Labubu maker’s profits soar by nearly 400% in six months as ugly-cute toys become global sensation
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.
Read more: How did the toys get so popular?
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
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
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
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.
A police officer has been injured after a night of violent protests outside an asylum hotel in Dublin – with six arrests made.
Bricks were thrown and fireworks were discharged outside the Citywest Hotel – with glass bottles used as missiles and a police van set on fire.
A Garda helicopter was also targeted with lasers, and the police service says some of those on the streets were seen carrying garden forks.
Pic: PA
Pic: PA
Commissioner Justin Kelly added: “This was obviously not a peaceful protest. The actions this evening can only be described as thuggery. This was a mob intent on violence.
“We will now begin the process of identifying those who committed crimes and we will bring those involved in this violence to justice.”
It is the second night of demonstrations after an alleged sexual assault in its vicinity in the early hours of Monday morning.
Some of the crowd threw stones and other missiles at the public order officers as they moved the protesters back – and water cannon was deployed at the scene.
A line of officers was preventing the protesters from approaching the hotel.
Police officers block protesters outside the hotel. Pic: PA
‘Those involved will be brought to justice’
Ireland’s premier, Taoiseach Micheál Martin, paid tribute to the officers who were on the frontline of the protests.
“There can be no justification for the vile abuse against them, or the attempted assaults and attacks on members of the force that will shock all right-thinking people,” he said.
Justice minister Jim O’Callaghan said those involved in the violence will be brought to justice.
“The scenes of public disorder we have witnessed at Citywest must be condemned,” he said.
“People threw missiles at Gardai, threw fireworks at them and set a Garda vehicle on fire.
“This is unacceptable and will result in a forceful response from the Gardai.
“Those involved will be brought to justice.”
‘No excuse’ for violence
The minister said a man had been arrested and had appeared in court in relation to the alleged assault in the vicinity of the hotel.
He added: “While I am not in a position to comment any further on this criminal investigation, I have been advised that there is no ongoing threat to public safety in the area.”
He said attacks on officers would “not be tolerated”, adding: “Peaceful protest is a cornerstone of our democracy. Violence is not.
“There is no excuse for the scenes we have witnessed.”
The demonstration on Monday night passed without a significant incident.
It comes two years after anti-immigrant demonstrators triggered a major riot in the centre of Dublin after three young children were stabbed.
A police van has been set on fire and missiles have been thrown at officers as protesters gathered outside a hotel used to house asylum seekers in Dublin.
It is the second night of demonstrations outside the Citywest Hotel after an alleged sexual assault in its vicinity in the early hours of Monday morning.
A large crowd has gathered in the area and members of the Garda’s public order unit have been deployed.
Footage from the scene showed a Garda vehicle on fire as well as several protesters displaying Irish flags.
Many protesters carried Republic of Ireland flags
Some of the crowd threw stones and other missiles at the public order officers as they moved the protesters back.
A Garda helicopter hovered overhead and a water cannon was deployed on the scene.
Ireland’s justice minister, Jim O’Callaghan, said those involved will be brought to justice.
“The scenes of public disorder we have witnessed at Citywest tonight must be condemned,” he said.
“People threw missiles at Gardai, threw fireworks at them and set a Garda vehicle on fire.
“This is unacceptable and will result in a forceful response from the Gardai.
“Those involved will be brought to justice.”
The minister said a man had been arrested and had appeared in court in relation to the alleged assault in the vicinity of the hotel.
He added: “While I am not in a position to comment any further on this criminal investigation, I have been advised that there is no ongoing threat to public safety in the area.
He said attacks on gardai will “not be tolerated”, adding: “Peaceful protest is a cornerstone of our democracy. Violence is not.
“There is no excuse for the scenes we have witnessed tonight.”
It was the second night of protest outside the hotel, which is being used as state accommodation for people seeking international protection. The demonstration on Monday night passed without a significant incident.
It comes two years after anti-immigrant demonstrators triggered a major riot in the centre of Dublin after three young children were stabbed.
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There are no plans for Donald Trump and Vladimir Putin to meet in person in the near future, according to a White House official.
The presidents last week agreed to meet in Budapest after a phone call Mr Trump called “extremely frank and trustful”.
The US leader suggested it was possible it could happen within a fortnight, though no date was set.
However, it appears that’s now off the table – and there are fears the meeting could be shelved altogether due to Russia‘s rigid stance on the Ukraine war.
The White House official, speaking to Sky’s US partner network NBC, said secretary of state Marco Rubio and Russian foreign minister Sergei Lavrov had spoken on Tuesday.
The call was described as “productive” but the official added there was no plan for the presidents to meet “in the immediate future”.
The last Trump-Putin meeting was in Alaska in August, but it ended without any meaningful progress towards a ceasefire.
The Budapest plan was announced shortly before Ukrainian President Volodymyr Zelenskyy travelled to Washington last Friday to try to get approval for long-range Tomahawk missiles.
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Why Tomahawks are off the table
Mr Zelenskyy accused the Russian leader of acting out of fear Ukraine could get the green light and the ability to hit targets far deeper into Russia.
In his nightly address on Tuesday, he said Russia “almost automatically became less interested in diplomacy” after it became clear Mr Trump had backed away from any decision on the Tomahawks.
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Professor Michael Clarke answers your questions on the Ukraine war.
Two US officials told Reuters that plans for the Budapest meeting had stalled over Russia’s insistence any peace deal must give it control of all of the Donbas region.
Those terms are said to have been reiterated over the weekend in a private communique known as a “no paper”.
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The Kremlin’s refusal to budge effectively rejects Mr Trump’s latest assessment that the frontlines should be frozen as they are.
The president shifted position last week after previously telling the UN General Assembly that Ukraine could win back all the land it has lost.
Read more:
Putin’s ‘not so secret weapon’ | Ukraine war Q&A
UK ‘ready to spend over £100m’ on possibly sending troops to Ukraine
Ukraine and European nations issued a joint statement on Tuesday insisting “international borders must not be changed by force” and accusing Russia of “stalling tactics”.
But, in an apparent effort to keep the US leader onside, it added: “We strongly support President Trump’s position that the fighting should stop immediately, and that the current line of contact should be the starting point of negotiations.”
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Trump: ‘We can end this war quickly’
Kremlin spokesman Dmitry Peskov gave the impression his country was in no rush to arrange another Trump-Putin meeting, saying on Tuesday “preparation is needed, serious preparation”.
Such talk is likely to increase concerns Russia does not want to stop fighting and is “playing” President Trump – all while continuing to launch drone barrages at Ukrainian cities.
Russia currently holds about a fifth of Ukraine after its invasion in February in 2022. It also annexed the Crimean peninsula in 2014.
Meanwhile, NATO’s secretary general Mark Rutte is travelling to Washington to meet with President Trump on Wednesday.
He will “discuss various aspects related to NATO’s support to Ukraine and to the US-led efforts towards lasting peace”, an official for the alliance said.
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