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LEGO® Opens first flagship store in China
Sept. 12, 2007
Danish toy giant LEGO opened its first flagship store in China on Wednesday
after a 15-year presence in the country.
LEGO CEO and President, Jorgen Vig Knudstorp, who is on his first visit to
China, attended the launching ceremony at the store in China World Shopping Mall
in Beijing.
In an interview, he explained why it took LEGO so long to open a brand store in
China.
“We’ve been in China for a long time, but now we are finding a way to really
crack the code and grow the market. The brand toy market in China is still in
its infancy. I think we’ve seen other markets grow faster, like cars, mobile
phones. But I think now is the time for brand toys to really grow.”
Knudstorp says LEGO China sales account for less than one percent of its total
sales around the world and he believes there is much potential for growth. He
expects LEGO to become the market leader in China by 2020.
Founded in 1932, LEGO Group is now the world’s sixth-largest manufacturer of
toys in terms of sales.
http://www.chinadaily.com.cn/bizchina/2007-09/13/content_6104531.htm
-end of report-
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