Pop Mart's Labubu doll frenzy drives 204% revenue surge, 397% profit jump
Revenue increased 204 per cent year on year to 13.88 billion yuan (S$6.8 billion) in the first half of 2025, according to an earnings statement on Tuesday (Aug 19). That compares with 62 per cent growth in the same period a year ago. Net income jumped 397 per cent to 4.57 billion yuan.
The Beijing-based company is racing ahead with its global expansion plan, leveraging the worldwide craze over Labubus – a plush toy that has turned into a pop culture phenomenon in Western markets, particularly the US. The pointy-eared, sharp-tooth monsters' popularity has been fuelled by blind box packaging that fuels repeat purchases, social media and celebrity fans.
Founder and chief executive officer Wang Ning said in a July interview with Chinese media that the company's overseas growth has been much faster than expected.
He estimated that foreign sales are likely to exceed the domestic Chinese market in 2025, and that North America sales may surpass South-east Asia's this year. Pop Mart's toys are generally priced higher – and generate bigger margins – in western markets than they do in China.
Earlier this month, Pop Mart opened a megastore in the landmark Bangkok shopping centre Iconsiam. The company said in March that it plans to open around 100 more outlets outside the mainland in 2025.
The hype around Labubu and strong growth has driven a rally in Pop Mart's shares, which have gained 213 per cent so far this year. BLOOMBERG
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