The Chinese toymaker Pop Mart is capitalizing on the runaway success of its ugly-cute Labubu dolls as it nears a $4 billion profit.

Labubu has been a bonanza for Pop Mart. Its revenue more than doubled in 2024 to 13.04 billion yuan ($1.81 billion), thanks in part to its elvish monster. Revenue from Pop Mart’s plush toys soared more than 1,200 per cent in 2024, nearly 22 per cent of its overall revenue, according to the company’s annual report.

The grinning plush elves drove record revenue for the Chinese retailer in the first half of the year, and soon fans will have something new to lust after.