LABUBU sales pass 100 million mark, lifting Pop Mart shares

by SHEN Xiaoge

Shares of Pop Mart International Group Limited rose for a second straight session after the company disclosed strong sales for its flagship LABUBU character.

On Feb. 10, shares of Pop Mart rose 4.9% to close at HK$269.8, after touching an intraday high of HK$270. The company's market capitalization stood at about HK$361.9 billion.

Pop Mart said on Feb. 9 that total global unit sales across all IPs and product categories exceeded 400 million in 2025, with products under THE MONSTERS franchise surpassing 100 million units worldwide.

Founder WANG Ning had previewed the figures at a company annual meeting on Feb. 7, noting that Pop Mart ended 2025 with more than 10,000 employees globally and operations spanning over 100 countries and regions.

International expansion continues to drive growth. On Jan. 30, Pop Mart named London as its European headquarters and said it would add more stores across the UK while planning further expansion across Europe.

In its first-half 2025 results, the company reported triple-digit growth in overseas revenue. Revenue from the Americas reached 2.265 billion yuan, up 1,142.3% year on year, while Europe and other regions generated 478 million yuan, up 729.2%. Asia-Pacific revenue climbed to 2.851 billion yuan, an increase of 257.8%.

A recent Citi Research global consumer survey of about 1,500 Pop Mart buyers across China, Japan, the United States, the United Kingdom and Australia showed a rapidly expanding customer base, with most respondents making their first purchase within the past year.

LABUBU remains the strongest draw. Forty-seven percent of respondents said they owned LABUBU products, and nearly half said the character was their first introduction to Pop Mart. Other IPs, including Twinkle Twinkle, Skullpanda and Crybaby, also showed stronger-than-expected appeal overseas, with Twinkle Twinkle ranking highest in ownership among U.S. respondents.

After a sharp rally following robust third-quarter revenue growth last year, Pop Mart's shares had pulled back amid concerns that the designer-toy boom was cyclical. The company sought to shore up investor confidence in January, buying back 1.9 million shares for about HK$347 million.

Beyond its top IPs, Pop Mart is pushing new franchises and category expansion. Blind boxes remain the core pillar of its business, but sales from designer toys and merchandise are rising steadily, underscoring a shift from selling boxes to building an IP-led, full-chain business.