Labubu firm sees profit soaring by at least 350%

Pop Mart, a Chinese toy company, has become famous for its collectible Labubu dolls, which are elf-like figures with jagged teeth. These toys have become a global sensation, with fans lining up at stores and buying them as soon as they are available. Pop Mart uses a unique marketing strategy called 'blind boxes,' where buyers do not know which specific toy they will get until they open the box. This has made collecting Labubu dolls even more exciting for many people, but some critics say it encourages people to keep buying more in hopes of getting their favorite one.

Since the launch of Labubu dolls in 2019, Pop Mart has grown rapidly. The company now operates over 2,000 vending machines and stores worldwide. In 2020, Pop Mart was listed on the Hong Kong Stock Exchange, and its stock value has increased by nearly 600 percent in the past year. The company recently announced that its profits for the first half of this year are expected to rise by at least 350 percent, as its revenue has more than tripled. Almost 40 percent of Pop Mart's sales in 2024 came from outside mainland China, showing how popular the brand has become internationally.

Labubu dolls have become especially popular in the United States, thanks in part to celebrities like Kim Kardashian and Lisa from Blackpink showing off their collections. Pop Mart has also partnered with big brands like Coca-Cola and the manga series One Piece to create special edition dolls, which has helped boost their popularity even more. According to research firm M Science, Labubu sales in the US increased by 5,000 percent in June compared to the previous year. The high demand has led to a booming resale market, where dolls that originally cost around $10 can be sold for hundreds of dollars. However, the popularity of Labubu has also led to a rise in counterfeit dolls, known as Lafufu, and Chinese authorities have seized more than 46,000 fake toys in June alone. Pop Mart's success with Labubu has made it one of the most talked-about toy companies in the world.