Pop Mart’s financial report for the first half of the year revealed impressive figures, with revenue reaching over 4.55 billion CNY, a 62% increase from the previous year. The company’s gross profit exceeded 2.9 billion CNY, a 72% surge, and their gross profit margin stood at over 64%.
After deducting expenses, Pop Mart’s pre-tax profit was more than 1.2 billion CNY, almost double that of the same period last year. This equates to an estimated daily revenue of over 23 billion VND.
The Monster Collection’s star, Labubu, has contributed over 626.8 million CNY, a 3.9 times increase from the first half of last year, accounting for 14% of the company’s total revenue.
Pop Mart is renowned for its blind box products, which include lifestyle accessories or decorative items with a specific theme. Buyers are unaware of the contents until they open the box, adding an element of surprise and excitement. These products range in price from a few million dong to tens of millions of dong.
Pop Mart’s revenue and profit converted to VND, as per their financial report.
The brand recently opened a new store in Cresent Mall, District 7, Ho Chi Minh City. Jeremy Lee, Director of Market Development for the Asia-Pacific region, described Vietnam as a “vibrant” and “potential” market. The opening event attracted a large crowd, with about 1,000 people lining up to get their hands on limited-edition products, with each person given only 15 minutes to shop. The store sold an impressive 4,000 products on its first day.
Similarly, the opening of Pop Mart at Ba Na Hills attracted a large number of fans eager to purchase Labubu. Social media clips showed young enthusiasts lining up early in the morning to be among the first to enter the store and get their hands on Labubu.
Pop Mart’s new store at Ba Na Hills attracted a large crowd.
Labubu’s Rise to Fame: From Instagram to a Social Media Sensation
Labubu, the character that has taken social media by storm, was designed by Hong Kong artist Kasing Lung in 2015, inspired by the fanged monster of Norse mythology. However, it was her appearance on Lisa’s (a member of Blackpink) Instagram that propelled Labubu into the spotlight, increasing her popularity and exposure.
Labubu’s unique design is a significant factor in her appeal. Each version of Labubu has distinct features, from her clothing to her accessories, creating a diverse and captivating range. The limited production of Labubu, combined with the blind box purchasing format, adds to the exclusivity and intrigue for collectors.
In Vietnam, online communities dedicated to collecting and trading Labubu have sprung up, with membership ranging from a few dozen to hundreds of thousands. Sales of this artistic toy and related merchandise have also skyrocketed on e-commerce platforms.
According to Metric data, Labubu-related items generated nearly 5.2 billion VND in revenue on e-commerce platforms in Q2, a 665% increase from Q1. Additionally, 43 shops on TikTok Shop brought in over 3 billion VND in revenue, with 145,129 Labubu-related products, reflecting a 2,786% surge in sales.
Labubu’s popularity has also caught the attention of Vietnamese celebrities such as model Thanh Hang, singer Bao Thy, runner-up Huyen My, and beauty queen Ky Duyen, who have all shared their passion for collecting Labubu on social media.
Tracodi (TCD) earns 163 billion VND profit in 2023
Throughout the year 2023, Tracodi achieved a consolidated net revenue of VND 1,784.5 billion and a post-tax profit of VND 163.3 billion.
Building Peace earns over one hundred billion in Q4 2023, breaks four consecutive quarters of losses, HBC stock soars in January 30th session.
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Novaland reports over VND 1,600 billion in profit for Q4/2023, bond debt reduced by VND 6,000 billion in one year.
In 2023, Novaland achieved a profit of over 800 billion VND, in contrast to the first half of the year when the company incurred a loss of over 1,000 billion VND.
