Key Takeaways:
- Non-Labubu products contributed about 50% of Pop Mart's US revenue in 2025
- Japan, Korea and Southeast Asia already generate majority revenue from non-Labubu IPs
- Starry People series among other IPs seeing strong growth, COO says
Back
Pop Mart COO says non-Labubu products drive 50% of US revenue
Pop Mart International Group Ltd. Chief Operating Officer Si De said non-Labubu products accounted for about 50% of the company's US revenue last year.
"Other products are just overshadowed by Labubu, but they are actually contributing about half of our US revenue," Si De said in an interview with Bloomberg.
In Japan, Korea and Southeast Asia, non-Labubu series already account for the majority of revenue, Si De said. The company's other intellectual properties, including the Starry People series, have also seen strong growth and attracted significant user bases, he added.
The disclosure challenges the perception that Pop Mart relies on a single viral character. The company's ability to monetize multiple IPs across different markets suggests a more diversified revenue base than investors may have priced in.
Pop Mart, listed on the Hong Kong Stock Exchange under ticker 9992, has seen Labubu become a global phenomenon since its launch. The collectible toy's popularity has drawn comparisons to past toy crazes and raised questions about the sustainability of Pop Mart's growth.
The COO's comments provide the first detailed breakdown of the company's revenue composition in its largest overseas market. Pop Mart has been expanding aggressively outside China, opening stores in the US, UK, Japan and Southeast Asia.
The data suggests Pop Mart's IP portfolio is more diversified than the market perceives, reducing the risk of over-reliance on a single character. Investors will watch the company's next earnings report for further segment-level disclosure on IP performance across markets.
This article is for informational purposes only and does not constitute investment advice.
