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  • WELCOME BACK TO FIRST MOVE.

  • EVEN THE LARGEST TOYMAKER CAN'T

  • AVOID PRICING PRESSURE.

  • LEGO SAYS IT WILL RAISE THE

  • COST OF SOME OF ITS LEGOS SETS

  • TO OFFSET RISING MORE MATERIAL

  • AN OPERATION CAUSED.

  • COMPANIES VOICED JUMPED BY A

  • THIRD LAST YEAR, --

  • AND OF COURSE IT WAS A PANDEMIC

  • WENT OVER HIS FAMILY FOUND

  • FRESH WAYS TO ENTERTAIN

  • THEMSELVES DURING LOCKDOWN.

  • NOW LEGO IS WORKING ON BUILDING

  • A BETTER FUTURE PIECE BY PIECE

  • WITH A ONE BILLION DOLLAR

  • CARBON NEUTRAL FACTORY IN

  • VIRGINIA.

  • THE NEW PLANT IS SET TO OPEN IN

  • 2025.

  • PLENTY TO DISCUSS NOW, I'M

  • PLEASED TO SEE JOINING US IS

  • NEIL'S CHRISTIANSEN.

  • THE CEO OF THE LIVE OAK ROPE.

  • NEIL'S ALWAYS FANTASTIC TO GET

  • YOU ON THE SHOW.

  • MUCH TO DISCUSS, LET'S TALK

  • ABOUT THE DECISION TO RAISE

  • PRICES.

  • WHAT LED TO THAT?

  • WHAT KIND OF PRICE RISING ARE

  • WE TALKING ABOUT?

  • AND HAS TOUGH DECISION WITH ANY

  • POINT AND THEY HAVE TO BE MADE?

  • >> YES YOU ARE RIGHT IT IS LIKE

  • ALL OVER THE WORLD RIGHT NOW.

  • WE DO SEE THE INFLATION COST OF

  • PRESSURES ON EVERYTHING FROM

  • FRIGHT, TO ENERGY, TO MATERIAL

  • COST AND OF COURSE WE'VE HAD

  • THE SAME.

  • WE HAVE BEEN TRYING FOR

  • APPEARED TO ABSOLVE THAT AND TO

  • LEAVE THAT OWN.

  • AND I WILL SAY LIMITED PRICES

  • ON PASS ON TO A FOUR YEAR OLD

  • THIS AUTUMN.

  • AND WE ARE STILL TRYING TO

  • PROTECT AS MUCH AS WE CAN.

  • WE KNOW THE BASIC MISSION AND

  • LEGAL PLACE AND AS MANY KIDS AS

  • POSSIBLE THROUGHOUT THE WORLD

  • AND ALLOWS THEM TO BOAST

  • THEMSELVES AND TO PLAY.

  • WE ARE TRYING TO DO THIS IN THE

  • BEST POSSIBLE WAY AND OF COURSE

  • HAD TO MAKE SURE THERE IS

  • SOMEHOW AND SOMEHOW AND THEY

  • WERE HAPPENING.

  • THAT IS WHAT'S HAPPENING.

  • >> THE BEAUTY OF LEGOS ARE VERY

  • PRICE AND IF YOU HAD CANNOT

  • AFFORD THE MORE EXPERIENCED

  • PIECES YOU CAN GET THEM TO GET

  • SMALLER PIECES AND STILL HAVE

  • FUN.

  • ARE YOU SEEING --

  • ALREADY HAPPENING AND IF SO CAN

  • YOU GIVE US A SENSE OF WHERE IN

  • THE WORLD?

  • >> AND I WOULDN'T SAY HOW

  • THINGS ARE, AND WE ARE OF

  • COURSE AND PROTECT THE SETS

  • THAT ARE PRIMARILY, THEN THE

  • POSITION FOR YOUNGER KIDS.

  • SO THEY DON'T IMPACT THAT MUCH

  • AND THEY WERE ALL IN ALL, I

  • THINK WE'RE DOING BEST AND

  • MOST.

  • WE ARE DOING IT PRETTY LATE AND

  • IN THAT SENSE, I THINK WE ARE

  • TRYING TO PROTECT CONSUMERS THE

  • MOST THAT WE CAN.

  • HAVEN'T SEEN MUCH OF THAT

  • IMPACT AND NOT EXPECTING TO SEE

  • ALL OF THAT.

  • I THINK WE ARE ACTUALLY,

  • RELATIVELY SEEING A WELL

  • POSITION OR SO.

  • >> YOUR CALM VOICE I MEAN, I

  • THINK HUGE CONSENT GLOBALLY

  • WHICH IS VERY WELCOME.

