- Chinese toymaker Pop Mart anticipates a significant profit increase of at least 350 per cent and a revenue jump of around 200 per cent for the first half of the year, driven by the immense popularity of its Labubu dolls.
- The fang-toothed plush toys gained widespread global demand after celebrities like Blackpink's Lisa and Rihanna were seen with them, contributing to Pop Mart's valuation reaching $40bn (£31.6bn).
- Originally created by artist Kasing Lung in 2015, Labubu figurines were first sold by Pop Mart in 2019, with their popularity soaring after plush keyring versions were introduced in 2023 and gained visibility on TikTok.
- Labubu dolls, typically priced around $40 (£30), are sold in limited quantities via “blind boxes”, a marketing strategy that has faced criticism for potentially encouraging compulsive buying.
- The high demand has led to rare Labubus reselling for over $1,000 (£745) and a life−sized figure fetching $1.08m yuan ($150,000 or £111,800) at auction, prompting Pop Mart to issue guides on verifying authenticity and to scale up production.
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