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BEIJING, June 20 (TMTPOST) — International toy maker Lego will be increasing its product prices in August this year.
Lego told Hongxing Zibenju that the price hike was caused by the mounting costs of energy, logistics and raw materials. The company currently has about 600 toy products, about 25% of which will see price raises. Lego has not disclosed further details.
Beijing Business Today reported that the prices of toys such as “Ferrari”, “Tree House” and “Typewriter” would increase by 5% to 25%.
Before the price adjustment, some non-official vendors on e-commerce platform Taobao have already increased the prices of their Lego toys, according to Hongxing Zibenju.
A vendor on Taobao told Hongxing Zibenju that the price of Lego’s Bugatti Veyron toys have been increasing due to the lack of supply in the market.
A Lego toy scalper shop has halted sales and adjusted the prices of its popular items, Beijing Business Today reported, citing Lego collector Chen. The Disney Castle for instance was priced 1,900 yuan in May but 2,049 yuan currently.
Founded in Denmark in 1949, Lego is an international toy maker famous for its interlocking plastic bricks that can be combined into different toys. Lego pieces can be assembled and connected in many ways to construct objects, including vehicles, buildings, and working robots. Anything constructed can be taken apart again, and the pieces reused to make new things. As of 2021, Lego was the largest toy company in the world.
In 2021, the company’s revenues were around 52.27 billion yuan, registering year-on-year growth of 27%. Lego’s revenues were ten times greater than that of Pop Mark, a leading toy maker in China.
Lego has been investing more in the Chinese market in recent years. It has been expanding quickly in China by opening up more shops. In 2021, the company set up 165 brick-and-mortar retail outlets across the globe, 90 of which are located in China. The company is also building its theme parks in China. Lego currently is building theme parks in Chengdu, Shenshen and Shanghai.
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