Pop Mart, the Chinese collectibles giant behind the viral Labubu doll, is scaling up from toy retail into a global cultural brand, with aggressive international expansion and ambitions in entertainment.
Reuters reported that CEO Wang Ning told analysts the company is on track to hit 20 billion yuan ($2.78 billion) in revenue by 2025, while suggesting 30 billion yuan this year “should be quite easy” after a blockbuster half-year.
Net profit surged nearly 400%, driven by strong demand overseas where margins are higher.
Pop Mart, known for its $10–20 “blind box” collectibles, plans rapid growth in the U.S., adding 10 more stores this year to its existing 40. Executives also highlighted emerging market opportunities in the Middle East, Central Europe and Latin America, predicting that sales from North America and Asia-Pacific could equal China’s as early as 2024.
At the heart of the frenzy is Labubu, a mischievous, toothy character from Kasing Lung’s The Monsters series, which has become a global cult icon embraced by celebrities like Rihanna and David Beckham.
The company is now extending Labubu into new formats, including a mini phone charm version launching this week.
Wang said the company is exploring animated films, theme parks and other entertainment avenues to transform its characters into intellectual properties that live across media, merchandise and experiences. While these initiatives won’t drive immediate revenue, they are aimed at positioning Pop Mart as Asia’s answer to Disney or Sanrio.
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