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| Pop Mart Machine |
“Labubu” Triples Pop Mart’s Revenue, Surpasses Barbie Maker in Market Value
Chinese toymaker Pop Mart has reported a remarkable 204.4% increase in revenue during the first half of the year, fueled by soaring global demand for its quirky and intentionally “ugly” doll, Labubu. Net profit surged by at least 396.5% year-on-year, underscoring the brand’s rapid rise in popularity.
The company’s shares have skyrocketed more than 200% since the start of 2025, pushing Pop Mart’s market capitalization beyond global giants such as Mattel (maker of Barbie) and Sanrio (creator of Hello Kitty).
One of the driving forces behind Labubu’s success is its cult-like following among global celebrities, including Lisa from K-pop group Black pink, singer Rihanna, and football legend David Beckham. Fans often purchase the collectible dolls through Pop Mart’s signature “blind boxes,” where the exact design remains a surprise until unboxing.
Pop Mart’s CEO, Wang Ning, recently revealed that sales of Labubu are expected to surpass 10 million units per day starting September 2025. The company’s “Monster” intellectual property line, which includes Labubu, generated 4.81 billion yuan ($669.9 million) in the first half alone, representing 34.7% of total revenue. Other key IPs like Molly and Crybaby each brought in over 1 billion yuan during the same period.
Currently, Pop Mart operates 571 stores worldwide—40 of which opened this year—alongside 2,597 vending machines across 18 countries and regions. With demand outstripping supply, the company has pledged to expand production and increase availability across global markets.
Pop Mart’s explosive growth highlights a new era in the toy industry where unconventional, emotionally resonant designs can rival—and even surpass—traditional icons like Barbie and Hello Kitty.
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