Pop Mart, the Chinese toy firm behind the hugely popular Labubu dolls, has said its profits are set to soar for the first six months of this year.
The Beijing-based company said it expects profits for the period to jump by at least 350% as revenues more than tripled.
Pop Mart, which has a stock market value of more than $40bn (£31.6bn), also said profitability had been boosted by increased recognition of the brand globally and cost controls.
Collectors have been obsessed with the viral Labubu dolls – fictional elf-like creatures with a row of jagged teeth – which have flown off shelves and sparked long queues in shops worldwide.
Pop Mart is best known for selling toys in “blind boxes” – a type of packaging that hides its contents until it is opened. The marketing tactic has faced criticism for encouraging gambling-like behaviour and compulsive buying.
Launched in 2019, Labubu dolls have helped the company become a major retailer,…
