Beijing, China: Pop Mart, the Chinese toy maker behind the hugely popular Labubu dolls, has reported a significant surge in sales following the release of mini versions of the monster-themed toys in August.
The company reported that its global revenue for the three months ended in September increased by approximately 250 percent compared to the same period last year.
International markets played a significant role in this growth, with sales in the United States increasing by more than 1,200 percent and European revenue rising over 700 percent.
The boost builds on Pop Mart’s recent streak of strong sales. Its shares increased more than 5.5 percent in Hong Kong on October 22, valuing the company at around $45.5 billion (£34 billion).
Pop Mart is renowned for its ‘blind box’ toys, which conceal the contents until opened, a marketing method criticized for promoting gambling-like behaviour and compulsive buying. Labubu, the elf-like creatures with jagged teeth, have become a collector’s obsession, attracting long queues in stores worldwide.
The Labubu brand has gained particular traction in the United States, helped by celebrity endorsements from figures like Kim Kardashian and Lisa of K-pop group Blackpink. Collaborations with major brands such as Coca-Cola and the One Piece manga franchise have also bolstered Labubu’s global profile.
Launched in 2019, Labubu dolls have positioned Pop Mart as a major global retailer, operating over 2,000 vending machines and stores worldwide. The company went public on the Hong Kong Stock Exchange in 2020, with shares rising more than 280 percent since the IPO.
Despite the recent success, Pop Mart’s shares had faced minor declines in recent weeks over investor concerns, including warnings from Wall Street investment bank JPMorgan, about potential overvaluation and doubts over whether the toy craze could be sustained long-term.
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