By Chandini Monnappa and Praveen Paramasivam
MUMBAI, Feb 17 (Reuters) - Danish toymaker Lego plans to open 50 stores in India by 2030, ramping up investment in one of its fastest-growing Asian markets, as rising incomes and demand for screen-free play power growth, a senior executive said.
The family-owned company, known for its colourful building blocks, competes with U.S. toymakers Mattel MAT.O and Hasbro HAS.O and domestic brand Funskool in India's toy market, which consultancy Ken Research valued at about $1.8 billion.
"India is one of the biggest markets from a potential perspective within Asia," Bhavana Pandey Mandon, country manager for Lego India, told Reuters on the sidelines of an event.
The company has an accelerated plan for India and is deploying significant resources, she said, without giving details.
Lego has positioned itself at the premium end of the Indian market, focusing on large, experience-led stores in metros while using online and other physical stores to reach newer cities.
It currently operates four branded stores in Gurugram, Bengaluru and Chennai, and plans to prioritise major metros for further expansion.
Mandon said online accounts for about 50% of its India sales and quick commerce accounts for just over 10%.
Parents' rising willingness to spend on screen-free play and strong demand from adult hobbyists have helped drive Lego's popularity in the South Asian nation.
The India business has been growing at more than 50% annually, she said, compared with single-digit global growth.
Formula 1-themed Lego sets have been a standout in India, with demand exceeding expectations and placing the country among the top Asian markets for the range in 2025, Mandon said.
Talks with the Indian government on local manufacturing were ongoing, but there were no immediate plans to start production in the country, she added.
(Reporting by Chandini Monnappa and Praveen Paramasivam in Mumbai; Editing by Dhanya Skariachan and Eileen Soreng)
((Chandini.M@thomsonreuters.com; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))