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The makers of Labubu dolls – popular with celebrities including Rihanna, David Beckham and Paris Hilton – reported a near 400% increase in profits in the first half of this year after demand for the ugly-cute toys soared.

The dolls’ makers, Pop Mart, has released its half-year results as shares in the company have risen more than 230% since the beginning of 2025 – reportedly making the Chinese company more valuable than Barbie-maker Mattel, Hello Kitty parent company Sanrio and Transformers makers Hasbro combined.

The Chinese toy company’s sales tripled to 13.9bn yuan (£1.4bn), while net profit soared almost 400% to 4.6bn yuan (£474m) during the first six months of the year, according to the Financial Times.

Around 40% of the sales are said to have come from outside China.

Labubu, a toothy-grinned member of “The Monsters” series of toys designed by illustrator Kasing Lung, has become a favourite of celebrities including David Beckham, Rihanna and Paris Hilton.

They have also proved difficult to get hold of for consumers after selling out at various places across the world.

Pop Mart boss Wang Ning said on Wednesday that his toy company was on track to meet its targeted revenue goal of 20bn yuan (£2.06bn) in 2025, and that “30 billion (£3.10bn) this year should also be quite easy”.

The 38-year-old chief executive’s net worth has skyrocketed since 2024, according to Forbes – from $1.8bn (£1.3bn) to $26.3bn (£19.5bn). He was named China’s 10th richest person in June.

And his company is hoping to grow further, with executives saying on Wednesday that expansion in emerging markets in the Middle East, Central Europe and Central and South America was being explored.

“I think for overseas markets we’re still very positive, and we also believe there’s still very broad space for growth,” Mr Wang said, adding that sales from North America and Asia Pacific this year would together equal China sales in 2024.

David Beckham says his daughter got him a Labubu. Pic: Instagram/@davidbeckham
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David Beckham says his daughter got him a Labubu. Pic: Instagram/@davidbeckham

In the United States, where Pop Mart currently has about 40 stores, Mr Wang said the company will begin a phase of “relatively rapid store openings” over the next year or two, with 10 more US shops expected to open by the end of this year.

The company has stores in Manchester and London in the UK – as well as having pop-ups in Harrods and Hamleys.

The toys can also be bought online and in vending machines called “Robo Shops” in other parts of the UK.

A Labubu doll on display in Moscow. Pic: Reuters
Image:
A Labubu doll on display in Moscow. Pic: Reuters

Pop Mart’s primary business is producing and selling collectible toys, many of them developed with artists and sold in “blind boxes”.

The packages, which tend to cost around £14 in the UK, mean consumers don’t know exactly which iteration of the toy is inside.

This has helped drive repeat purchases, especially from collectors who want to own complete sets of each range of toys.

A collector reportedly paid 1.2m yuan (£124,000) for a human-sized limited edition Labubu at an auction in Beijing in June.

Until now they have been popular as a charm that can be fastened to handbags, Pop Mart says it will this week launch a mini version of Labubu that can be attached to phones.

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Monster profits

Pop Mart said on Tuesday “The Monsters” brought in 4.81bn yuan (£496m) in the first half of this year – accounting for 34.7% of total revenue.

Four other Pop Mart toy series’ earned more than 1bn yuan (£1m) during the period, including “Molly” and “Crybaby”, the company said.

“We expect more restocking of existing series and launch of new editions to drive earnings expansion in the second half.
That said, shares likely remain overpriced as investors are overlooking the high business risk in the long run, in our
view,” said Jeff Zhang, an analyst at US financial services firm Morningstar.

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Labubu thieves steal $30k of merch

Pop Mart was reported to have a market capital – a way of measuring a company’s total value – of around £25bn earlier this year.

The figure was more than the combined value of toy-making giants Sanrio (£7.5bn), Hasbro (£6.4bn), and Mattel (£4bn), according to the markets news site Sherwood News.

Next in Pop Mart’s sights is a Disney-esque empire with executives saying the firm is optimistic about opportunities for
Pop Mart characters to star in animated films and theme park attractions, though these are not expected to contribute a large amount of direct revenue in the short term.

Look out for fake Labubus

Keep an eye out for fake Labubu dolls. Pic: Hull City Council
Image:
Keep an eye out for fake Labubu dolls. Pic: Hull City Council

The surge in demand for Labubus led UK council bosses to warn people about the dangers of buying fake versions of the dolls earlier this year.

