The Labubu ‘fever’ in America and Europe boosts the profits of the Chinese Pop Mart by 250%

The global ‘fever’ for Labubu dolls has gone from a cold to a pandemic. Pop Mart, the Chinese company that markets stuffed animals, announced this Tuesday that its revenue during the third quarter of the year increased around 245% to 250% year-on-year, with strong growth in the Asian giant, but especially in America and Europe.

Specifically, as announced this Tuesday by the board of directors of Pop Mart, the company’s quarterly income in China would have increased between 185% and 190% year-on-yearwhile in international markets they would have done between 365% and 370%.

In this sense, billing in Asia Pacific would have increased by 170% to 175% in the third quarter; while in America it would have grown between 1,265% and 1,270%; and between 735% and 740% in Europe and the rest of the world.

Pop Mart reported in August that its attributable net profit in the first half reached 4,574 million yuan (551 million euros), 396% more than the profits of 921 million yuan (111 million euros) recorded in the first half of last year.

Until June, the Chinese company’s turnover reached a total of 13,876 million yuan (1,671 million euros)which represents 204% more than in the first half of the previous year, including a growth of 667%, more than seven times more, in the series of dolls that includes the Labubu.

Pop Mart shares, which began trading on the Hong Kong Stock Exchange in December 2020, closed Tuesday’s session with a drop of 8.08%, although so far this year they have accumulated a revaluation of 174%.

Record projections for the entire year

“We remain very optimistic regarding foreign markets and also We believe there is ample room for growth.“said the company’s CEO, Wang Ning, in a conference with analysts held recently, where he added that sales in North America and Asia Pacific this year would add to those recorded in China last year. In the United States, where Pop Mart currently has around 40 stores, they plan to announce up to ten new openings for the remainder of the year.

At the end of August, the company launched a new series of miniatures of the popular doll via the Internet that sold out in just one minute in China. The circulation had more than 300,000 units sold in a matter of minutes, as well as a rapid rebound in demand in international markets, according to the official newspaper. Global Times.