The LEGO Group is planning to open 50 stores in India by 2030, with Formula 1 leading the way to drum up interest in the country.
The LEGO Group's Country Manager for LEGO India, Bhavana Pandey Mandon, discussed the plans for increased investment in Asian markets with Reuters during an industry event, citing plans to open 50 stores in India by 2030. That still wouldn't catch up with the US and its 83 stores, but would overtake many other regions around the world.
"India is one of the biggest markets from a potential perspective within Asia," Mandon said, going on to highlight that the company has allocated significant resources to invest in India – although exact numbers on what that investment looks like were not revealed. The LEGO Group intends to open larger, experience-led stores in bigger cities and smaller stores in regions that are new to the brand.
At the moment, there are four branded LEGO stores in Gurugram (which opened last year), Bengaluru and Chennai, with immediate plans to prioritise major cities for further expansion. Mandon said that online shopping accounts for about 50% of its sales in India.
As well as parents looking for screen-free toys for their kids, there's also strong demand from adult LEGO fans across South Asia. Over the last few years, the LEGO Group's sales in India have been growing at more than 50% year-on-year, led by a growing interest in LEGO sets based on Formula 1. Mandon said that demand exceeded expectations in this area.
Although discussions about manufacturing in India are ongoing with the country's government, there are no immediate plans to start a production foothold in the country. It's currently supplied by global manufacturers, such as the recently opened location in Vietnam.
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