We all know that LEGO is a very popular company, dominating the toy industry for decades. However, do you have any idea whether the company is as successful as it seems? The best way to determine whether or not a company is a leader in the retail world is whether or not it has made Fortunes Magazine’s Fortune 500 list. So, where does LEGO hold up?
LEGO has never earned a spot on the Fortune 500 lists, but it has made the Global 500 list and named the world’s most powerful brand in Brand Finance’s yearly Global 500 rankings. You will also see this company’s name on lists full of brands known for quality products, great customer service, effective marketing, and so much more.
If you are confused about why you will never see LEGO on the Fortunes 500 list and interested in learning about other awards this leading industry giant has obtained in the 90 years they have been conducting business, keep reading this article.
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Is LEGO A Fortune 500 Company?
Before we can discuss why LEGO never made its way to the Fortune 500 list, it will be beneficial to discuss what the Fortune 500 list is.
While this list does provide consumers with an idea of the top 500 companies providing quality products with amazing services, it is limited to companies originating and operating in the United States. If a company is located outside of the states, it can not make this specific Fortune Magazine list.
With that said, The LEGO Company was founded in 1932, byOle Kirk Christiansen, in Billund Municipality, Denmark. Due to the location of the company, it doesn’t qualify to receive a spot on Fortunes 500 top US brands list.
Awards Given To LEGO
The LEGO company may not have received a popular, sought-after spot on the Fortune 500 list; it has been recognized in many other ways, reaching the top of many other lists surpassing some of the world’s biggest brand names, including Disney and Ferrari.
Here is a list of the few awards received by The LEGO Company throughout history:
- #1 Brads Finance World most popular brand in 2017
- 2021 RepTrak: The Worlds Most Reputable Company
- 7 Toy of the Year Awards
- #449 Forbes America’s Best Midsize Employers 2022
- #244 Forbes World’s Top Female-Friendly Companies 2021
- #552 Forbes World’s Best Employers 2021
- #92 Forbes World’s Most Valuable Brands 2020
- America’s Best Employers By State 2019
- #169 Forbes Best Employers for Diversity 2018
- #185 Forbes America’s Best Employers 2016
LEGO also obtained a wide variety of awards for the LEGO movies released over time from ceremonies such as the Acadamy Awards, Golden Reel Awards, Grammy Awards, and more.
What Makes LEGO Such A Prestigious Brand?
You can develop a pretty successful company simply by understanding the process of making a quality product and packaging it at an affordable price. However, it takes a lot of skills and know-how to make a worldwide brand that takes these types of lists by storm every single year.
Understanding the Customer
First and foremost, LEGO knows where the majority of its sales come from and focuses much of its resources directly in that area. What is that area? Kids. Kids are the ones saving their allowances and birthday money simply to save up for the next amazing LEGO set that is scheduled to come out in the near future.
But kids are not the only targeted audience, LEGO has expanded its customer base in recent years with the 18+ branding which targets adults. The 18+ sets replaced the Creator Expert theme in order for adults to know more clearly which LEGO sets were made with them in mind. LEGO saw this emerging market over the years and decided to take advantage of it.
LEGO is ahead of the game, making sure their researchers and teams know what the next big thing will be and begin developing the next most sought-after LEGO set. This skilled group is called the Future lab, which is constantly putting themselves in situations that can help them create unique and captivating ideas.
Branching Out
Not many toy companies have been able to increase sales by creating their own movie based on the objects they are selling. However, LEGO not only accomplished this task but raked in a lot of cash doing it and utilized spin-offs to keep the income flowing in.
The LEGO movies and television series have not only increased the company’s revenue but have been a great way to bring the toy back into the minds of customers, marketing their product in a profitable way.
Learning From Their Mistakes
Although LEGO has had a ton of success over many decades, they have also experienced an array of ups and downs as well. Lego suffered not only one but two fires, a brush with bankruptcy, and a few idea flops that were just awful.
Instead of taking the hit and moving on, LEGO continued to re-grow, learn from their mistakes and push forward with bigger and better ideas that eventually pulled them from the brink of disaster and helped improve profits, and placed them back on the charts.
Treat Customers and Employees With Respect
LEGO is well-known for being a top company to work for because of the respect and kindness they show to their employees, making sure each of them knows how important of a role they play to the company. This respect isn’t solely limited to workers, though; LEGO also reaches out to give back to the community that makes them so successful.
LEGO is frequently doing its part to support non-profit organizations, work closely with their communities, and provide resources to support and more creative and resilient society.
A few ways LEGO supports the planet include:
- The LEGO foundation- Building places to play all around the World
- LEGO Education- A LEGO stem program
- LEGO Ventures- Works with start-ups, innovative ideas, and entrepreneurs to create new and creative ways for kids to learn and play.
- Donates to Hospitals, Schools, and other extremely important causes
LEGO does its part to keep things as economically friendly as possible, taking steps to leave the smallest carbon footprint possible.
Final Thoughts
Although LEGO is not a candidate to make the Fortune 500 list, it has definitely been able to make its mark in the industry and on communities all around the world.
This begs the question, would LEGO have made it onto the Fortune 500 list had it been an American company? The answer is difficult to determine. What we can say for certain, however, is that LEGO has found monumental success in the United States and around the world due to its unique products and exceptional customer service. Despite not being featured on the Fortune 500 list, LEGO is a powerhouse brand that should continue thriving for years to come.
LEGO continues to grow, showing the world that it is possible to make a quality product, have a strong moral compass, and still come out on top as a successful business. It will be interesting to see where LEGO goes in the next 90 years and what amazing innovations they come up with!