Pop Mart expects record profit thanks to viral dolls

By: Trademagazin Date: 2025. 07. 16. 11:04

Chinese toy manufacturer Pop Mart expects a profit increase of more than 350 percent for the first half of the year, the company announced, referring to the overwhelming success of its Labubu dolls worldwide. The sharp-toothed, elf-like figures have conquered not only children but also adult collectors – and have now become a real status symbol – writes Pénzcentrum.

Business explosion: threefold revenue, sixfold share price

According to Beijing-based Pop Mart, first-half revenue has more than tripled, and their profit is at least 350 percent higher than the same period last year. The company’s stock market value now exceeds $40 billion, and its shares have risen nearly 600 percent in a year on the Hong Kong stock exchange.

Behind the rapid growth is not only the international expansion of the Labubu dolls, but also Pop Mart’s effective cost control, the company highlighted.

The downsides of the “pig-in-a-bag” model

Pop Mart is particularly known for its “blind box” or “pig-in-a-bag” sales model: customers only find out which figure they have received after opening the package. While this increases the excitement of collecting, experts say the strategy can also trigger addiction and compulsive buying, and some say it can be compared to gambling.

Global success: America, K-pop and auction records

Labubu figures, introduced in 2019, have now become a global phenomenon. Pop Mart operates more than 2,000 of its own stores and vending machines worldwide, including 40 in the United States and 400 in China. Demand in the American market has increased by 5,000 percent compared to June 2024, according to an analysis by research firm M Science.

Celebrities such as Kim Kardashian and Lisa, a member of the K-pop band Blackpink, are also fueling their popularity. Pop Mart also works with global brands such as Coca-Cola and the One Piece anime franchise.

The shopping frenzy has also boosted the secondary market, with dolls that originally cost around $10 fetching hundreds of dollars. In the most extreme example, a life-size Labubu figure sold for $150,000 at an auction in Beijing in June.