Chinese designer toy company Pop Mart, known for its viral Labubu dolls, has announced a staggering 350% increase in profits for the first half of 2025. The surge is driven by explosive global demand, soaring international sales, and cost-efficient operations. The company also reported tripled revenues, cementing its status as a powerhouse in the collectible toy market.
Headquartered in Beijing, Pop Mart has reached a market valuation of over $40 bn, with its stock on the Hong Kong Stock Exchange gaining nearly 600% year-on-year. The growth reflects increasing investor confidence in Asia’s booming toy and lifestyle sector.
Labubu Becomes a Global Toy Icon
The Labubu figurine, a mischievous, elf-like character with jagged teeth, has become a global sensation among collectors. Released in 2019, it helped Pop Mart build a cult following through its «blind box» model, a packaging concept where the toy is hidden until opened. While popular, this model has drawn criticism for promoting compulsive buying, often likened to gambling.
Despite the controversy, Labubu sales have exploded across key markets. In the United States, demand rose 5,000% year-on-year in June 2025, according to M Science, a New York-based equity research firm. Sales have been driven by celebrity endorsements from stars like Kim Kardashian and Lisa of K-pop group Blackpink.
Pop Mart currently operates 40 stores in the U.S. and over 400 outlets across China, suggesting significant room for further expansion in Western markets.
Global Expansion and Strategic Partnerships
In 2024, international sales made up nearly 40% of Pop Mart’s total revenue, highlighting the company’s growing reach beyond mainland China. Collaborations with global brands like Coca-Cola and the Japanese anime franchise One Piece have amplified Labubu’s international appeal.
Pop Mart now operates over 2,000 vending machines and retail stores worldwide, turning designer toys into a global lifestyle trend.
Resale Boom and Luxury Collectibles
The popularity of Labubu has sparked a booming resale market, where standard dolls priced around $10 can resell for hundreds of dollars. In June, a life-sized Labubu sold at auction in Beijing for an astonishing $150,000, highlighting the toy’s growing status as a collector’s item.
Counterfeits and Enforcement
Labubu’s success has also triggered a wave of counterfeit toys, known colloquially as «Lafufu». In June, Chinese authorities seized over 46,000 fake Labubu dolls, stepping up enforcement against piracy in the intellectual property-sensitive toy sector.
Strong Outlook for Pop Mart and Labubu
Pop Mart’s rapid rise signals strong momentum in the global designer toy industry.
«I haven’t seen anything like this from other toy companies,» said Vinci Zhang, senior analyst at M Science. «The U.S. market is still largely untapped, and Pop Mart is just getting started.»
With a combination of strong brand partnerships, international investor interest, and viral pop culture relevance, Labubu and Pop Mart are poised to dominate the collectible toy world, and continue reshaping the global perception of Chinese lifestyle brands.
