The rise of Labubu dolls - and the 38-year-old CEO worth billions

The makers of Labubu dolls - popular with celebrities including Rihanna, David Beckham and Paris Hilton - reported a near 400% increase in profits in the first half of this year after demand for the ugly-cute toys soared.

The dolls' makers, Pop Mart, has released its half-year results as shares in the company have risen more than 230% since the beginning of 2025 - reportedly making the Chinese company more valuable than Barbie-maker Mattel, Hello Kitty parent company Sanrio and Transformers makers Hasbro combined. The Chinese toy company's sales tripled to 13.9bn yuan (£1.4bn), while net profit soared almost 400% to 4.6bn yuan (£474m) during the first six months of the year, according to the Financial Times.

Around 40% of the sales are said to have come from outside China. Labubu, a toothy-grinned member of "The Monsters" series of toys designed by illustrator Kasing Lung, has become a favourite of celebrities including David Beckham, Rihanna and Paris Hilton.

They have also proved difficult to get hold of for consumers after selling out at various places across the world. Pop Mart boss Wang Ning said on Wednesday that his toy company was on track to meet its targeted revenue goal of 20bn yuan (£2.06bn) in 2025, and that "30 billion (£3.10bn) this year should also be quite easy".

The 38-year-old chief executive's net worth has skyrocketed since 2024, according to Forbes - from $1.8bn (£1.3bn) to $26.3bn (£19.5bn). He was named China's 10th richest person in June.

And his company is hoping to grow further, with executives saying on Wednesday that expansion in emerging markets in the Middle East, Central Europe and Central and South America was being explored. "I think for overseas markets we're still very positive, and we also believe there's still very broad space for growth," Mr Wang said, adding that sales from North America and Asia Pacific this year would together equal China sales in 2024.

In the United States, where Pop Mart currently has about 40 stores, Mr Wang said the company will begin a phase of "relatively rapid store openings" over the next year or two, with 10 more US shops expected to open by the end of this year. The company has stores in Manchester and London in the UK - as well as having pop-ups in Harrods and Hamleys.

The toys can also be bought online and in vending machines called "Robo Shops" in other parts of the UK. Pop Mart's primary business is producing and selling collectible toys, many of them developed with artists and sold in "blind boxes".

The packages, which tend to cost around £14 in the UK, mean consumers don't know exactly which iteration of the toy is inside. This has helped drive repeat purchases, especially from collectors who want to own complete sets of each range of toys.

A collector reportedly paid 1.2m yuan (£124,000) for a human-sized limited edition Labubu at an auction in Beijing in June. Until now they have been popular as a charm that can be fastened to handbags, Pop Mart says it will this week launch a mini version of Labubu that can be attached to phones.

Read more from Sky News:Choke warning over fake LabubusSurprise rise in inflation to highest in a yearEnergy bills expected to rise from October Monster profits Pop Mart said on Tuesday "The Monsters" brought in 4.81bn yuan (£496m) in the first half of this year - accounting for 34.7% of total revenue. Four other Pop Mart toy series' earned more than 1bn yuan (£1m) during the period, including "Molly" and "Crybaby.