Labubu maker sees sales soar after launch of mini version of toy
Summary
Pop Mart, the company that makes Labubu dolls, saw its sales grow significantly after launching mini versions of the toys in August. The increase in sales was particularly strong in the U.S. and Europe, contributing to a jump in the company's stock value.Key Facts
- Pop Mart launched mini versions of its Labubu dolls in August.
- Sales for the company increased by about 250% for the three months ending in September compared to the same period last year.
- Revenue in the U.S. increased by more than 1,200%, and in Europe by over 700%.
- Pop Mart's stock market value rose to about $45.5 billion following a share gain.
- Labubu dolls are elf-like creatures with jagged teeth sold in "blind boxes."
- The toys have gained popularity in part due to celebrity endorsements.
- Pop Mart operates over 2,000 vending machines and stores worldwide.
- The company went public on the Hong Kong Stock Exchange in 2020, with its share price increasing by more than 280% since its IPO.
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