Chinese toymaker Pop Mart expects a 350% surge in net profit for the first half of 2025, largely due to the Labubu toy craze. Specifically, the company forecasts net profit between 650 million and 750 million yuan (R1.6 billion to R1.9 billion) for January to June.
For comparison, last year’s profit was 141 million yuan, according to a Hong Kong Stock Exchange filing. Consequently, revenue is set to triple, fueled by soaring demand for Labubu plush toys, as the craze for these toys continues to expand.
Labubu’s Viral Appeal Sparks Collector Frenzy
Labubu, a mischievous plush character with pointed ears and jagged teeth, has sparked a global craze among collectors. Designed by artist Kasing Lung, the toys are sold in “blind boxes,” which conceal the design until opened.
The element of surprise has amplified demand, with collectors actively pursuing rare editions. In some markets, limited-edition Labubu figures have resold for up to 20,000 yuan (over R50,000). The widespread Labubu toy craze has turned everyday shoppers into resellers competing for high-value items.
Global Expansion Amplifies Success
The Labubu toy craze has propelled Pop Mart to a $40 billion valuation. The company’s Hong Kong-listed shares have soared by 588% over the past year, reflecting investor confidence. Nearly 40% of its 2024 revenue came from international markets.
Pop Mart now operates over 2,000 stores and vending machines across the globe, including in South Africa. Collaborations with global brands like Coca-Cola and One Piece have further enhanced Labubu’s appeal, keeping the craze alive.
Counterfeits Challenge Sustained Growth
The Labubu toy craze has also led to a rise in counterfeit products. In June 2025, Chinese authorities confiscated more than 46,000 fake “Lafufu” dolls mimicking the Labubu design.
To combat fakes, Pop Mart has released guidance to help consumers identify authentic products, such as the nine serrated teeth that distinguish genuine Labubu toys. The craze surrounding these toys continues to require vigilance.
Despite these challenges, strong brand loyalty and a vibrant collector culture continue to fuel the Labubu toy craze and Pop Mart’s rapid growth.
