Labubu, the doll with serrated teeth that has Asia in a chokehold, made its producer a lot of money in 2024.
On Wednesday, Chinese toymaker PopMart, known for selling collectible “blind boxes” of mystery toys and figurines, reported an annual sales growth of 107% in 2024 compared to the year before.
In 2024, it earned RMB 13.04 billion, or $1.8 billion, and its profits rose 204% from the previous year.
Sales of “The Monsters” toy line, which Labubu is part of, contributed largely to the company’s annual revenue. They totaled RMB 3.04 billion, or 23% of PopMart’s total annual 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.
PopMart, which is listed on the Hong Kong Exchange, saw its stock price rise about 11% to 141 Hong Kong dollars, or $18, when markets closed on Wednesday. It’s up almost 400% compared to a year ago.
The Labubu retail phenomenon
Retail analysts BI spoke to in November said Labubu’s popularity is due to several factors, from celebrity endorsement to being trendy in Asia.
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 Chinese consumer research firm Daxue Consulting, told BI.
Products in “The Monsters” collection in the US range from $8.99 for a two-inch badge to $179.99 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 PopMart did not respond to a request for comment from Business Insider.
