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.
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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.
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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.
Image: 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.
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.
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
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.
Blindfolded and under armed guard, a captured ISIS fighter is brought before us.
When the blindfold is removed, he doesn’t look surprised to see a camera crew and several counterterrorism officers, one of whom interrogated him when he was first caught.
The 24-year-old militant is on death row in Somalia awaiting execution by firing squad, having been accused of being an ISIS commander, as well as a sniper and a member of a two-man bomb squad.
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Watch the documentary – Hunting for ISIS: A warning from Africa
US and Somali commanders say ISIS is running its global headquarters in Puntland’s caves, financing its activities worldwide.
Muthar Hamid Qaayid is from Yemen and came to Somalia via a sea route where we’ve witnessed how challenging it is to halt the flow of militant travellers.
He insists he wasn’t an active participant in the two-man bomb squad – and seems entirely unbothered about the situation he now finds himself in.
“I didn’t press the button,” he says. “I just looked. The other man made the bomb and set it off. I didn’t come here to kill Muslims.”
His partner blew himself up as he was planting the bomb in Bosaso city centre and realised he had been discovered.
Officers believe he detonated it prematurely.
The man in front of us was injured, and we are told he had incriminating bomb-making equipment with him.
I ask him if he has regrets about his involvement and joining the militant group.
“I don’t regret anything,” he says, smiling. “Even if you take me out of the room now and execute me, I don’t regret anything.” Again, another smile.
“If they shoot me or hang me, I don’t mind. In the end, I don’t care.”
Tellingly, he says his family does not like ISIS. “If they found me here, they’d be upset,” he says.
Despite persistent questions, he doesn’t shift much. “I’m not thinking,” he insists. “There’s nothing. I’m just waiting for death.”
Image: The ISIS militant speaks to Sky’s Alex Crawford
I ask if he’d heard of people being killed by the bombs he’s accused of planting.
“Yes, but they don’t kill all people,” he insists.
But what about killing anyone, I suggest, slightly puzzled.
“They don’t kill everyone,” he continues. There’s a pause. “Only infidels”.
Infidels is a term many recruits use to describe those who simply don’t agree with their strict interpretation of Sharia – that can include Muslims as well as other religions.
Officials show us multiple foreign passports recovered from ISIS cave hideouts in Puntland and from those they’ve captured or killed.
Image: Passports seized from ISIS hideouts and fighters
There are passports for whole families from South Africa, including children, as well as ones from Germany, Saudi Arabia, Venezuela, and Bahrain.
There are also handfuls of IDs which show European faces.
Since a Puntland army offensive was launched last December, just five of the 600 ISIS fighters killed have been Somalis, says Mohamed Abdirahman Dhabancad, Puntland’s political affairs representative.
‘The main target was to rule the world’
The second prisoner brought before us is from Morocco and is much more talkative.
Usman Bukukar Bin Fuad insists he was duped by ISIS and says he only travelled to Somalia because he’d heard he could make money.
Image: Usman Bukukar Bin Fuad claims he only dug caves for ISIS
“Instead, I ended up digging caves,” he says. “It was difficult to escape but when they told me to put on a suicide vest to kill Puntland forces, I said this is not what you told me I would be doing – and I escaped.”
He says he was given a weapon but never used it – a claim not believed by his captors.
“I never joined any fight,” he insists. “I had my weapon [AK47] but I just did normal duties taking supplies from location to location and following orders.”
He says he met the ISIS leader in Somalia, Abdul Qadir Mumin, several times.
“He used to visit all the ISIS camps and encourage them to fight.”
“And he’d reassure us all about going to heaven,” he adds.
It seems to lend credence to the belief that Mumin is still alive and operating – up until a few months ago anyway.
He says he was given training in sniping (which he didn’t finish) and map reading, which was interrupted when the Puntland military offensive began.
He says he travelled over from Ethiopia with six Moroccans, before meeting an Algerian recruit.
Fellow militants in the ISIS mountain stronghold were from countries including Tunisia, Libya, Tanzania, Kenya, Turkey, Argentina, Bangladesh, Sweden, and Iraq.
“The main target or focus was to rule the world,” he says. “Starting with this region as one of the gates to the world, then Ethiopia and the rest of the world.
“I heard so much talk about sending ISIS fighters to Bosaso, Ethiopia or Yemen. Sending people to other parts of the world and ruling the world was all part of the plan.”
The captives’ information has added to the belief that Puntland and Somalia is just the tip of a huge ISIS problem which is spreading and is able to cause terror in a range of ways.
Alex Crawford reports from Somalia with specialist producer Chris Cunningham and Richie Mockler. Photography by Chris Cunningham
Israel has said it has begun the first stages of its takeover of Gaza City – as the UK condemned the approval of plans for a new West Bank settlement.