Trading Standards warned that without proper safety checks, the counterfeit toys may contain choking hazards, toxic materials, or faulty components that put children at serious risk.

The organisation has seized thousands of unsafe counterfeit Labubu dolls in recent weeks – with over 2,000 confiscated from 13 retailers in North Tyneside in just one month, the Chartered Trading Standards Institute (CTSI) said.

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China dominates renewables – and this project shows why

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One year on from Donald Trump’s election win, an untold story has emerged

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One year on from Donald Trump's election win, an untold story has emerged

It’s a year since the US put Donald Trump back in the White House and I’ve spent this anniversary week in Florida and in Pennsylvania – two worlds in one country where I found two such contrasting snapshots of Trump’s America.

There are many ways to reflect on the successes and failures of the past year. Different issues matter to different people. But the thing which matters to all Americans is money.

The cost of living was a key factor in Donald Trump’s victory. He promised to make the country more affordable again. So: how’s he done?

On Wednesday, exactly a year since Americans went to the polls, the president was in Miami. He had picked this city and a particular crowd for his anniversary speech.

I was in the audience at the America Business Forum as he told wealthy entrepreneurs and investors how great life is now.

“One year ago we were a dead country, now we’re considered the hottest country in the world.” he told them to cheers. “Record high, record high, record high…”

The vibe was glitzy and wealthy. These days, these are his voters; his crowd.

“After just one year since that glorious election, I’m thrilled to say that America is back, America is back bigger, better, stronger than ever.” he said.

“We’ve done really well. I think it’s the best nine months, they say, of any president. And I really believe that if we can have a few more nine months like this, you’d be very happy. You’d be very satisfied.”

There was little question here that people are happy.

Liz Ciborowski says Trump has been good for the economy
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Liz Ciborowski says Trump has been good for the economy

“Trump’s been a good thing?” I asked one attendee, Liz Ciborowski.

“Yes. He has really pushed for a lot of issues that are really important for our economy,” she said.

“I’m an investor,” said another, Andrea.

“I’m a happy girl. I’m doing good,” she said with a laugh.

Andrea says she's happy with how the economy is faring
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Andrea says she’s happy with how the economy is faring

A year on from his historic victory, the president was, notably, not with the grassroots folk in the places that propelled him back to the White House.

He had chosen to be among business leaders in Miami. Safe crowd, safe state, safe space.

But there was just one hint in his speech which seemed to acknowledge the reality that should be a concern for him.

“We have the greatest economy right now,” he said, adding: “A lot of people don’t see that.”

That is the crux of it: many people beyond the fortunate here don’t feel the “greatest economy” he talks about. And many of those people are in the places that delivered Trump his victory.

That’s the untold story of the past year.

A thousand miles to the north of Miami is another America – another world.

Steelton, Pennsylvania sits in one of Donald Trump’s heartlands. But it is not feeling the beat of his greatest economy. Not at all.

At the local steel union, I was invited to attend a meeting of a group of steel workers. It was an intimate glimpse into a hard, life-changing moment for the men.

The steel plant is shutting down and they were listening to their union representative explaining what happens next.

David Myers used to be employed at the steelworks
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David Myers used to be employed at the steelworks

The conversation was punctuated with all the words no one wants to hear: laid off, severance, redundancy.

“For over 100 years, my family has been here working. And I was planning on possibly one day having my son join me, but I don’t know if that’s a possibility now,” former employee David Myers tells me.

“And…” he pauses. “Sorry I’m getting a little emotional about it. We’ve been supplying America with railroad tracks for over a century and a half, and it feels weird for it to be coming to an end.”

Cleveland Cliffs Steelton plant is closing because of weakening demand, according to its owners. Their stock price has since surged. Good news for the Miami crowd, probably. It is the irony between the two Americas.

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Steelton in Pennsylvania
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Steelton in Pennsylvania

Down at the shuttered plant, it’s empty, eerie and depressing. It is certainly not the image or the vision that Donald Trump imagined for his America.

Pennsylvania, remember, was key to propelling Trump back to the White House. In this swing state, they swung to his promises – factories reopened and life more affordable.

Up the road, conversations outside the town’s government-subsidised homes frame the challenges here so starkly.

