“This week we’re launching a miniature version of Labubu. In the past, people would hang it on their bags, but now you can attach it to your phone as well. I’m confident it will become a flagship product,” said Pop Mart President and CEO Wang Ning on Wednesday, August 20, at the Chinese toy maker’s mid-year conference. This new product may not be revolutionary, but it’s certain to multiply profits.
Specially since the Labubu formula has proven to be crisis-proof. Whether in plush form or as a small vinyl figurine dressed in various costumes, the mischievous little monster has taken over. In the first half of this year, Pop Mart recorded total revenue of 13.88 billion yuan (€1.65 billion). It’s a 204.4% increase compared to the first half of 2024. Net profit reached 4.71 billion yuan, up 362.8% year over year. Of the 13.88 billion yuan, 8.28 billion came from China, 2.26 billion came from the Americas, and 480 million came from Europe.
These staggering figures run counter to the sluggish Chinese domestic consumer market and have even led to shortages. Despite claiming to have increased the productivity of its Guangdong subcontractor factories tenfold in a year thanks to automation, Pop Mart has still not managed to keep up with demand.
You have 56.71% of this article left to read. The rest is for subscribers only.
