Pop Mart has posted stunning interim results for the first half of 2025, riding on the explosive popularity of its breakout character Labubu.
The Chinese toymaker reported revenue of US $1.93 billion , a staggering 204% year-on-year increase, while net profit surged almost 400% to US $636 million. Much of this growth was driven by Labubu and the “Monsters” series, which alone brought in about US $670 million - 668% jump compared with the previous year.
Labubu has quickly evolved from a niche collectible into a global sensation, now accounting for more than a third of Pop Mart’s sales. Celebrities such as Rihanna, Lisa of Blackpink, and David Beckham have been spotted carrying Labubu dolls, boosting its profile as both a toy and fashion accessory. This surge has helped Pop Mart’s market value climb past US $46 billion, surpassing industry giants like Mattel and Sanrio.
The company is aggressively expanding its global footprint to meet soaring demand. International sales now make up nearly 40% of total revenue, with North America and Asia-Pacific expected to rival China’s sales by year’s end. Pop Mart currently operates 571 retail stores and almost 2,600 automated “roboshops” worldwide, and it plans to open at least 100 more outlets overseas in 2025. To broaden its reach beyond blind-box collectors, the firm has also launched new products such as mini Labubu phone charms.
Looking ahead, CEO Wang Ning has forecast that full-year revenue could hit RMB US $2.78 billion, and possibly as high as US $4.18 billion if the craze continues. Yet analysts caution that the company’s fortunes are heavily tied to a single character, and long-term growth will depend on whether Pop Mart can replicate Labubu’s success with fresh intellectual property.
For now, the Labubu phenomenon shows no sign of slowing, cementing the quirky character as both a cultural icon and a business powerhouse driving one of China’s most remarkable consumer success stories in recent years.
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In a quiet but unmistakable wave, Labubu - the mischievous, wide-grinned character from Hong Kong-based toy studio Pop Mart - is carving out a niche for itself in the American cultural imagination.
A human-sized Labubu toy has sold for over $150,000 at a Beijing auction, setting a new record as the blind box collectible craze shifts into the realm of high-end art.
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