“How much help does the community need?” I asked a man running the local food bank.

Elder Melvin Watts is a community organiser
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Elder Melvin Watts is a community organiser

“As much as they can get. I mean, help is a four-letter word but it has a big meaning. So help!” community organiser Elder Melvin Watts said.

I asked if he thought things were worse than a year ago.

“Yes sir. I believe they needed it then and they need it that much more now. You know it’s not hard to figure that out. The cost of living is high.”

Nearby, I met a woman called Sandra.

Sandra says it's getting harder to make ends meet
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Sandra says it’s getting harder to make ends meet

“It’s been harder, and I’m a hard-working woman.” she told me. “I don’t get no food stamps, I don’t get none of that. You’ve got to take care of them bills, eat a little bit or don’t have the lights on. Then you have people like Mr Melvin, he’s been out here for years, serving the community.”

Inside Mr Melvin’s food bank, a moment then unfolded that cut to the heart of the need here.

A woman called Geraldine Santiago arrived, distressed, emotional and then overwhelmed by the boxes of food available to her.

“We’ll help you…” Mr Melvin said as she sobbed.

Geraldine's welfare has been affected by the shutdown
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Geraldine’s welfare has been affected by the shutdown

Geraldine is one of 40 million Americans now not receiving the full nutritional assistance programme, known as SNAP, and usually provided by the federal government.

SNAP benefits have stopped because the government remains shut down amid political deadlock.

I watched Geraldine’s rollercoaster emotions spilling out – from desperation to gratitude at this moment of respite. She left with a car boot full of food.

A year on from his victory, Donald Trump continues to frame himself as the “America First” president and now with an economy transformed. But parts of America feel far, far away.

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Pirates firing machine guns and rocket-propelled grenades board tanker off Somalia coast

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Pirates firing machine guns and rocket-propelled grenades board tanker off Somalia coast

Pirates firing machine guns and rocket-propelled grenades have boarded a tanker off the coast of Somalia.

Greek shipping company Latsco Marine Management confirmed its vessel, Hellas Aphrodite, had been attacked in the early hours of Thursday.

The tanker, which was carrying fuel, was en route from India to South Africa when a “security incident” took place, the firm said.

“All 24 crew are safe and accounted for and we remain in close contact with them,” it added in a statement.

The crew members took shelter in the ship’s “citadel”, or fortified safe room, and remain there, an official from maritime security company Diaplous said.

The United Kingdom Maritime Trade Operations (UKMTO) agency issued an alert to warn ships in the area.

It located the vessel 560 nautical miles southeast of Eyl, Somalia, in the Indian Ocean. Eyl became famous in the mid-2000s as the centre of a string of piracy attacks.

More on Somalia

“The Master of a vessel has reported being approached by one small craft on its stern. The small craft fired small arms and RPGs [rocket-propelled grenades] towards the vessel,” UKMTO said in a statement.

EU forces move in on tanker

The European Union’s Operation Atalanta, a counter-piracy mission around the Horn of Africa, said one of its assets was “close to the incident” and “ready to take the appropriate actions”.

That EU force has responded to other recent pirate attacks in the area and had issued a recent alert that a pirate group was operating off Somalia and assaults were “almost certain” to happen.

Private security firm Ambrey has claimed that Somali pirates were operating from an Iranian fishing boat they had seized and had opened fire on the tanker.

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Pirate gangs resume attacks

Thursday’s attack comes after another vessel, the Cayman Islands-flagged Stolt Sagaland, found itself targeted in a suspected pirate attack that included both its armed security force and the attackers shooting at each other, the EU force said.

The vessel’s operator Stolt-Nielsen confirmed there was an attempted attack, early on 3 November, which was unsuccessful.

Somali pirate gangs have been relatively inactive in recent years. In May 2024, suspected pirates boarded the Liberian-flagged vessel Basilisk. EU naval forces later rescued the 17 crew members.

Meanwhile, the last hijacking took place in December 2023, when the Maltese-flagged Ruen was taken by assailants to the Somali coast before Indian naval forces freed the crew and arrested the attackers.

Hellas Aphrodite was en route from Sikka, India, to Durban, South Africa.

The Malta-flagged tanker is described as an oil/chemical tanker, 183m long and 32m wide, which was built in 2016, according to vesselfinder.com.

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