(Bloomberg/Karthikeyan Sundaram) — Chinese toymaker Pop Mart International Group Ltd. expects the soaring global popularity of its Labubu plush toys to drive a threefold increase in first-half revenue and an even bigger boost to profit.
Labubu — a plush, pointy-eared, serrated-tooth monster — is the center of a global collectibles craze, with celebrities like Rihanna and BlackPink’s Lisa flaunting them. Last month, a human-sized toy sold for $150,000 at an auction in Beijing.
The company said Tuesday that it expects at least a 350% gain in profit for the six months ended June 30 and at least a 200% increase in revenue for the period. As well as the increased recognition of the brand’s items, Pop Mart said cost optimization and expense control had helped profitability.
What began as an obsession among young Chinese has exploded internationally, with fans lining up for hours to get their hands on the cult toys. The surging popularity of Labubus has turned Pop Mart into a more than $40 billion company and its Hong Kong-listed shares have jumped 588% over the past year.
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The company’s rare mainstream breakthrough into Western markets has also handed Pop Mart one of the biggest retail profit margins for a Chinese firm with major global reach. It’s gross profit margin of nearly 67% last year, compares with homegoods and toy retailer Miniso Group Holding Ltd.’s 45%, and the roughly 20% for Xiaomi Corp. and EV powerhouse BYD Co.
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