Chinese toy giant Pop Mart is projecting a staggering 350% surge in profits for the first half of 2024, driven by skyrocketing demand for its viral Labubu dolls. In a preliminary earnings report, the Beijing-based company revealed that its revenues have more than tripled, fueled by a combination of cost controls and rising international brand recognition.
Valued at over $45 billion, Pop Mart has captured global attention with its wildly popular Labubu dolls — quirky, elf-like creatures with jagged teeth — that have become a collector’s obsession and caused frenzied scenes in stores worldwide. Many retailers have even had to temporarily halt Labubu sales due to overwhelming demand.
Best known for its “blind box” sales format, where buyers don’t know which figure they’ve purchased until they open it, Pop Mart has carved out a niche in the global toy market since launching the Labubu line in 2019. The company now operates over 2,000 stores and vending machines globally.
Listed on the Hong Kong Stock Exchange since 2020, Pop Mart’s market value has soared nearly 600% over the past year. Sales outside mainland China now account for almost 40% of its total revenue, highlighting the brand’s international success.
