Collectible toy retailer Pop Mart says its net profit increased by more than 100 per cent last year.
The growth is largely due to expansion in multiple markets, especially in Asia where the ‘blind box toy’ specialist’s next expansion plan is into Vietnam with the opening of its first two stores.
The stores, set to open in May, will be located in District 7 of Ho Chi Minh City and the tourist resort destination Ba Na Hills near Danang, the president of Pop Mart International, Justin Moon, announced on LinkedIn.
Pop Mart’s adjusted net profit increased by 107.6 per cent last year to US$165 million, while revenue jumped 36.5 per cent to $871.5 million.
The retailer generated $147.47 million in revenue from Hong Kong, Macau, and Taiwan, representing 16.9 per cent of its total revenue.
During the year, Pop Mart launched its first offline stores in France, Malaysia, Thailand, and the Netherlands. As of December 31, the company had 80 outlets worldwide, along with 159 vending machines it calls robot stores.
“The growth of the overseas market has given us great confidence,” said chairman and CEO Wang Ning. “We expect that our overseas business will continue to maintain triple-digit growth in the future.”
