The viral, ugly doll that’s taking Asia by storm is proving to be one heck of a cash cow
Labubu, a creepy doll with serrated teeth, helped make Pop Mart a lot of money.
Labubu, the doll with serrated teeth that has Asia in a chokehold, made its producer a lot of money in 2024.
On Wednesday, the Chinese toymaker Pop Mart, known for selling collectible “blind boxes” of mystery toys and figurines, reported annual sales growth of 107% in 2024 compared with the year before.
It made 13.04 billion yuan, or $1.8 billion, in revenue, and its profits rose 204% from the previous year.
The Monsters toy line, which Labubu is part of, was particularly lucrative for the company. Its sales totaled 3.04 billion yuan, or 23% of Pop Mart’s total revenue.
“THE MONSTERS has rapidly gained global popularity and earned widespread fan support worldwide, achieving a significant year-on-year growth of 726.6% in related revenue,” the company said in its earnings report.
Pop Mart, which is publicly listed in Hong Kong, saw its stock price rise about 11% to 141 Hong Kong dollars, or $18, when markets closed Wednesday. It’s up almost 400% compared with a year ago.
The Labubu retail phenomenon
Retail analysts speaking with B-17 in November attributed Labubu’s popularity to several factors, including celebrity endorsement.
In April, Lisa, one of the four singers from the hit K-pop band Blackpink, posted a Labubu on her Instagram, which set off the craze for the product.
“I think the raging popularity of Labubu lies in its unique designs, emotional connection, exclusivity, and association with Lisa,” Sory Park, a project manager at the Chinese consumer research firm Daxue Consulting, told B-17.
Products in the Monsters collection in the US range from $9 for a 2-inch badge to $180 for its 23-inch plush toy.
The toymaker’s footprint is largely concentrated in China — it had 401 physical stores and 2,190 “roboshops,” or vending machines, in China at the end of 2024. Internationally, it had 130 outlets, with new shops opening in Italy, Spain, the UK, and the US.
Representatives for Pop Mart did not respond to a request for comment.
