Labubus, the mischievous elf plush toys seen hanging on each superstar’s designer bag this summer time, have gone viral the world over, however now we all know precisely how common—and worthwhile—they’ve been. On Tuesday, the Chinese language firm Pop Mart, which manufactures and sells the Labubu franchise, launched its monetary report for the primary half of 2025, and it has had a terrific 12 months.
Total, Pop Mart’s revenues grew 204 p.c in comparison with the 12 months earlier than, and web earnings elevated 362 p.c. The corporate’s gross margin fee reached 70.3 p.c in 2025.
The Monsters franchise, designed by Chinese language-Dutch artist Kasing Lung and primarily represented by the character Labubu, generated over 4.81 billion RMB ($670 million) in revenues for Pop Mart within the first six months of 2025, a 668 p.c improve in comparison with the identical interval final 12 months. (For comparability, Mattel offered $374 million value of Barbie toys and $626 million value of Scorching Wheels merchandise throughout the identical interval.)
The hovering recognition of Labubu has additionally made The Monsters collection Pop Mart’s most profitable franchise, contributing to just about 35 p.c of the corporate’s complete revenues, a rise from simply 14 p.c in June 2024.
One other main issue that has helped flip Labubu right into a viral sensation is the corporate’s product line of vinyl-plush keychains. This particular sort of toy, which mixes the softness of plush toys and the sculptural particulars of facial options seen extra in collectible figurines, has unexpectedly blown up, despite the fact that the corporate solely began promoting them in late 2023. First in China after which within the West, the delicate Labubu keychains have been used as bag charms and equipment by celebrities like Rihanna, Woman Gaga, and Kim Kardashian, fueling a social media obsession and inflicting them to promote out all over the place.
In response to Pop Mart’s newest monetary report, the corporate’s income from plush merchandise grew over 1200 p.c total this 12 months to six.13 billion RMB ($854 million), accounting for 44 p.c of the corporate’s complete revenues. Pop Mart has launched over 20 completely different plush merchandise for the reason that begin of 2025 utilizing completely different manufacturing methods in an try to duplicate Labubu’s success.
Whereas these numbers are spectacular, they solely seize a portion of the true recognition of Labubu keychains, as a result of there are additionally numerous counterfeit Labubus (generally referred to as Lafufus by followers) offered around the globe. Due to a provide scarcity intentionally orchestrated by Pop Mart, a number of the firm’s merchandise, together with the Labubu plush dolls, are traded for excess of their record worth on second-hand markets, earnings of that are additionally not mirrored in its earnings.
Pop Mart was based in 2010 as a range retailer promoting stylish toys and devices, and has change into more and more worldwide. By June 2025, over 40 p.c of Pop Mart’s income got here from outdoors China.
Pop Mart has been rising notably quick in the USA. Revenues within the Americas market (primarily the US) rose greater than 1100 p.c to 2.26 billion RMB ($315 million) within the first half of 2025. The variety of bodily Pop Mart shops within the Americas have additionally nearly doubled to 41, making it the corporate’s quickest rising area. In complete, Pop Mart presently has 571 shops the world over.
