Latest news with #Pop Mart
Malay Mail
2 days ago
- Business
- Malay Mail
Pop Mart's Labubu can't lift China's economy alone — Beijing readies ‘plentiful' stimulus toolbox
BEIJING, July 18 — China is prepared to take measures and has a 'plentiful' toolbox to avoid an economic slump in the second half of the year, its commerce minister said today as he admitted it faced a 'very severe and complex situation'. Growth hit 5.2 per cent in the second quarter, official data showed Tuesday, but analysts have warned that more must be done to boost sluggish domestic consumption as exports face the knock-on effects of global trade turmoil. Retail sales rose far less than expected last month and were much weaker than May, suggesting efforts to kickstart consumption have fallen flat. 'We are still facing a very severe and complex situation. Global changes are unstable and uncertain. Some of our policies will provide some new responses according to the times and circumstances,' Wang Wentao told journalists at a news briefing. 'Our toolbox is plentiful, and we will be fully prepared.' Asked specifically about China's reliance on exports, Wang suggested the government was preparing policies to 'further stimulate the momentum of our consumption development'. 'China's economy is improving, and the long-term fundamentals have not changed, the consumption market's characteristics of great potential, strong resilience and vitality have not changed,' he said. Wang also namechecked Beijing-based toymaker Pop Mart, whose Labubu monster dolls have become a must-have item internationally, adorning the handbags of celebrities such as Rihanna and Dua Lipa. 'We are also promoting new forms of consumption... for example Pop Mart, these kinds of new trends, new fashions and styles... the Labubu phenomenon has swept the world,' he said. US decoupling 'impossible' Beijing is battling to shift towards a growth model propelled more by domestic demand than the traditional key drivers of infrastructure investment, manufacturing and exports. That desired transformation has become more urgent since Donald Trump came to office. The US president has imposed tolls on China and most other major trading partners, upending trade norms and endangering Beijing's exports at a time it needs them more than ever to stimulate economic activity. The two superpowers have sought to de-escalate their row after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty. Wang said today that despite 'storms and rain', Washington remained an important trading partner. Even though China-US trade has declined proportionally for each country, overall bilateral trade has remained stable, Wang said. The firm economic and popular basis for US-China cooperation 'makes artificial decoupling and severing supply chains impossible', he said. Yet an inconsistent tune has 'severely impacted and disrupted normal trade cooperation between China and the United States'. Since Trump's first term, 'the trend of the trade frictions provoked by the United States has had ups and downs', Wang said. — AFP
CNA
2 days ago
- Business
- CNA
China mulls economy-boosting measures to counter 'severe situation'
Asked specifically about China's reliance on exports, Wang suggested the government was preparing policies to "further stimulate the momentum of our consumption development". "China's economy is improving, and the long-term fundamentals have not changed, the consumption market's characteristics of great potential, strong resilience and vitality have not changed," he said. Wang also namechecked Beijing-based toymaker Pop Mart, whose Labubu monster dolls have become a must-have item internationally, adorning the handbags of celebrities such as Rihanna and Dua Lipa. "We are also promoting new forms of consumption ... for example, Pop Mart, these kinds of new trends, new fashions and styles ... the Labubu phenomenon has swept the world," he said. US DECOUPLING "IMPOSSIBLE" Beijing is battling to shift towards a growth model propelled more by domestic demand than the traditional key drivers of infrastructure investment, manufacturing and exports. That desired transformation has become more urgent since Donald Trump came to office. The US president has imposed tariffs on China and most other major trading partners, upending trade norms and endangering Beijing's exports at a time it needs them more than ever to stimulate economic activity. The two superpowers have sought to de-escalate their row after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty. Wang said on Friday that despite "storms and rain", Washington remained an important trading partner. Even though China-US trade has declined proportionally for each country, overall bilateral trade has remained stable, Wang said. The firm economic and popular basis for US-China cooperation "makes artificial decoupling and severing supply chains impossible", he said. Yet an inconsistent tune has "severely impacted and disrupted normal trade cooperation between China and the US".
