Pop Mart, the company behind the trending “Labubu” dolls has announced it will be launching “mini-versions” made to hang off phones. This sent the company’s stocks surging by nearly 12% on Wednesday. Founder and CEO Wang Ning said that the company might be able to double its 2025 revenue to 30 billion yuan ($4.2 billion) from last year’s sales of 13 billion yuan ($1.8 billion).
“I think hitting 30 billion [yuan] this year will be easy,” Wang said during a post-earnings press briefing in Hong Kong on Wednesday. “In the past, Labubu figures were often seen attached to bags, but as early as next week, people [can] start attaching them to their phones,” Wang noted.
Wang, who founded the toy company in 2010, said it was set to meet its goal of 20 billion yuan, or $2.78 billion. While most of this revenue comes from China, it also seems to have a strong presence in the American market. “I think for overseas markets we’re still very positive, and we also believe there’s still very broad space for growth,” Wang said.
READ: India’s ban on real-money online games threatens fantasy gaming industry’s survival
Pop Mart currently has 40 stores in the U.S. It also plans to launch a phase of “relatively rapid store openings”, with ten stores to be opened there by the end of the year. The company said its profits rose by 400% this year.
Shares in the company have jumped more than 200% so far this year, pushing the Beijing-based company’s market cap to over $46 billion. Part of the craze for Labubu comes from Pop Mart’s decision to sell them in “blind boxes,” where customers do not know the exact color of the toy till they open the box.
Many videos of these “unboxings” have gone viral, and celebrities like K-pop singer Lisa, Rihanna, and David Beckham have jumped onto the trend, showing off the Labubus dangling on their key chains and bags. The dolls have been sold out in stores around the world, and resales can fetch hundreds or even thousands of dollars on online marketplaces like eBay. There is also a huge market for knock-offs, though U.S. regulators have warned that these fakes come apart easily, and pose a choking risk to young children.
Pop Mart also stated it will re-open pre-orders for Labubu blind boxes tonight at 9:30 p.m. ET. This series of Labubus, called “The Monsters Big into Energy,” has been one of the fastest-selling releases in recent months. These pre-orders will go live exclusively on the company’s mobile application. Customers can download the app through the Google Play Store or the App Store.
The Labubu was originally created by Hong Kong-based artist Kasing Lung. He first introduced the character in 2015 through picture books based on Nordic mythology.