set perfect and we take it very seriously when a faulty one sneaks through. Don't worry though, we can send you the parts you need! Please click “Missing Bricks” on the Bricks & Pieces section of our Customer Service site to order the part you need to finish your set.

Is Lego losing popularity?

Consumer sales grew at strong levels in 2021. Brought LEGO® play to more children around the world. Consumer sales grew 22 percent for the full year vs 2020. Revenue grew 27 percent to DKK 55.3 billion compared with 2020.

Is Lego getting sued?

Lego is being sued by an artist over its toy leather jacket in a new "Queer Eye" set. Artist James Concannon says the company copied a leather jacket he designed for "Queer Eye" star Antoni Porowski without permission. Concannon is seeking damages for the infringement of his intellectual property rights.

When did Lego lose money?

In 2004, LEGO Group posted a net loss of $220 million. Mads Nipper, executive vice president, marketing, LEGO, opined back then that the company was "almost bankrupt."

Will Lego stop using plastic?

In 2020, the company announced plans to remove single-use plastic from its boxes. In 2018, it began producing elements from bio-polyethylene (bio-PE), made from sustainably sourced sugarcane. These changes are part of the LEGO Group's commitment to use sustainable materials in their core products and packaging by 2030.

Why did Lego fail in 2003?

In 2003, Lego was $800 million in debt. Sales were down and the future was looking pretty bleak for the Danish toy company. Just over a decade later, in 2015, Lego had miraculously become the world's most powerful brand, boasting profits of $600 million.

What company did LEGO rip off?

Lego itself originally copied their bricks from British psychologist and inventor Hilary Page in the late 1940s. Lego and Tyco Industries fought in US courts over Tyco's line of interlocking bricks in the 1980s with Tyco prevailing.

Is 1980s LEGO safe?

Researchers found untested toys from the 70s and 80s would fail to meet modern safety standards. LEGO bricks are among the old plastic toys researchers have found contain dangerous levels of chemicals.

How many times did LEGO burn down?

It grew from the idea of producing the highest quality toys possible, and it was refined in the refiner's fire of three devastating blazes that brought down the factories of Ole Kirk Kristiansen, founder of the LEGO Group.

Why are some LEGO illegal?

A LEGO technique is classed as 'illegal' if it puts stress on the elements used; these are avoided by LEGO designers as over time, they would cause the pieces to break or deform.

Are LEGO sales declining?

Lego sales are building on pandemic-era growth, boosted by a diverse slate of products that cater to kids and adults alike. On Tuesday, the privately held Danish toymaker said revenue in 2022 jumped 17%, reaching 64.6 billion Danish krone, or about $9.28 billion.

Are illegal LEGO building techniques actually illegal?

Yes, unless stated otherwise in the specific challenge rules, all building techniques are allowed and will not result in disqualification. Note: "illegal techniques" refers to the LEGO Group's internal design rules for connecting elements together for stability and to avoid unnecessary stress.

How long will Lego last?

Findings suggest LEGO bricks have the potential to last for anywhere between 100 and 1,300 years—implying archaeologists in the year 3,000 CE may still be digging up our discarded LEGO. There are very few projections for what the world might look like then.

What is Lego target age?

The target audience of Lego is mainly the kids in 1 to 15 years age group.

Is Lego losing Star Wars?

In 2022, The Lego Group announced the Lego Star Wars theme will continue until 2032.

What is the rarest LEGO figure ever?

Solid Gold 14K C-3PO (2007)

The most expensive Lego® Minifigure is the Solid Gold 14K C-3PO coming in at around $300,000! Released in 2007 to celebrate the 30th anniversary of the Star Wars franchise, this rare minifigure is prized by collectors for its exceptional rarity - only five were ever made!

What is the rarest old LEGO?