(By Huo Dongyang, Edited by Zhang Guangkai)
Recently, "Pop Mart Tops the US App Store Shopping List" has gone viral.
According to Qima Data, on April 25th, Pop Mart's APP (POP MART) topped the US App Store shopping list and its daily ranking surged by 114 places to rank fourth in the overall free list.
It is reported that the reason for the sharp rise in Pop Mart's APP ranking is due to the global release of the third-generation搪膠毛絨 product series "High Energy Ahead" under its popular IP Labubu. Since its launch on April 24th, it has triggered a buying frenzy. In addition to the surge in APP rankings, media reports also stated that long queues have formed at stores in Los Angeles, USA, London, UK, Milan, Italy, Harajuku, Japan, and other locations.
Labubu was born in 2015 and has gradually become an essential item for global fashion enthusiasts in recent years due to the trend of "keychains". On social media, Labubu has become the "golden partner" of Hermès rare leather bags, especially its hidden versions.
Observation Network found that the price of Labubu pendants in Pop Mart's Tmall flagship store ranges from 99 to 159 yuan, with the "High Energy Ahead" series priced at 99 yuan, but it is already sold out. On Dewu, there is a certain degree of premium for the blind boxes of this series, with the determined hidden version selling for 1389-1699 yuan.
Vogue Business analyzed that the blind box form of Labubu forms a kind of intertextuality with the scarcity of luxury brand bags, and the hidden version of Labubu keychains adds the value of rare luxury bags and personal style marks to the bags.
In Pop Mart's 2024 financial report, a total of 13 IPs generated revenue exceeding 100 million yuan, with The Monsters series, to which Labubu belongs, contributing 3.04 billion yuan to Pop Mart's revenue, growing by 726.6% year-on-year. In 2024, Pop Mart's operating income reached 13.038 billion yuan, increasing by 106.92% year-on-year. The company had a total of 13 IPs exceeding 100 million yuan in revenue, with four top IPs exceeding 1 billion yuan in revenue.
On April 24th, Pop Mart announced in a statement that the company's overall revenue growth rate for the first quarter of 2025 is expected to be between 165% and 170%, with China's revenue growth expected to be between 95% and 100%, and overseas revenue growth expected to be between 475% and 480%. The growth in the Americas is particularly impressive, with an estimated increase of 895% to 900%.
Morgan Stanley analyst Dustin Wei pointed out in a recent research report that the company's keychain plush products have become important growth catalysts. With the rapid expansion of overseas markets and the continuous popularity of hot IPs like Labubu, Morgan Stanley expects Pop Mart's performance in 2025 to grow by another 47%, with China's market growth expected to be around 27% and overseas markets expected to reach 77%.
This article is an exclusive article by Observer Network and cannot be reprinted without permission.
Original article: https://www.toutiao.com/article/7498652337381130767/
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