Labubu-maker Pop Mart diversifies into jewellery with new concept store
SHANGHAI: 'Blind box' toymaker Pop Mart, which has seen frenzied sales worldwide for products related to its ugly-cute Labubu character, opened its first jewellery store in Shanghai on Friday.
The jewellery concept store, called Popop, sells accessories adorned with Pop Mart's top-selling characters, including Labubu, Molly and Skullpanda.
While Chinese consumption remains subdued in the face of a prolonged property downturn and sluggish economy, Pop Mart's affordable and adorable toys have remained in high demand both at home and abroad, driving its share price up more than 200% so far this year.
Investor Zhang Ming, 34, who owns Pop Mart stocks worth 100 million yuan ($13.92 million), flew from his base in the southwestern Chinese city of Chongqing for the opening to check out the new store type and decide whether to increase his shareholding in the company.
'I believe that the pricing and target audience for this brand are particularly well-suited, and I am confident that Pop Mart could potentially become China's version of Disney,' Zhang said, predicting that the company's market cap could double from its current $45.65 billion valuation.
Along with some Disney characters and others related to anime, comics and popular video games, Pop Mart's characters are seen as fulfilling what has been called 'emotional consumption', which sees young consumers spend on affordable luxuries that bring joy into their lives.
Fang Ke, 35, who has a birthday coming up this month decided to treat herself to a 699 yuan Labubu bracelet at the opening.
'I've loved Pop Mart for a long time; it's good-looking, brightly coloured, and also has a visual impact,' she said. 'My daughter likes it too.'
At Popop, prices start at around 350 yuan for charms or a simple silver ring, and go as high as 2699 yuan for necklaces adorned with metallic models of the characters. Most pieces are priced at under 1,000 yuan.
At a traditional Pop Mart store, the 'blind box' toys that the chain is best known for generally sell for 69 yuan and up, but consumers have shown a willingness to shell out much more for limited editions.
Earlier this week, a Beijing auction house sold a human-sized Labubu figure for 1.08 million yuan, setting a new record and marking the toy's switch from craze to collectible.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Express Tribune
9 hours ago
- Express Tribune
Joy spread among orphans on Children's Day
In a touching display of goodwill, a Chinese company brought joy and hope to underprivileged children by donating essential supplies to an Islamabad orphanage, marking a special celebration of International Children's Day. The China State Construction Engineering Corporation Limited (CSCEC) Pakistan branch extended a helping hand to the Islamabad China-Pakistan One Heart Step and Cure Home (ICOSH), gifting items worth Rs2 million, including school supplies, daily necessities, sports equipment and electrical appliances. The contribution aims to enhance the living conditions and educational opportunities for children at the facility. Established in 2023 by the Beijing One Heart Sphere Charity Foundation and the China-Pakistan Youth Exchange Community (CPYEC), ICOSH initially focused on assisting critically ill Pakistani patients seeking medical treatment in the capital. Over time, it has expanded into a haven for disabled and seriously ill children, while also providing full-time care for 21 orphans, Gwadar Pro reported on Tuesday. Since its inception on May 28, 2023, ICOSH has supported over 130 orphans and children suffering from severe illnesses. The latest contribution from the Chinese company underscores the deepening friendship between China and Pakistan, reflecting the spirit of shared compassion and mutual support. The donation ceremony was attended by Yang Guangyuan, Minister Counsellor of the Chinese Embassy in Pakistan, who extended warm Children's Day greetings to the young residents. "It is an honour to participate in this meaningful initiative," said Yang. "We hope this event marks a new chapter in deepening China-Pakistan humanitarian cooperation and inspires more social forces to contribute to this noble cause." Addressing the event, