Move over Barbie, here comes Labubu.
The Chinese maker of the hit monster doll – favored by celebrities including Kim Kardashian and Rihanna – said Tuesday its profit soared nearly 400% in the first half of the year
The toothy-grinned plush toys’ stratospheric rise has sent shares of Pop Mart surging 213% year to date, making the Beijing-based company more valuable than Barbie-maker Mattel and Hello Kitty owner Sanrio.
Pop Mart said its net profit jumped nearly 400% on sales of its popular Labubu dolls. Gabriella BassThe Cabbage Patch Doll-like craze for the fuzzy phenoms has been partially fueled by Pop Mart’s move to package them in “blind boxes” — keeping shoppers in the dark about the exact color of their Labubu.
Some dolls, which retail for about $40, have turned into pricey collectibles. One first-generation Labubu recently fetched $150,000 at an auction in Beijing.
K-pop singer Lisa, Rihanna, Kardashian and even soccer legend David Beckham have been spotted wearing the tiny monster dolls as keychains on luxury handbags or car keys.
The doll’s popularity has sprouted knockoffs called “Lafufus.”
On Monday, US regulators issued an urgent warning that the fakes “break apart easily” and can “pose a serious risk of choking and death to young children.”
The demand for Labubus helped Pop Mart post net profit of $636 million, a 396.5% spike compared to the same period in 2024 – handily beating estimates of a 350% rise over the entire year, the company said Tuesday.
Revenue skyrocketed 204.4% to roughly $1.93 billion, far stronger than the 62% growth seen in the same period last year.
The company, which trades on the Hong Kong exchange, has a market cap of more than $46 billion, dwarfing Mattel’s $5.7 billion value.
Labubu sales are expected to pass 10 million units a day by September, according to Pop Mart CEO Wang Ning. Getty ImagesCEO Wang Ning told Chinese state media last month that sales of Labubu are expected to pass 10 million units a day by September.
He added that overseas growth has been much faster than expected, with foreign sales likely to exceed the domestic Chinese market this year.
Labubu dolls are included in Pop Mart’s “The Monsters” intellectual property characters.
The company said that “The Monsters” accounted for 34.7% of total revenue.
Pop Mart has 571 retail stores and 2,597 robot shops across 18 countries and regions. AFP via Getty ImagesPop Mart has 571 retail stores – 40 of which opened in the first half of this year – and 2,597 robot shops across 18 countries and regions.
It is rapidly expanding, with plans to open a total of 100 new outlets outside the mainland this year.
Earlier this month, Pop Mart opened a megastore in Iconsiam, a massive Bangkok shopping center.