  • DOES ANY OF WHAT YOU'RE SEEING

  • AND THE BACKDROP CHANGE OR

  • INVESTMENT PLANS?

  • I MENTIONED THE VIRGINIA PLANT,

  • YOU CAN TALK ABOUT THAT.

  • I WATCH A RAPIDLY OPENING

  • STORES LAST YEAR, I BELIEVE WAS

  • 165 NEW LEGO STORES.

  • 150 NEW BRICKS AND STORES THIS

  • YEAR.

  • IS THAT STILL THE PLAN?

  • NOTHING IS CHANGED ABOUT THAT?

  • >> NO NOTHING IS CHANGED ABOUT

  • THAT.

  • WHAT YOU ARE SEEING OVER THE

  • LAST COUPLE OF DAYS, WE HAVE A

  • GREAT MOMENTUM BEHIND OUR BRAND

  • IN OUR PORTFOLIO.

  • AND OUR ABILITY ACTUALLY TO GET

  • REALLY EXCITING STUFF TO GET

  • ALL OVER THE WORLD.

  • WE ARE DRIVING THAT MOMENTUM

  • AND WE ARE CONTINUING ALONG

  • THOSE LINES, AS YOU SAID A LOT

  • OF THE STORES.

  • --

  • IN THE LAST YEAR.

  • IT'S A REALLY EXCITING AND IT

  • IS A GREAT WAY NOW TO ALLOW

  • KIDS TO COME IN AND EXPERIENCE

  • THINGS THAT WE DO.

  • AND REALLY GET THE BRAND UNDER

  • THE SCALE.

  • I THINK THAT EXCITEMENT IS --

  • CONTINUING ALONG THOSE LINES,

  • CONTINUING TO OPEN STORES AND

  • AS THEY'RE ALSO TRYING TO

  • FOLLOW THAT SEARCH AND DEMAND

  • BY PROVIDING THAT CAPACITY AND

  • IT'S ONLY HALF A YEAR AGO.

  • TO BUILD THE FACTORY IN VIETNAM

  • AND YESTERDAY, WE ANNOUNCED TO

  • BUILD A HUGE FACTORY IN

  • VIRGINIA.

  • AND I'M SUPER EXCITED ABOUT

  • THAT.

  • >> THIS IS PART OF THE PLAN TO,

  • SHORE UP SUPPLY CHAINS IN

  • PARTICULAR BUT WE HAVE SEEN

  • OVER THE LAST TWO YEARS.

  • YOU TRY AND PRODUCE AS MUCH AS

  • YOU CAN, NEAR WHETHER, CLIENT

  • OR THE CUSTOMER BASE IS THAT

  • YOU ARE PRODUCING FOUR?

  • >> YES, EXACTLY.

  • I THINK THERE ARE SEVERAL

  • ELEMENTS OF THAT.

  • THAT IS BEEN THAT FOR QUITE

  • AWHILE, I KNOW OF A GREAT

  • SUCCESS.

  • THERE ARE SO MANY AMERICAN KIDS

  • THAT ARE REALLY, PROBABLY IN

  • LOVE WITH THE BRAND AND WANTING

  • TO PLAY.

  • WE WANT TO MAKE SURE THAT WE

  • HAVE THE SUPPLY CHAINS AND

  • SUPPORT.

  • THAT NEEDS TO BE A LOCALIZED

  • SUPPLY CHAIN.

  • AND BOTH FROM OUR ABILITY TO

  • REACT AND WHAT IS ACTUALLY IN

  • THE MAN AND WHAT THEY WANT AND

  • WHAT THEY NEED BUT ALSO, IN OUR

  • MIND SUSTAINABILITY IS REALLY

  • IMPORTANT.

  • IT DOES NOT MAKE MUCH SENSE TO

  • HAVE A SUPPLY CHAIN WHERE WE

  • WOULD BE SHIPPING LEGO ELEMENTS

  • ALL OVER THE WORLD.

  • WE WOULD MUCH MOTHER PRODUCES

  • PACKAGES VERY CLOSE TOGETHER IN

  • CONSUMER.

  • TO REACT QUICKLY AND TO HAVE AN

  • EFFICIENT SUPPLY CHAIN.

  • MOST OF, ALL VERY ALSO HAVE --

  • THAT IS WHAT WE ARE GETTING I

  • THINK BY ESTABLISHING OURSELVES

  • IN VIRGINIA.

  • >> I BELIEVE, MORE THAN OTHER

  • RELIABLE STORES WORLDWIDE NOW

  • ARE CHINA AS WELL.