Labubu drives up Pop Mart profit by 400%: China toy maker eyes $4bn revenue this year; plans mini phone charms

Labubu doll maker Pop Mart chief executive Wang Ning on Wednesday said the toy company was on track to hit its 2025 revenue target of 20 billion yuan ($2.78 billion), adding that “30 billion ($4.18 billion) this year should also be quite easy.

”The company reported nearly 400 per cent surge in net profit, driven by strong demand in higher-margin overseas markets. The Pop Mart shares rose more than 5 per cent in early Hong Kong trading, according to Reuters.Executives said the company is exploring expansion into emerging markets across the Middle East, Central Europe, and Central and South America. “I think for overseas markets we're still very positive, and we also believe there's still very broad space for growth,” Wang said, noting that combined sales from North America and Asia Pacific this year would match China sales in 2024.Meanwhile, in the United States, where the ugly-cute doll maker currently operates about 40 stores, Wang said the company would begin a phase of “relatively rapid store openings” over the next year or two, with 10 new outlets planned by year-end.On Tuesday, the company reported that its toy line “The Monsters” generated 4.81 billion yuan ($669.9 million) in the first half, accounting for 34.7 per cent of total revenue. Four other toy series, including “Molly” and “Crybaby,” also crossed the 1 billion yuan sales mark during the period.Long known as a handbag charm, Pop Mart said it would launch a mini Labubu this week that can be clipped onto phones.