Pop Mart’s profit more than doubles on Labubu craze
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Strong overseas sales of its Labubu collectible toys have turned Pop Mart into one of the hottest stocks, with shares up 360 per cent in the past year.
PHOTO: BT FILE
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Hong Kong - Pop Mart International Group said it will continue to expand its global footprint with a focus on North America and Europe, after reporting that its profit more than doubled in 2024, driven by the popularity of its patented Labubu collectible toys.
“By developing physical stores in globally iconic locations, we aim to enhance brand experience and recognition,” it said, according to an exchange filing. Pop Mart will also look at strengthening cooperation with artists and brands to promote the “cross-boundary integration of pop culture”, it said.
Net income for the Beijing-based toys company soared 188 per cent to 3.1 billion yuan (S$572 million) in 2024 compared with 1.1 billion yuan a year earlier, beating the 2.71 billion yuan estimated by analysts. Full-year sales more than doubled to 13 billion yuan.
The performance of Labubu was “particularly impressive”, it added. Thirteen of its intellectual property products generated sales of over 100 million yuan.
The brand has become a global phenomenon after K-pop band Blackpink’s Lisa revealed that she obsesses over toys from the Chinese company.
