Shuli Ren, Columnist

Sorry, Pop Mart, Labubu Is Just Not Lego or Pokemon

October 21, 2025 at 7:00 PM UTC

Shuli Ren is a Bloomberg Opinion columnist covering Asian markets. A former investment banker, she was a markets reporter for Barron’s. She is a CFA charterholder.

Is Pop Mart a one-trick pony?
Photographer: Qilai Shen/Bloomberg

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Few toymakers have garnered as much investor attention as China’s Pop Mart International Group Ltd., the manufacturer behind Labubu, a plush accessory seen dangling off the bags of A-listers from Blackpink’s Lisa to Rihanna.

The company’s fortunes have risen with the elf-like doll’s stardom. It reported blowout first-half earnings in late August, with Chief Executive Officer Wang Ning saying that achieving 30 billion yuan ($4.2 billion) in sales in 2025, or 130% year-on-year growth, would be “quite easy.” The shares have rallied 179% this year.