The global popularity of the furry elf doll Labubu helped Pop Mart’s sales more than triple in the first six months of the year.
The Chinese toy company’s sales jumped to Rmb13.9bn ($1.93bn), while net profit soared almost 400 per cent to Rmb4.6bn, beating the company’s own forecasts of “at least” 350 per cent given last month. Overseas sales accounted for about 40 per cent of sales.
Pop Mart has become one of the world’s most valuable toy companies — worth more than twice as much as Hasbro and Mattel combined — following the Labubu frenzy that has been embraced by celebrities including Rihanna and David Beckham.
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