Pop Mart's Labubu Doll Sales Surge 668%, Outpacing Barbie and Hot Wheels in 2025

Pop Mart's Labubu dolls are on track to become a billion-dollar business by the end of this year, as they continue to outperform other major toy brands such as Barbie and Hot Wheels. The Chinese company Pop Mart, which specializes in manufacturing and selling these collectible plush toys, reported a significant rise in revenue and profit in the first half of 2025. Driven by the success of the Labubu dolls, Pop Mart's overall revenue grew by 204% compared to the previous year, with a net profit increase of 362%. Notably, the Monsters franchise, masterminded by Chinese-Dutch artist Kasing Lung and headlined by the character Labubu, brought in over 4.81 billion RMB ($670 million) in revenue for Pop Mart. This represents a remarkable 668% increase compared to the same period last year.

The Labubu dolls have quickly become Pop Mart's most successful franchise, contributing to nearly 35% of the company's total revenue. This marks a significant increase from just 14% in June 2024. A key factor in their viral popularity has been the introduction of vinyl-plush keychains, which combine the softness of plush toys with the detailed features of traditional figurines. Initially released in late 2023, these keychains rapidly became celebrity accessories, spotted on personalities like Rihanna, Lady Gaga, and Kim Kardashian, leading to an obsession on social media and frequent sellouts worldwide.

Pop Mart's revenue from plush products rose over 1,200% this year, reaching 6.13 billion RMB ($854 million), and accounted for 44% of the company's total revenue. Since the beginning of 2025, the company has launched more than 20 different plush products, employing various manufacturing techniques to replicate Labubu's popularity. Despite these impressive financial results, there remains a considerable number of counterfeit Labubu toys, known informally as Lafufus, circulating globally. A supply shortage, intentionally managed by Pop Mart, has led to the dolls being traded at higher prices on secondary markets, unaccounted for in official earnings.

Founded in 2010, Pop Mart began as a variety store selling trendy gadgets and has since expanded internationally. By June 2025, more than 40% of its revenue was derived from outside China, with significant growth observed in the United States. In the Americas market, Pop Mart's revenue surged by 1,100% to 2.26 billion RMB ($315 million) in the first half of 2025, and the number of physical stores in the region nearly doubled to 41, underscoring it as the fastest-growing geographical area for the company.

As Pop Mart continues to capitalize on the magic of the Labubu dolls, the company's trajectory over the past year has been nothing short of remarkable. These toys, boasting a toothy grin, have captured the attention of various celebrities, including Paris Hilton and David Beckham, further solidifying their status as a cultural phenomenon. Yet, the demand has created challenges for consumers trying to obtain these coveted items, as they have experienced sellouts across different markets. Pop Mart reported a net profit increase of nearly 400% in the first half of 2025, positioning the Chinese toy company as potentially more valuable than iconic industry players like Mattel, Sanrio, and Hasbro combined.

As the popularity of Labubu dolls escalates, Pop Mart maintains an optimistic outlook on its potential for further growth. The firm is exploring expansion into emerging markets in the Middle East, Central Europe, and Central and South America, with ambitions to mirror the sales success seen in North America and the Asia Pacific within the upcoming year. In the US specifically, Pop Mart plans to expedite the opening of new stores, with 10 additional shops anticipated by the end of this year.

The collectible nature of Labubu toys, often sold in "blind boxes," encourages repeat purchases, particularly among collectors eager to complete full sets of each range. This strategy directly contributes to Pop Mart's revenue growth, reflecting a strategic alignment between product offerings and consumer interests. A collector recently paid 1.2 million yuan (£124,000) for a limited-edition human-sized Labubu at a Beijing auction, exemplifying the fervor that surrounds these toys.

While Pop Mart continues to innovate and expand its product catalog, its commitment to fueling the Labubu craze remains apparent. With plans to launch a miniature version of the dolls that can be attached to phones, the company's strategic maneuvers to maintain momentum in the toy market are evident. As Pop Mart's financial success underpins the increasingly global reach of Labubu dolls, the company remains poised to explore new opportunities for its characters within animated films and theme park attractions in the future.