Switching lanes: Is Europe the solution to China's EV glut?
But there are roadblocks. At home, a price war rages and few of the country's hundred or so manufacturers turn a profit. Meanwhile governments abroad are weary of Chinese competition.
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Sky News
34 minutes ago
- Sky News
Labubu maker's profits soar by nearly 400% in six months as ugly-cute toys become global sensation
The makers of Labubu dolls - popular with celebrities including Rihanna and David Beckham - reported a near 400% increase in profits in the first half of this year after demand for the ugly-cute toys soared. The dolls' makers, Pop Mart, has released its half-year results as shares in the company have risen more than 230% since the beginning of 2025 - reportedly making the Chinese company more valuable than Barbie-maker Mattel, Hello Kitty parent company Sanrio and Transformers makers Hasbro combined. The Chinese toy company's sales tripled to 13.9bn yuan (£1.4bn), while net profit soared almost 400% to 4.6bn yuan (£474m) during the first six months of the year, according to the Financial Times. Around 40% of the sales are said to have come from outside China. Labubu, a toothy-grinned member of "The Monsters" series of toys designed by illustrator Kasing Lung, has become a favourite of celebrities including David Beckham, Rihanna and Dua Lipa. They have also proved difficult to get hold of for consumers after selling out at various places across the world. Pop Mart boss Wang Ning said on Wednesday that his toy company was on track to meet its targeted revenue goal of 20bn yuan (£2.06bn) in 2025, and that "30 billion (£3.10bn) this year should also be quite easy". The 38-year-old chief executive's net worth has skyrocketed since 2024, according to Forbes - from $1.8bn (£1.3bn) to $26.3bn (£19.5bn). And his company is hoping to grow further, with executives saying on Wednesday that expansion in emerging markets in the Middle East, Central Europe and Central and South America was being explored. "I think for overseas markets we're still very positive, and we also believe there's still very broad space for growth," Mr Wang said, adding that sales from North America and Asia Pacific this year would together equal China sales in 2024. In the United States, where Pop Mart currently has about 40 stores, Mr Wang said the company will begin a phase of "relatively rapid store openings" over the next year or two, with 10 more US shops expected to open by the end of this year. The company has stores in Manchester and London in the UK - as well as having pop-ups in Harrods and Hamleys. The toys can also be bought online and in vending machines called "Robo Shops" in other parts of the UK. Pop Mart's primary business is producing and selling collectible toys, many of them developed with artists and sold in "blind boxes". The packages, which tend to cost around £14 in the UK, mean consumers don't know exactly which iteration of the toy is inside. This has helped drive repeat purchases, especially from collectors who want to own complete sets of each range of toys. A collector reportedly paid 1.2m yuan (£124,000) for a human-sized limited edition Labubu at an auction in Beijing in June. Until now they have been popular as a charm that can be fastened to handbags, Pop Mart says it will this week launch a mini version of Labubu that can be attached to phones. Monster profits Pop Mart said on Tuesday "The Monsters" brought in 4.81bn yuan (£496m) in the first half of this year - accounting for 34.7% of total revenue. Four other Pop Mart toy series' earned more than 1bn yuan (£1m) during the period, including "Molly" and "Crybaby", the company said. "We expect more restocking of existing series and launch of new editions to drive earnings expansion in the second half. That said, shares likely remain overpriced as investors are overlooking the high business risk in the long run, in our view," said Jeff Zhang, an analyst at US financial services firm Morningstar. 0:42 Pop Mart was reported to have a market capital - a way of measuring a company's total value - of around £25bn earlier this year. The figure was more than the combined value of toy-making giants Sanrio (£7.5bn), Hasbro (£6.4bn), and Mattel (£4bn), according to the markets news site Sherwood News. Next in Pop Mart's sights is a Disney-esque empire with executives saying the firm is optimistic about opportunities for Pop Mart characters to star in animated films and theme park attractions, though these are not expected to contribute a large amount of direct revenue in the short term. Look out for fake Labubus The surge in demand for Labubus led UK council bosses to warn people about the dangers of buying fake versions of the dolls earlier this year. Trading Standards warned that without proper safety checks, the counterfeit toys may contain choking hazards, toxic materials, or faulty components that put children at serious risk. The organisation has seized thousands of unsafe counterfeit Labubu dolls in recent weeks - with over 2,000 confiscated from 13 retailers in North Tyneside in just one month, the Chartered Trading Standards Institute (CTSI) said.
