Chinese customs authorities have intercepted around 1.83 million Labubu products suspected of intellectual property infringement this year, officials said on Monday.
China's General Administration of Customs said since the start of the 14th Five-Year Plan period, customs nationwide have investigated a total of 23,000 smuggling criminal cases, with a total estimated value of nearly 480 billion yuan (HK$522.9 billion), involving over 60 billion yuan in evaded taxes.
The statement came after Pop Mart (9992), maker of ugly-cute Labubu dolls, said its first half net profit soared nearly 400 percent as demand for the toys surged.
In an interview with state-run newspaper People's Daily, founder Wang Ning revealed the monthly sales of its flagship Labubu toys could potentially reach nearly 10 million units since September – citing overwhelming international demand.
STAFF REPORTER
