Pop Mart Forecasts 350% Profit Surge Amid Global Labubu Craze
Chinese toy maker Pop Mart is set to report a dramatic rise in profits, driven by the global success of its wildly popular Labubu collectible dolls. The Beijing-based company said it expects its first-half net profit to jump by at least 350% year-on-year, with revenue more than tripling over the same period.
The surge in performance comes as Labubu – mischievous, elf-like figures with jagged teeth – continue to captivate fans worldwide. Long queues, sold-out shelves, and a booming resale market have become common wherever the dolls are sold.
Pop Mart, which pioneered the “blind box” toy format that conceals the item inside until it’s opened, has seen its brand gain traction beyond China. Nearly 40% of the company’s revenue in 2024 has come from international markets, with explosive demand in the United States fueled by endorsements from stars like Kim Kardashian and Lisa of K-pop group Blackpink.
The company, valued at over $40 billion, attributed its improved profitability to global brand recognition and tighter cost management. Equity research firm M Science reported that Labubu sales in the U.S. surged 5,000% in June compared to a year earlier.
“I’ve not seen anything like this from other toy companies,” said Vinci Zhang, a senior analyst at M Science, noting Pop Mart’s relatively small U.S. retail footprint – fewer than 40 stores compared to roughly 400 in China – leaves significant room for expansion.
Since launching the Labubu line in 2019, Pop Mart has scaled rapidly, now operating over 2,000 stores and vending machines across multiple countries. The company’s stock, listed on the Hong Kong Stock Exchange since 2020, has skyrocketed nearly 600% in the past year.
However, the toy’s popularity has also attracted counterfeiters. In June alone, Chinese authorities seized more than 46,000 fake Labubu toys as part of a wider crackdown on imitation goods. Unofficial knock-offs, often dubbed “Lafufu,” have flooded the market in response to limited supply and surging collector demand.
Original Labubu figures typically retail for about $10, but some now sell for hundreds of dollars on the resale market. A life-sized Labubu sold at a Beijing auction in June for $150,000, highlighting the frenzy surrounding the brand.
Pop Mart’s collaborations with global franchises like Coca-Cola and One Piece have only amplified the Labubu phenomenon, solidifying the toy’s status as a global pop culture icon.
