Lego to build on success of movie: CEO

Lego CEO sees strong growth in Russia
Lego CEO sees strong growth in Russia

Lego is determined to stay relevant to today's tech-savvy children through online video and its "fantastically successful" movie franchise, the Danish toymaker's CEO told CNBC Wednesday.

Lego Group Wednesday reported a double-digit growth in global sales for 2014, up by 15 percent on last year, together with a 7 billion Danish krone ($1.48 billion) net profit, an increase of 16 percent since 2013.

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Jorgen Vig Knudstorp, CEO of Lego told CNBC's Worldwide Exchange that it is "still a lot of fun for children to create things" and they are "highly focused on our core physical lego building experience."

Justin Tallis | AFP | Getty Images

Despite the rise in children's interest towards technology, Knudstorp remained focused on keeping up to date.

"We're one of the most-watched brands on YouTube. We have a collaboration with Warner Brothers, with the fantastically successful 'Lego Movie' last year," he told CNBC

However, in terms of social media, The Lego Group's CEO maintains that its company is "treading very carefully" as there are restrictions when it comes to marketing towards children.

Discussing the results, Louise Cooper, a chartered financial analyst at CooperCity told CNBC via email that "since the arrival of CEO, Jørgen Vig Knudstorp, Lego has been revolutionised. But this is the tenth consecutive year of growth with little sign of a slowdown. 12% top line growth in a deflationary world is impressive, even more so given the size of the company."

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Russian market?

With Russia struggling against the decline in its currency and the geopolitical tensions with Ukraine and the West; Knudstorp admitted that they were seeing an impact in terms of the decline of the ruble but it hadn't impacted sales in the local Russian market.

The group had seen "very nice growth in Russia over the past year, around 35 to 40 percent, and I think it reflects the enormous strength the Lego brand has with the average Russian middle income consumer," Knudstorp added.

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Lego gets a feminine side

In March 2012, the Lego Group launched its Lego with Friends product line, targeted towards the young female audience.

Knudstorp admitted that Lego's female-orientated products had failed to capture the market in the past, but added that Lego with Friends had now "become a global blockbuster for us."

The annual results come in shortly after Lego was named as the world's most powerful brand of 2015, taking the crown from luxury car company Ferrari, in the Brand Strength Index, by Brand Finance, an asset valuation consultancy.

One of the main reasons for the brand's results was down to the commercial success and international praise from its 2014 film 'The Lego Movie,' which has grossed more than $468.7 million worldwide so far, according to Box Office Mojo.