China's Pop Mart sees profit soar 400% as Labubu dolls fly off shelves around the world
Beijing-based Pop Mart posted net profit of $636 million, a 396.5% spike compared to the same period in 2024 – and handily beating estimates of a 350% rise over the entire year.
Revenue skyrocketed 204.4% to roughly $1.93 billion, far stronger than the 62% growth seen in the same period last year.
3 Pop Mart said its net profit jumped nearly 400% on sales of its popular Labubu dolls.
Gabriella Bass
Shares in Pop Mart have popped more than 200% so far this year, making the Beijing-based toymaker more valuable than Barbie-maker Mattel and Hello Kitty owner Sanrio.
Explosive demand for its Labubu dolls in overseas markets has driven the growth, since the toys sell for higher prices and generate bigger margins in regions like North America.
The company sells its Labubu dolls – which have big eyes, sharp-toothed grins and tall ears like a bunny – in 'blind boxes,' so shoppers don't know the exact color they're getting until they open the package.
That has turned certain rare Labubu designs into pricey collectibles – going for hundreds of dollars on eBay, with one first-generation figurine recently selling for $150,000 at an auction in Beijing.
Celebrities like K-pop singer Lisa, Rihanna and David Beckham have helped fuel the Labubu fever, wearing the tiny monster dolls as keychains on luxury handbags or car keys.
Pop Mart said Tuesday it would boost its supply of the dolls, which have been sold out in stores around the world.
3 Labubu sales are expected to pass 10 million units a day by September, according to Pop Mart CEO Wang Ning.
Getty Images
CEO Wang Ning told Chinese state media last month that sales of Labubu are expected to pass 10 million units a day by September.
He added that overseas growth has been much faster than expected, with foreign sales likely to exceed the domestic Chinese market this year.
Labubu dolls are included in Pop Mart's 'The Monsters' intellectual property characters.
The company said Tuesday that 'The Monsters' accounted for 34.7% of total revenue.
3 Pop Mart has 571 retail stores and 2,597 robot shops across 18 countries and regions.
AFP via Getty Images
Pop Mart has 571 retail stores – 40 of which opened in the first half of this year – and 2,597 robot shops across 18 countries and regions.
It is rapidly expanding, with plans to open a total of 100 new outlets outside the mainland this year.
Earlier this month, Pop Mart opened a megastore in Iconsiam, a massive Bangkok shopping center.
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