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The goal was to rediscover the very essence of LEGO, innovate close-to-the-core, and leverage their loyal and creative fan base. Knudstorp’s turnaround plan involved a mix of cost-cutting, philosophical revitalization, sustainable innovation, and back-to-basics simplicity. LEGO had “over-innovated,” spreading itself far too thin and launching so many new initiatives that the company had lost its sense of identity. Knudstorp quickly realised that the problem was not with the product, but with the company’s attempts to become more relevant in the age of video games. in 2001 and was promoted to CEO just three years later, at just 36. How did they do it? Setting a new directionįirst, they restructured and hired a new CEO, Jørgen Vig Knudstorp, a process-based thinker and father of four who arrived from McKinsey & Co. Fuelled in part by The LEGO Movie’s Pixar-sized triumph, the privately held company surged ahead of main rival Mattel in 2014 to become the biggest toy manufacturer in the world.Īgainst all odds, LEGO achieved one of the biggest turnarounds in history. In the last ten years, however, LEGO has grown from the very brink of bankruptcy into the “Apple of toys:” an innovative, design-driven and highly profitable toy brand that produces a staggering 22 billion plastic bricks a year – roughly 500 a second. With debts almost equivalent to its annual sales, LEGO seemed destined for acquisition, or worse. What’s more, there are more LEGO people – “mini-figures” – than there are real people.īut despite world domination, LEGO’s sales declined sharply in 2003, dropping 35 percent in the US and 29 percent worldwide, culminating a year later in the biggest loss in the toymaker’s history: £217 million. For every person in the world, there are 62 LEGO bricks. Every second, seven boxes of LEGO are sold.