Brigadier General Effie Defrin, Israel’s military spokesperson, said on Wednesday that “IDF forces are holding the outskirts of Gaza City” after preliminary operations to take the entire area.
An estimated 60,000 reserve soldiers have also been called up to help seize Gaza’s biggest urban centre, but will not report for duty until September, according to a military official.
Israeli troops are already operating in the Zeitoun neighbourhood of Gaza City, and the Jabaliya refugee camp in northern Gaza.
Prime Minister Benjamin Netanyahu’s war cabinet approved the plans last month, which include an eventual full security takeover of all of Gaza, despite growing international criticism that it will likely lead to the displacement of many more Palestinians.
He is said to have sped up the timeline for taking control of Hamas strongholds after both sides clashed near Khan Younis, south of Gaza City, on Wednesday.
Israel claims it will help any civilians evacuate before any assault begins.
Image: Smoke rises in Gaza City after Israeli strikes. Pic: Reuters
Image: Pic: Reuters
Ceasefire proposal being considered
Israeli officials said they are also considering a new ceasefire proposal put forward by Qatar and Egypt.
The deal, which involves a 60-day ceasefire and the release of some of the remaining Israeli hostages and Palestinian prisoners, has already been accepted by Hamas.
Thousands of Israeli civilians have called for the government to accept a ceasefire and reverse its decision to take over Gaza City, but Mr Netanyahu is thought to be under pressure from some far-right members of his coalition to reject the deal and continue to pursue the annexation of the territory.
Image: Relatives and supporters of hostages held by Hamas protest in Israel. Pic: AP
West Bank settlement plan approved
One of those is Bezalel Smotrich, Israel’s finance minister, who announced on Wednesday that a controversial plan for a settlement project in the occupied West Bank had been approved after they received the final go-ahead from Israel’s higher planning committee.
Mr Smotrich, an ultranationalist in the ruling right-wing coalition, said in a statement that the government was delivering with the settlement what it had promised for years: “The Palestinian state is being erased from the table, not with slogans but with actions.”
He said last week that the settlement would “finally bury the idea of a Palestinian state, because there is nothing to recognise and no one to recognise”.
Image: Israeli Finance Minister Bezalel Smotrich shows the planned settlement on a map. Pic: Reuters/Ronen Zvulun
‘A stake through the heart of two-state solution’
British Foreign Secretary David Lammy condemned the plan, saying it “would divide a Palestinian state in two”.
In a post on the X social media platform, Mr Lammy called the settlement in the West Bank “a flagrant breach of international law”, which “critically undermines the two-state solution”, and urged the Israeli government to reverse the decision.
The UN also condemned the decision, with spokesperson Stephane Dujarric saying that it “will drive a stake through the heart of the two-state solution”.
Image: David Lammy called the new West Bank settlement “a flagrant breach of international law”. File pic: Reuters
Where is the settlement?
The settlement is set to be built in E1, an open tract of land east of Jerusalem, and includes around 3,500 apartments to expand the existing settlement of Maale Adumim.
E1 has been eyed for Israeli development for more than two decades, but plans were halted due to pressure from the US during previous administrations.
A two-state solution to the decades-old Israeli-Palestinian conflict would see a Palestinian state in East Jerusalem, the West Bank and Gaza existing side by side with Israel.
Image: A view of part of the Israeli settlement of Maale Adumim. Pic: Reuters/Ronen Zvulun
Today, an estimated 700,000 Israeli settlers live in the West Bank and East Jerusalem. There is also a growing movement of Israelis wanting to build settlements in Gaza.
Settlers make up around 5% of Israel’s population and 15% of the West Bank’s population, according to data from Peace Now.
Settlements are illegal under international law and have been condemned by the UN. They are, however, authorised by the Israeli government.
The family of a father who disappeared with his three children nearly four years ago in New Zealand have broken their silence to appeal for him to return home.
In December 2021, Tom Phillips vanished into the wilderness with his two daughters and son – but his family have said they still remain hopeful “today will be the day you all come home”.
Phillips, along with Jayda, now aged 12, Maverick, 10, and Ember, nine, were last believed to have been seen in a “credible sighting” last October hiking through a bush area near Marokopa on the country’s North Island.
For the first time, his family have directly appealed to Phillips in the hope that “just maybe, he’s going to see this” and “that we are here for him”.
In an interview with New Zealand journalist Paddy Gower, his sister Rozzi Phillips said she missed being part of her brother’s life, adding “I really want to see you” and “you’re very special to me”.
She also read out a handwritten message from Phillips’ mother, Julia, which came from her “heart, just to her son”.
“Tom, I feel really sad that you thought you had to do this, not considering how much we love you and could support you,” she said.
“It hurts every time I see photos of the children and of you and see some of your stuff that is still here, thinking what could have been if you’d not gone away.”