Pop Mart Says Non-Labubu Toys Account for 50% of US Revenue, Pushing Back on Over-Reliance Concerns

Summary

Pop Mart International Group Ltd. is pushing back against concerns that its overseas business relies too heavily on the Labubu character. COO Si De revealed that non-Labubu items accounted for about 50% of total revenue in the US last year, and in markets like Japan, South Korea, and Southeast Asia, non-Labubu characters make up the majority of sales. The company argues Labubu's explosive growth has overshadowed the strong performance of its other toys.