Barbie and Hot Wheels brace for tough competition as Pop Mart's Labubu toy brand, is on track to become a four billion-dollar business by the end of the year.

The Chinese toy purveyor, famous for selling the highly popular Labubu monsters, pulled in an impressive amount of cash in the first six months of the year, as it expanded into more lucrative overseas markets.

Pop Mart, the Chinese toy company behind the popular Labubu dolls, expects its revenue to cross $4 billion this year, according to its chief Wang Ning.The company, listed in Hong Kong,