A toy giant in China, Pop Mart has reported a staggering profit surge of at least 350% for the first half of 2025, due to the explosive global popularity of its viral Labubu dolls.
The Beijing-based company said its revenue more than tripled during the period, powered by booming international sales, tight cost controls, and growing global brand recognition. The company, now valued at over $40 billion (£31.6 billion), has become a retail sensation thanks to its signature “blind box” toy packaging and cult-like collectibles.
The jagged-toothed, elf-like Labubu dolls have reportedly captured the imaginations of collectors across continents. Fans are said to queue for hours outside stores and vending machines in hopes of securing one of the rare figurines in different parts of Asia.
Launched in 2019, the Labubu character has helped transform Pop Mart into a retail powerhouse, with over 2,000 global outlets, including vending machines and flagship stores. Its blind box model, where customers don’t know which character they’re buying until they open it, has been both a hit and a subject of controversy, with critics likening it to gambling.
Still, demand has been relentless. By 2024, nearly 40% of Pop Mart’s revenue came from markets outside mainland China. In some countries, the demand has been so high that stores were forced to temporarily suspend Labubu sales.
A key factor behind Labubu’s breakout success has been celebrity endorsements. Social media buzz surged after stars like Kim Kardashian and K-pop idol Lisa from Blackpink were spotted with the quirky toys, catapulting the brand further into global pop culture.
Pop Mart, which went public in Hong Kong in 2020, has seen its stock value skyrocket by nearly 600% in the past year alone.
Will you go get one?
