Danish toymaker The Lego Group expects strong growth in India, driven by the country's vast population of young children, a top executive told Business Standard.
"We've seen Lego love grow not just among kids, but also parents and adults in recent years. India has the largest population of young children globally, and we want to build on that," said Bhavana Mandon, country manager, Lego India, ahead of the launch of its first retail store in Gurugram.
Lego's first branded store in India marks a deeper push into the South Asian market. Until now, the company has been selling through platforms such as Hamleys, FirstCry, and online channels.
A 2024 note by Exim Bank valued the Indian toy market at $1.5 billion in 2022 and projected it to reach $3 billion by 2028, expanding at a compound annual growth rate (CAGR) of 12 per cent between 2023 and 2028. "The store marks a key milestone in expanding our reach as we see rising demand for creative play in India," Mandon said.
Akshara Srivastava/Business Standard
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