Press and Journal
14 hours ago
- Press and Journal
New Elgin dessert parlour to open in former Jimmy Chung's restaurant
Dessert parlour Shakes 'n' Cakes will open its sixth location, expanding into Elgin. Launching on Greyfriars Street, the new cafe looks set to dish up a wide variety of sweet treats. The popular north-east chain has whipped up an 'opening soon' banner over its new premises. The building on Greyfriars Street was previously owned by Chinese restaurant chain Jimmy Chung's. Renovations are under way, but an official opening date has yet to be confirmed. This will be the brand's sixth location in the north and north-east. Other locations include in Aberdeen at Old Aberdeen, Woodside and Great Northern Road, as well as Ellon, Inverness, and now Elgin. The branches sell sundaes, pancakes, waffles, ice cream and hot food. Shakes 'n' Cakes 2022 opening in Inverness had customers queuing in torrential rain. Co-owner Haroon Ahmed says the growing chain is 'Scotland's biggest', and is looking to keep expanding. 'Franchise is something that we are looking at currently,' he says. 'We're trying to build a franchise, but depends on the interest we get.' Opening hours have yet to be confirmed, but many Shakes 'n' Cakes branches stay open late into the evening, with some serving customers in the early hours of the morning. Shakes 'n' Cakes has been contacted for comment.
South Wales Guardian
15 hours ago
- South Wales Guardian
India's Modi meets China's top diplomat as Asian powers rebuild ties
Mr Modi also noted 'respect for each other's interests and sensitiveness' in a statement on social media after meeting Chinese Foreign Minister Wang Yi. China's foreign ministry said the countries have entered a 'steady development track' and the countries should 'trust and support' each other. Mr Wang arrived in India on Monday and has met with foreign affairs minister Subrahmanyam Jaishankar as well as national security adviser Ajit Doval about the countries' disputed border in the Himalayan mountains. India's foreign ministry said Mr Wang's meeting with Mr Doval discussed 'de-escalation, delimitation and boundary affairs'. Relations plummeted in 2020 after security forces clashed along the border. The violence, the worst in decades, left 20 Indian soldiers and four Chinese soldiers dead, freezing high-level political engagements. 'The setbacks we experienced in the past few years were not in the interest of the people of our two countries. We are heartened to see the stability that is now restored in the borders,' Mr Wang said. Mr Modi emphasised the importance of maintaining peace and tranquillity on the border and reiterated India's commitment to a 'fair, reasonable and mutually acceptable resolution of the boundary question', his office said in a statement. The rebuilding of India-China ties coincides with friction between New Delhi and Washington after US president Donald Trump imposed steep tariffs on India, a long-time ally seen as a counterbalance against China's influence in Asia. India is part of the Quad security alliance with the US, along with Australia and Japan. The chill in relations after the deadly clash in 2020 between troops in the Ladakh region affected trade, diplomacy and air travel, as both sides deployed tens of thousands of security forces in border areas. Some progress has been made since then. Last year, India and China agreed to a pact on border patrols and withdrew additional forces along some border areas. Both countries continue to fortify their border by building roads and rail networks. In recent months, the countries have increased official visits and discussed easing some trade restrictions, movement of citizens and visas for businesspeople. In June, Beijing allowed pilgrims from India to visit holy sites in Tibet. Both sides are working to restore direct flights. Last week, the spokesman for India's foreign ministry, Randhir Jaiswal, said India and China were in discussions to restart trade through three points along their 2,167-mile border. 'Settling the boundary issue between the two countries requires political compromise at the highest political level,' said Manoj Joshi, a fellow at the Observer Research Foundation, a New Delhi-based think tank. He also served as a member of the advisory board for India's National Security Council. The thaw between Beijing and New Delhi began last October when Mr Modi and Chinese president Xi Jinping met at a summit of emerging economies in Russia. It was the first time the leaders had spoken in person since 2019. Mr Modi is set to meet Mr Xi when he travels to China late this month — his first visit in seven years — to attend the summit of the Shanghai Cooperation Organisation, a regional grouping formed by China, Russia and others to counter US influence in Asia. Earlier this year, Mr Xi called for India and China's relations to take the form of a 'dragon-elephant tango' — a dance between the emblematic animals of the countries. Last month, India's external affairs minister visited Beijing in his first trip to China since 2020.
