Pop Mart (9992) chief operating officer Si De has dismissed concerns over the company's reliance on its hit Labubu character, revealing that non-Labubu products accounted for about half of its US revenue last year.
Si told Bloomberg that non-Labubu intellectual property sales already make up the majority of sales in Japan, South Korea and Southeast Asia. Other IP like Twinkle Twinkle are recording strong growth across Asia despite being overshadowed by Labubu.
Backed by a stronger product portfolio, cash flow and band recognition, Si expects Pop Mart to replicate its decade-long domestic success in overseas markets within just a few years.
The proportion of overseas employees will reach 50 percent of total headcount, up from the current 20 to 30 percent, he expects.
Meanwhile, the company is co-producing a Labubu movie with Sony, potentially releasing as early as summer 2028, and the character is set to appear at some major global events this year including World Cup and Thanksgiving parades, Si said.
Shares of Pop Mart briefly jumped over 5 percent to HK$177.4, with turnover reaching HK$2.47 billion for now following the upbeat remarks.
Effie Zhang
