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.
Collectible toy retailer Pop Mart says its net profit increased by more than 100 per cent last year.
Its new 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$165M, while revenue jumped 36.5 per cent to $871.5M. The retailer generated $147.47M in revenue from Hong Kong, Macau and Taiwan, representing 16.9 per cent of its total revenue.
