Pop Mart, the creators behind the viral Labubu dolls, have reported a 400% increase in revenue.
The chief executive of the Chinese toy company, Wang Ning, said that his toy company would meet its revenue goal of 20 billion yuan (€2.4 billion) in 2025 and that "30 billion yuan this year should also be quite easy" too.
The toothy grinning monsters went absolutely viral across TikTok and Instagram after celebrities such as Rhianna, and Kpop idol Lisa were seen attaching the creatures to their handbags.
Speaking with analysts after Pop Mart announced record half-year results, the Labubu doll makers revealed their profits had soared almost 400% as demand for the little plush toy surged in highly profitable overseas markets such as the US.
The bag charm plush toy was designed by Kasing Lung and was a part of the company’s “The Monsters” series. Pop Mart have now announced they will be releasing a smaller version intended as phone charms.
Pop Mart’s CEO also revealed that the brand would be looking to expand into emerging markets in the Middle East, Central Europe and Central and South America.
Sales from North America and Asia Pacific this year combined equalled China sales in 2024, Pop Mart's original market.
The company has about 40 stores in the United States at the moment but are looking to rapidly open more due to soaring demand.10 more US shops are expected to open by the end of this year.
"I think for overseas markets we're still very positive, and we also believe there's still very broad space for growth," Mr Ning said.
The majority of Pop Mart's toys and figures are sold in “blind boxes” where customers don’t know which version or colour of the toy they are purchasing until they open it.
This lends itself to internet virality as “unboxing” content became incredibly popular on TikTok. Influencers were seen buying multiple crates of Labubu blind boxes to open on camera for their followers, often searching for rare colour variations.
While Pop Mart does not have an official store yet in Ireland, their toys can be purchased online or in Forbidden Planet in Dublin city.
