Shanghai, China (EFE).- Pop Mart, the Chinese company that produces and markets the popular Labubu figures, saw its profits increase fivefold in the first half of the year driven by the global success of the toys, whose popularity has soared in recent months.
According to its earnings report filed Tuesday with the Hong Kong Stock Exchange, where it is listed, the company’s profit surged 396.5 percent year-over-year to the equivalent of about $637 million. Revenue tripled, rising 204.4 percent to approximately $1.93 billion.
“Labubu … emerged as one of the most sought-after brands in the world in the first half of the year,” Pop Mart stated in the document, pledging to “launch superior designs” and boost the series “to a global and enduring stature.”
The character’s overseas popularity significantly drove sales outside of China. The domestic Chinese market’s share of total revenue fell from 77.2 percent to 59.7 percent, even as domestic sales more than doubled (+135.2 percent) compared to the first half of last year.
Of the 40.3 percent of revenue now represented by overseas markets, the highest growth was recorded in the Americas, where turnover multiplied by 12, and in Europe, where it was 8 times higher year-over-year. The Asia-Pacific region, which accounts for 20.6 percent of sales, grew by 257.8 percent.
For many years, China was known in the West as a major producer of low-cost goods, such as electronics. But the success of Labubu now joins other global cultural impacts from the country, like the popular video game “Black Myth: Wukong” (2024), which broke global player records.
Founded in Beijing, Pop Mart’s products include designer figures, collectibles, and toys, as well as collaborations between creators and major brands that generate significant fervor among collectors with each new release.
Among its most prominent creations is Labubu, a mischievous monster with pointed ears and a devilish grin inspired by Norse mythology. Designed in 2015 by Hong Kong artist Kasing Lung, Pop Mart identified its potential and added it to its product line, launching the first collectible figures in 2019.
Its popularity exploded worldwide in 2024, becoming a collector’s item and a trend on social media, thanks in part to the company’s marketing strategy of releasing limited editions that have turned the toys into coveted objects of desire. EFE
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