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Pop Mart International Group Ltd has reported a significant profit surge of 188% in FY2024, driven by the viral success of its Labubu dolls, which have gained popularity thanks to endorsements from celebrities like K-pop star Lisa from Blackpink. The company's net income reached 3.1 billion yuan (US$427 million), up from 1.1 billion yuan the previous year, exceeding analyst expectations of 2.71 billion yuan.
Sales more than doubled to 13 billion yuan, with Labubu's "Monsters" dolls seeing a remarkable rise in revenue, reaching three billion yuan compared to just 368 million yuan last year. The company's expansion into North America and Europe is also a key part of its growth strategy, with plans to open physical stores in iconic locations to boost global brand recognition.
Pop Mart's stock rose 7.7% on Wednesday following the announcement of these results. The brand's success is attributed to its strategic collaborations with artists and brands, enhancing the cross-boundary integration of pop culture.
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