Pop Mart, a Chinese toy company, is set to unveil a mini version of its beloved Labubu plush toys this month, alongside a new long-fur variant of the character. The Labubu, created by artist and illustrator Kasing Lung, made its debut in 2015 through three illustrated books inspired by Nordic mythology, featuring distinctive pointed ears and teeth.
In 2019, Kasing Lung partnered with Pop Mart, which specializes in appealing to toy collectors and social media influencers, to produce Labubu figurines. However, it wasn’t until 2023 that the plush toys became a sensation, particularly when they were offered as key rings, leading to an explosion in popularity for the toothy monster.
On August 29, 2024, Pop Mart plans to launch the mini-sized Labubu vinyl plush pendant as part of The Monsters Pin For Love series. These pendants will be available in various colors that correspond to letters of the alphabet, priced at $22.99 each. The company will also introduce 30 letter pendant blind boxes, each featuring a distinctive pattern and Monsters charm, retailing for $18.99 apiece.
Additionally, Pop Mart is rolling out the Rock the Universe vinyl plush doll, which forms part of The Monsters Big Into Energy Series. This plush will be notably different as it will feature a pearl-and-alloy heart necklace and will be the first in the range to incorporate long fur. Utilizing a specialized dyeing technique ensures that no two figures will be identical, with the dolls priced at $114.99 each.
Consumers can purchase all of these new products starting August 29 through Pop Mart’s website, either for in-store pickup or shipment. The items will also be accessible via the company’s official app and its TikTok accounts, expanding the direct-to-consumer sales channels.
The Labubu character has significantly contributed to Pop Mart’s financial success. In 2024, the company reported a staggering revenue increase of over 100%, reaching 13.04 billion yuan (approximately $1.81 billion), largely propelled by the popularity of its plush offerings. The revenue from Pop Mart’s plush toys surged over 1,200%, making up nearly 22% of the company's overall income, as documented in the latest annual report.
In a recent financial update, Pop Mart disclosed that its profit attributable to shareholders experienced an almost 400% rise for the first half of the year. The company reported a revenue increase of more than 200%, totaling 13.88 billion yuan (around $1.93 billion). Additionally, revenue growth for the Asia Pacific region soared over 250%, while figures from the Americas skyrocketed by more than 1,000%.
With the launch of these new Labubu products, Pop Mart is poised to continue its upward trajectory in the collectible toy market, appealing to both existing fans and new customers around the globe.
