Who would have thought collectible toys could grow so fast? Pop Mart, the company behind the popular Labubu doll, is aiming for massive success. Wang Ning, the CEO, recently told financial watchers his company is on track. He expects Pop Mart to hit 20 billion yuan in revenue by 2025. That’s about 90.76 billion Thai baht. But he didn’t stop there. He also said that reaching 30 billion yuan, or around 136.14 billion Thai baht, “this year should also be easy.”
Wang, who started Pop Mart back in 2010, shared these bold targets after the company’s half-year financial report. The report, released this past Tuesday, showed amazing results. Pop Mart’s net profit shot up by nearly 400 percent. People are really wanting their toys, especially in other countries. These overseas markets bring in higher profits for the company.
The CEO also mentioned looking into new markets. He’s thinking about expanding to the Middle East, Central Europe, and parts of Central and South America. Wang sees big growth ahead for Pop Mart outside its home market. He believes there’s still lots of room to grow. He even suggested that sales from North America and the Asia-Pacific region this year could match all of China’s sales in 2024.
Global Growth Plans
Pop Mart already has about 40 stores in the United States. Wang said the company plans to open many more stores there very quickly over the next year or two. They expect to add another 10 stores in the US by the end of this year alone.
The company’s stock has done incredibly well. Since the start of the year, its shares have jumped by over 230 percent. This big gain means Pop Mart is now worth more than older, well-known toy companies. It has surpassed Mattel, the company that makes Barbie dolls. It’s also worth more than Sanrio, the parent company of Hello Kitty.
Looking to the Future
Pop Mart’s next big goal is to become like Disney. Executives hope their toy characters will start appearing in animated movies and theme park rides. While these ventures might not bring in much money right away, they are part of a larger, ambitious plan.
Source: Reuters