Lego’s Collaboration with F1
The well-known brick-building toy brand partnered with Formula 1 last year to create an array of new products aimed at various market segments.
Targeted Product Lines
The offerings include Duplo kits for younger children, Lego City models for slightly older kids, the Speed Champions series which provides a more realistic depiction of each racing team, and the Icons range tailored for older children.
Engaging with Motor Racing Fans
According to Lucas Vizcaino, Lego’s global head of product, the adult-centric Icons line is particularly appealing. He stated, “It’s part of the sport, it’s part of the passion,” emphasizing the importance of connecting with both new and returning fans of F1.
Financial Stability and Community Building
Despite a successful net profit of AUD $3 billion in 2023—well before the F1 partnership—Lego seeks to expand its community, engage existing fans, and attract new audiences through this collaboration.
Experiences at Grand Prix Events
Lego plans to maintain a presence at 21 events this year, featuring both experiences and merchandise stalls at 14 of them. At the Melbourne Grand Prix, they provided competitively priced kits, with the most affordable merchandise compared to items like team caps, which can cost around $120.
A Comprehensive Approach to Brand Recognition
This partnership isn’t solely about demographics; it represents a strategic investment in Lego’s image while associating with a globally recognized sport. It seeks to appeal to families attending Grand Prix events, providing a wholesome and engaging brand experience.
Future Plans and Developments
Lego’s F1 range covers all 10 teams, a significant advantage compared to previous collaborations like Hot Wheels. Their two-year product development process involved close cooperation with each team. Moving forward, Vizcaino hinted at long-term plans with several exciting ventures in the pipeline, aiming to connect with fans on a broader scale.
