(March 26): Pop Mart International Group Ltd said it will continue to expand its global footprint with focus on North America and Europe, after reporting profit that more than doubled last year, thanks to the popularity of its Labubu dolls adored by celebrities.

“By developing physical stores in globally iconic locations, we aim to enhance brand experience and recognition,” according to an exchange filing. It will also look at strengthening cooperation with artists and brands to promote the “cross-boundary integration of pop culture”, the maker of Labubu dolls said.

The brand has become a global phenomenon after K-pop band Blackpink’s Lisa revealed how she obsesses over toys from the Chinese company. The resultant strong overseas sales have turned Pop Mart into one of the hottest stocks, with shares up 350% in the past year.

Pop Mart shares rose as much as 7.7% on Wednesday following the results. 

Net income for the Beijing-based toys company rose 188% to 3.1 billion yuan (US$427 million or RM1.9 billion) in 2024, compared with 1.1 billion yuan a year earlier, beating the 2.71 billion yuan analyst estimate. Full-year sales more than doubled to 13 billion yuan.

The performance of Labubu was “particularly impressive”, as sales of ‘The Monsters’ dolls rose to three billion yuan in 2024 compared with 368 million yuan before, it added. ‘Crybaby’, another one of its fast-growing intellectual property (IP) products, saw an over 1,500% increase in related revenue.

Thirteen other IP products generated sales of over 100 million yuan, the company added.

Uploaded by Tham Yek Lee