Chinese toy company Pop Mart saw sales soar after launching mini Labubu dolls in August.
Driven by strong international performance, the company’s global revenue rose about 250% year-on-year in the third quarter. In the U.S., sales soared more than 1,200%, while European revenue surged by over 700%, according to the BBC.
These figures extend Pop Mart’s recent streak of strong results. On Wednesday, its shares rose 5.5% in Hong Kong, bringing the company’s valuation to around $45.5 billion (£34 billion).
Pop Mart is known for its «blind box» marketing strategy, in which buyers do not know which figure they are purchasing until they open the package. The approach has drawn criticism for promoting compulsive buying but has also fueled demand among collectors.
The Labubu line, featuring elf-like characters with jagged teeth, has become a global phenomenon — especially in the U.S. Thanks in part to celebrity endorsements from Kim Kardashian and Lisa of Blackpink, its popularity has grown. The toy’s profile has also been raised by collaborations with brands like Coca-Cola and One Piece.
Since its launch in 2019, Labubu has helped Pop Mart expand to over 2,000 stores and vending machines worldwide. The company went public in 2020, and its stock price has risen more than 280% since then.
