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Visualized: Pop Mart’s Labubu Revenue Surge
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Key Takeaways
- Chinese toy maker Pop Mart saw its revenue double in 2024 to reach $1.8 billion as the excitement around the character Labubu began to grow.
- Pop Mart CEO Wang Ning said that it should be quite easy for the company to reach $4.2 billion in revenue in 2025, which would more than double 2024’s revenue.
Pop Mart, the Chinese toy brand behind wildly popular collectible figures, has seen its revenues skyrocket in recent years, largely thanks to the breakout success of one quirky character: Labubu.
This graphic shows Pop Mart’s revenue growth from 2018 to 2024 using data from Pop Mart‘s annual reports, along with a 2025 estimate from Pop Mart executive Wang Ning.
Labubu’s Sales Drive Pop Mart’s Revenue Surge
Pop Mart’s annual revenue has more than doubled since the release of their Labubu collection in October 2023, and the toy maker expects it to double again in 2025.
The data table below shows Pop Mart’s annual revenues from 2022 to 2024, along with an estimate for 2025 from CEO Wang Ning.
| Year | Pop Mart Revenue (millions, USD) |
|---|---|
| 2021 | $707 |
| 2022 | $669 |
| 2023 | $887 |
| 2024 | $1,800 |
| 2025 (estimate) | $4,200 |
With Pop Mart’s leadership expecting it to be “quite easy” to reach $4.2 billion in revenue in 2025, much of this success for the toy maker is driven by Labubu sales, which have become social media sensations.
The Social Media Virality of Labubus
Labubu isn’t just another collectible character—it has become a pop culture icon. Videos of fans camping outside Pop Mart stores and unboxing Labubu figures have gone viral across social media platforms.
The secret behind this social media success largely comes from Pop Mart’s blind box model, which doesn’t reveal which type of Labubu is inside until it’s purchased and unboxed.
This pushes the most ardent fans to buy multiple blind boxes until they get their desired Labubu, often accompanied by reaction videos as they open their Labubu boxes to either another disappointment or wild excitement.
Learn More on the Voronoi App
To learn more about Pop Mart’s rising business success, check out this graphic which compares its valuation to other toy makers on Voronoi.