France 24
2 days ago
- Business
- France 24
China mulls economy-boosting measures to counter 'severe situation'
Growth hit 5.2 percent in the second quarter, official data showed Tuesday, but analysts have warned that more must be done to boost sluggish domestic consumption as exports face the knock-on effects of global trade turmoil. Retail sales rose far less than expected last month and were much weaker than May, suggesting efforts to kickstart consumption have fallen flat. "We are still facing a very severe and complex situation. Global changes are unstable and uncertain. Some of our policies will provide some new responses according to the times and circumstances," Wang Wentao told journalists at a news briefing. "Our toolbox is plentiful, and we will be fully prepared." Asked specifically about China's reliance on exports, Wang suggested the government was preparing policies to "further stimulate the momentum of our consumption development". "China's economy is improving, and the long-term fundamentals have not changed, the consumption market's characteristics of great potential, strong resilience and vitality have not changed," he said. Wang also namechecked Beijing-based toymaker Pop Mart, whose Labubu monster dolls have become a must-have item internationally, adorning the handbags of celebrities such as Rihanna and Dua Lipa. "We are also promoting new forms of consumption... for example Pop Mart, these kinds of new trends, new fashions and styles... the Labubu phenomenon has swept the world," he said. US decoupling 'impossible' Beijing is battling to shift towards a growth model propelled more by domestic demand than the traditional key drivers of infrastructure investment, manufacturing and exports. That desired transformation has become more urgent since Donald Trump came to office. The US president has imposed tolls on China and most other major trading partners, upending trade norms and endangering Beijing's exports at a time it needs them more than ever to stimulate economic activity. The two superpowers have sought to de-escalate their row after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty. Wang said Friday that despite "storms and rain", Washington remained an important trading partner. Even though China-US trade has declined proportionally for each country, overall bilateral trade has remained stable, Wang said. The firm economic and popular basis for US-China cooperation "makes artificial decoupling and severing supply chains impossible", he said. Yet an inconsistent tune has "severely impacted and disrupted normal trade cooperation between China and the United States". Since Trump's first term, "the trend of the trade frictions provoked by the United States has had ups and downs", Wang said. © 2025 AFP
Yahoo
2 days ago
- Business
- Yahoo
China mulls economy-boosting measures to counter 'severe situation'
China is prepared to take measures and has a "plentiful" toolbox to avoid an economic slump in the second half of the year, its commerce minister said Friday as he admitted it faced a "very severe and complex situation". Growth hit 5.2 percent in the second quarter, official data showed Tuesday, but analysts have warned that more must be done to boost sluggish domestic consumption as exports face the knock-on effects of global trade turmoil. Retail sales rose far less than expected last month and were much weaker than May, suggesting efforts to kickstart consumption have fallen flat. "We are still facing a very severe and complex situation. Global changes are unstable and uncertain. Some of our policies will provide some new responses according to the times and circumstances," Wang Wentao told journalists at a news briefing. "Our toolbox is plentiful, and we will be fully prepared." Asked specifically about China's reliance on exports, Wang suggested the government was preparing policies to "further stimulate the momentum of our consumption development". "China's economy is improving, and the long-term fundamentals have not changed, the consumption market's characteristics of great potential, strong resilience and vitality have not changed," he said. Wang also namechecked Beijing-based toymaker Pop Mart, whose Labubu monster dolls have become a must-have item internationally, adorning the handbags of celebrities such as Rihanna and Dua Lipa. "We are also promoting new forms of consumption... for example Pop Mart, these kinds of new trends, new fashions and styles... the Labubu phenomenon has swept the world," he said. - US decoupling 'impossible' - Beijing is battling to shift towards a growth model propelled more by domestic demand than the traditional key drivers of infrastructure investment, manufacturing and exports. That desired transformation has become more urgent since Donald Trump came to office. The US president has imposed tolls on China and most other major trading partners, upending trade norms and endangering Beijing's exports at a time it needs them more than ever to stimulate economic activity. The two superpowers have sought to de-escalate their row after reaching a framework for a deal at talks in London last month, but observers warn of lingering uncertainty. Wang said Friday that despite "storms and rain", Washington remained an important trading partner. Even though China-US trade has declined proportionally for each country, overall bilateral trade has remained stable, Wang said. The firm economic and popular basis for US-China cooperation "makes artificial decoupling and severing supply chains impossible", he said. Yet an inconsistent tune has "severely impacted and disrupted normal trade cooperation between China and the United States". Since Trump's first term, "the trend of the trade frictions provoked by the United States has had ups and downs", Wang said. mya-reb-mjw/reb/dan Inicia sesión para acceder a tu portafolio
The Independent
4 days ago
- Entertainment
- The Independent
Labubu doll maker says profits set to soar 350%
Chinese toymaker Pop Mark said it is expecting the massive popularity of Labubu dolls to lead to soaring profits for the first six months of the year. The popularity of the fang-toothed plush toy spread like a wildfire after celebrities like Blackpink 's Lisa and Rihanna were seen flaunting them on their luxury bags. The Beijing -based company on Tuesday said it expects at least a 350 per cent profit and about a 200 per cent jump in revenue for the first six months of the year. The persistent global demand for Labubu dolls has turned Pop Mart into a $40bn (£31.6bn) company, with its Hong Kong -listed shares jumping 588 per cent over the past year, according to Bloomberg. The company's revenue more than doubled in 2024 to $1.81bn (£1.35bn), mostly due to the elvish dolls. Revenue from Pop Mart's plush toys soared more than 1,200 per cent in 2024, accounting for nearly 22 per cent of its overall revenue, according to the company's annual report. The Labubu, by artist and illustrator Kasing Lung, first appeared in three picture books inspired by Nordic mythology in 2015. In 2019, Mr Lung struck a deal with Pop Mart to sell Labubu figurines. But it wasn't until Pop Mart started selling Labubu plush toys on key rings in 2023 that the toothy monsters suddenly seemed to be everywhere. It took the dolls less than a year to break into the Western market, aided by their increased visibility on the Chinese video app TikTok. The charms can often be seen dangling from expensive Hermes Birkins and Miu Miu bags, lending them a fun and colourful twist. Labubus, priced at around $40 (about £30), are released in limited quantities and sold in 'blind boxes', meaning buyers don't know the model they will receive. The company has faced criticism over its marketing technique, which some say promotes compulsive buying. As well as regular designs, there are also so-called "secret edition" Labubus, which are especially rare and sought-after by collectors. Demand for Labubus is so high, that rare Labubus are being resold for more than $1,000 (£745) each, according to reports. In June, a life-sized Labubu figure was sold in China for 1.08m yuan ($150,000 or £111,800 ) at an auction, setting a new record for the "blind box" toy. Amidst its growing popularity, Pop Mart has responded to the surge in counterfeits by releasing detailed videos on how to verify a doll's authenticity. Right now Pop Mart, whose products are manufactured across Asia, says that it is continuously scaling production and expanding distribution across its online shop, retail stores and 'blind box' vending machines to meet increasing demand.
