Even Beckham is crazy about it, Labubu is going global! Driving POP MART's sales in Europe and America to soar in April, TikTok followers increased by 68%

Following the Thai princess carrying an Hermès bag with Labubu, David Beckham also shared a gift from his daughter, a Labubu doll, which has become a sensation among European and American celebrities and KOLs, sparking a global buying frenzy!

Recently, football superstar David Beckham shared a heartwarming post on social media—his little daughter Harper gifted him a Labubu doll from POP MART. This post quickly garnered attention on social media worldwide, further fueling the popularity of LABUBU.

According to reports from the Wind Trading Desk, Bank of America Merrill Lynch's latest research indicates that the Labubu 3.0 series from POP MART has gained global popularity, with sales in the U.S. and European markets increasing approximately 8 times and 5 times year-on-year in April, respectively, with many retail stores seeing long lines of customers.

More importantly, Labubu's influence in the fashion sector is on the rise, with an increasing number of celebrities and KOLs using it as a decorative item. The number of followers for POP MART on TikTok in the U.S. has also increased from 431,200 in March to 722,900 (+68%), ranking first in retail sales on TikTok in April.

According to the Bank of America Merrill Lynch report, as POP MART's global expansion strategy makes substantial progress, the company is expected to achieve its goal of becoming "the world's POP MART." Bank of America expects its revenue and net profit to continue to grow rapidly over the next three years and maintains a buy rating with a target price of HKD 236.

Celebrity Effect Ignites European and American Markets, Labubu 3.0 Sales Booming, Fan Base Growing

The Bank of America Merrill Lynch report indicates that POP MART is moving towards establishing a truly global platform. This is evidenced by its rising "real" penetration rate from Southeast Asia (low-hanging fruit) to Western markets, particularly the specific heat in the U.S. and EU markets, alleviating concerns about the challenges of developing these markets.

Notably, Bank of America channel surveys show:

In April, the U.S./EU markets grew approximately 8 times/5 times year-on-year, further confirming the success of Labubu 3.0 and its positive impact on overseas markets. Despite the price increase due to U.S. tariffs, it seems to have had no adverse effect on its popularity.

On online channels, after the release of Labubu 3.0, the official POP MART app surged to the top of the shopping category in the U.S. App Store. The number of followers for POP MART on TikTok in the U.S. also increased from 431,200 in March to 722,900 (+68%), ranking first in retail sales on TikTok in April.

On the offline side, according to Bank of America channel surveys, the company has opened 14 new retail stores this year, mainly distributed in the U.S., EU, and Southeast Asia. Notably, POP MART prioritizes opening retail stores in landmarks (Oxford Street), cultural venues (Louvre), and high-end shopping centers (MEGA Bangna) to provide consumers with immersive experiences and social functions According to Bank of America’s forecast, POP MART is expected to open 110/20 new retail stores in overseas/domestic markets, bringing the total to approximately 650 by the end of 2025.

Domestic market sales accelerate growth, high performance supports valuation

Meanwhile, POP MART's growth momentum in the domestic market remains strong.

According to the Meritco database, in April, POP MART's sales through online e-commerce platforms (including Tmall, JD.com, and Douyin) increased by 287% year-on-year, accelerating from Q1 2025 (+223%), with Tmall/JD.com/Douyin growing by 156%/66%/457% respectively. Domestic offline same-store sales have significantly accelerated, growing by 50% (compared to Q1 2025 +23%).

Bank of America maintains a buy rating on POP MART, with a target price of HKD 236 (the highest forecast in the market). Analysts believe that the company is steadily advancing its global layout towards the goal of becoming "the world's POP MART" and considers POP MART one of the preferred structural growth stocks in the consumer sector.

According to Bank of America’s forecast, POP MART's revenue will reach HKD 22.601 billion in 2025, with a net profit of HKD 6.5 billion, a year-on-year increase of 91%; in 2026, it will reach HKD 10.11 billion, a year-on-year increase of 55.5%.

High performance growth provides strong support for the current valuation. Currently, POP MART's stock price is approximately HKD 207, corresponding to a price-to-earnings ratio of 42.42 times for 2025 and 27.27 times for 2026. Considering its rapid growth, this valuation level remains attractive.