The report notes that the shares in Pop Mart have surged over 200 per cent year-to-date
Driven by high demand for toys and a shift towards a higher-margin overseas market, Pop Mart, the maker of Labubu doll, has registered a nearly 400 per cent net profit in the first half of the year, Reuters reported.
The report noted that the 204.4 per cent surge in revenues and the net profit rise have exceeded the figures flagged in an earnings preview last month. One of the key drivers of Labubu’s success has been its popularity with celebrity fans. The report added that these include Lisa of K-pop group Blackpink, singer Rihanna.
Making the Chinese toy company more valuable than other key players like Hello Kitty parent company Sanrio and Barbie-maker Mattel, the shares in Pop Mart have surged over 200 per cent year-to-date, the report emphasised. The company is pledging to enhance the supply of the dolls, which are in high demand.
Sales of Labubu are likely to surpass 10 million units per day from September, its Chief Executive Officer (CEO) Wang Ning told Chinese state media, as per the report. The company considers Labubu under its The Monsters intellectual Property (IP) characters. The report added that The Monsters raked in USD 669.88 million in the first half.
As far as the distribution is concerned, the report highlighted that the company now has 571 stores. Of this, 40 opened in the first half of the current year. The company has 2,597 automated robot shops across 18 countries and regions. (With Reuters Inputs)
