Chinese toy company Pop Mart, maker of the popular Labubu dolls, has recorded a sharp rise in sales following the launch of miniature versions of its monster-themed toys in August.
The company said global revenue for the three months ending in September rose by about 250 percent compared with the same period last year. Growth outside China contributed strongly to the increase, with sales in the United States jumping by more than 1,200 percent and revenue in Europe rising by over 700 percent.
The results extend Pop Mart’s recent streak of strong performance, pushing its shares up by 5.5 percent in Hong Kong on Thursday and giving it a market value of about $45.5 billion (£34 billion).
Pop Mart is best known for selling toys in “blind boxes,” a marketing method where buyers do not know which toy they will get until they open the box. The approach has drawn criticism for encouraging compulsive buying, but it has also driven collector demand worldwide.
The company’s Labubu dolls, fantasy elf-like figures with pointed ears and jagged teeth, have become a global sensation, sparking long queues at Pop Mart stores across several countries.
Labubu’s popularity has been boosted by endorsements from Kim Kardashian and Lisa from K-pop group Blackpink, as well as partnerships with major brands such as Coca-Cola and the Japanese manga series One Piece.
Since its launch in 2019, Labubu has helped Pop Mart grow into a major international retailer, operating more than 2,000 stores and vending machines around the world. The company listed on the Hong Kong Stock Exchange in 2020, and its share price has since increased by more than 280 percent.
Pop Mart’s shares had dipped in recent weeks after some analysts, including those at JPMorgan, warned that the company might be overvalued and could struggle to sustain its popularity.
Even so, the latest figures show that the global demand for Labubu and its new mini versions remains strong.
