The biggest toy maker you've never hear of

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Queues that snake around shopping centres, TikTok unboxings by the million and celebrities dangling furry gremlins from handbags – welcome to the Labubu moment.

Pop Mart, the fifteen-year-old Chinese maker of blind-box collectibles, has just posted a first-quarter revenue surge of more than 165 percent. Its market value now sits around $34 billion – higher than Hasbro, Mattel and Sanrio combined.

The secret sauce is scarcity. Each sealed box might hold a rare Labubu, a toothy imp that has become Asia’s answer to Beanie Babies. The latest 3.0 edition sold out instantly and hit resale sites at a 24 percent premium. One ultra-rare figure listed for nearly $2,000.

North America is now Pop Mart’s fastest-growing region, with revenue up almost ninefold as stores open from Los Angeles to Dallas. Analysts say the adult “kidult” market – nostalgia with disposable income – shields the brand from tariff pain squeezing children’s toys.

Storytelling and suspense are old tricks. Pop Mart has simply digitised them for the dopamine age.

Spot Labubu on a key-ring and remember: the real surprise is how a mystery box became a $34 billion franchise.

Source: Chartr

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