Chinese toy company Pop Mart, known for its Labubu toy, continues to gain momentum in both domestic and overseas markets. Founder and CEO Wang Ning said Pop Mart is on track to reach its revenue target of about $2.78 billion by 2025, and that it will be “quite easy” to achieve revenue of about $4.18 billion this year.
The announcement followed the company’s record-breaking first-half results, which showed net profit rose by nearly 400%, mainly driven by its lucrative export markets. The company’s shares rose more than 5% on the Hong Kong stock exchange.
Pop Mart is actively exploring expansion opportunities in the Middle East, Central Europe, and emerging markets in the Americas. In the US alone, where the company already has about 40 stores, it plans to open 10 more stores by the end of the year.
Labubu, which has a distinctive toothy smile and belongs to the “The Monsters” series, was created by Kasing Lung and has become an international trend, thanks to the likes of Rihanna and David Beckham. This week, Pop Mart plans to release a mini version of Labubu that can be attached to phones.
According to the company, the “The Monsters” series generated about $670 million in revenue in the first half of this year, accounting for 34.7% of total revenue.
