News summary
Bubble Mart's overseas market revenue is expected to grow at no less than 100% in 2024. The second phase of the park business project will start planning and design, and the IP industry chain will continue to expand, including new businesses such as games and animation.
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[Bubble Mart expects revenue growth in 2024 to be no less than 30%, and revenue growth in overseas markets to be no less than 100%]
Bubble Mart, a Chinese trendy toy brand, was recently displayed at the 20th ICIFdeepseafishingnearmeIts Beijing city-limited series of derivatives has attracteddeepseafishingnearmeThere are many trendy game enthusiasts. Chen Xiaoyun, vice president of the company, said that Bubble Mart's Labubu IP is very popular around the world, integrating urban cultural elements and trying to create new cultural landmarks.
The second phase of Bubble Mart City Park project is about to start planning and design. The company is in contact with multiple provinces and plans to expand the park business to more regions. In addition, Bubble Mart has performed strongly in overseas markets. Since opening its first overseas store in Seoul in 2020, the number of overseas offline stores has increased to 80, and the number of robot stores has reached 159. It has entered France, Malaysia, Thailand and the Netherlands for the first time.
The 2023 financial report shows that Bubble Mart's overseas market revenue growth is expected to be no less than 100%, and the group's total revenue growth is expected to be no less than 30%. The company said it will focus on expanding Southeast Asia and East Asia markets in the future, and plans to open stores in Indonesia, the Philippines, Vietnam and other countries.
Chen Xiaoyun emphasized that Bubble Mart is committed to building a trendy toy brand with a global vision and international aesthetics, and presents borderless trendy toys through IP created by global artists. In addition, Bubble Mart will also expand games, animation and other related businesses, and is expected to launch its first leisure and entertainment Mini games in June this year.
Since the opening of the first phase of Bubble Mart City Park in September 2023, its performance has exceeded expectations, and the secondary extinction rate is much higher than the forecast level. The company's long-term goal is to build a world-class, comprehensive large-scale park, and the short-to medium-term goal is to use the park as an incubator to form diverse business formats.