Shares of Labubu dolls maker Pop Mart (9992) once surged more than 8 percent after its chairman reportedly announced a full-round upgrade in global organizational structure, mainland media reported.
This came after it reported a 2024 net profit that more than doubled thanks to the popularity of Labubu dolls adored by celebrities involving Kpop band Blackpink’s Lisa.
Chairman and chief executive Wang Ning issued a letter to all employees regarding the upgrade for global expansion on Monday, effective immediately, according to the report.
It also noted that the initiative has a core on regional strategy, with plans to build regional headquarters in Greater China, the Americas, Asia Pacific and Europe.
Concurrently, the company’s senior vice president Wen Deyi will serve as co-chief operating officer, and will cooperate with current COO Si De on the management and operation of global business.
The Chinese toymaker recorded a net profit of 3.13 billion yuan (HK$3.35 billion) last year, up 189 percent from 2023, with revenue amounting to 13.04 billion yuan, up 107 percent year-on-year.
In 2024, its mainland business contributed to 7.97 billion yuan in revenue, marking 52.3 percent growth, while turnover from Hong Kong, Macau, and other markets surged 3.75 times to 5.07 billion yuan.
Sales in Southeast Asia surged 619 percent last year, while its North American market grew more than five times.
In terms of its fast-growing intellectual property products, sales of ‘The Monsters’ dolls — including Labubu — rose to 3 billion yuan last year compared to 368 million yuan before.
Pop Mart’s shares climbed 6 percent to HK$158.50 in Hong Kong by 3pm on Monday.
STAFF REPORTER