Labubu Doll Frenzy Triples Sales for Chinese Toy Maker Pop Mart

The race to collect Labubu dolls has tripled sales for Chinese toy manufacturer Pop Mart. In the first six months of the year, revenues soared to $1.93 billion while net profit jumped by almost 400%. This surge has transformed Pop Mart into one of the world’s most valuable toy companies, with a market value greater than that of rivals Hasbro and Mattel combined, according to the Financial Times. Shares of the Hong Kong-listed company have risen 570% over the past year, making its founder, Wang Ning, the tenth richest person in China.