Pop Mart, the Chinese maker of the hugely popular Labubu dolls, says its sales have surged following the launch of mini Labubus in August.
Sales soar after mini Labubus launch
The company reported that its global revenue jumped by around 250% in the three months to the end of September compared with a year earlier.
Sales outside China were particularly strong, with revenue in America up more than 1,200% and Europe rising by over 700%.
Pop Mart said the mini Labubus craze had helped drive demand in new markets, cementing the brand’s international reach.
From blind boxes to global sensation
Best known for its collectible toys sold in “blind boxes”, Pop Mart has faced criticism that the marketing method encourages gambling-like behaviour and impulsive buying.
Despite this, collectors have been obsessed with Labubus- the mischievous, elf-like creatures with jagged teeth- prompting queues outside stores worldwide.
Celebrity endorsements boost mini Labubus
The mini Labubus series gained further traction in the US thanks to celebrity fans such as Kim Kardashian and Lisa from Blackpink, as well as brand partnerships with Coca-Cola and One Piece.
Launched in 2019, the Labubu line has made Pop Mart a global retail force, with more than 2,000 vending machines and shops worldwide.
Pop Mart’s market value hits $45.5bn
Pop Mart’s shares rose 5.5% in Hong Kong on Thursday, giving the company a market value of $45.5 billion (£34 billion).
Since its 2020 debut on the Hong Kong Stock Exchange, its share price has risen more than 280%.
While some analysts, including JPMorgan, have warned the firm could be overvalued, the success of the mini Labubus shows that demand remains strong.
Source: BBC
Also read: Labubu toy seizure in Limassol raises trademark concerns
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