Pop Mart profit more than doubles driven by Labubu-doll craze

Pop Mart International Group said it will continue to expand its global footprint with focus on North America and Europe, after reporting its profit more than doubled last year thanks to the popularity of its patented products. “By developing physical stores in globally iconic locations, we aim to enhance brand experience and recognition,” according to an exchange filing. It will also look at strengthening cooperation with artists and brands to promote the “cross-boundary integration of pop culture,” the maker of Labubu dolls said. Pop Mart beats profit expectations with record sales Net income for the Beijing-based toys company rose 188% to 3.1 billion RMB ($427 million) in 2024 compared to 1.1 billion RMB a year earlier, beating the 2.71 billion RMB analyst estimate. Full-year sales more than doubled to 13 billion RMB. The performance of Labubu was “particularly impressive,” it added. Thirteen of its intellectual property products generated sales of over 100 million RMB. The brand has become a global phenomenon after K-pop band Blackpink’s Lisa revealed how she obsesses over toys from the Chinese company. The resultant strong overseas sales have turned Pop Mart into one of the hottest stocks, with shares up 360% in the past year. By Rachel Yeo

Pop Mart profit more than doubles driven by Labubu-doll craze

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Published March 26, 2025

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Pop Mart profit more than doubles driven by Labubu-doll craze