Wang Ning, billionaire founder of Chinese toy maker Pop Mart International Group, said the company could “easily” reach 30 billion yuan ($4.2 billion) in sales this year.

China's Pop Mart , which has taken the world by storm with its ugly-cute Labubu doll, reported a nearly 400% first-half net profit on Tuesday on high demand for the toys and a shift towards higher-margin overseas markets.

The Chinese company Pop Mart is officially more valuable than industry giants Mattel and Sanrio, thanks to the popularity of Labubu dolls.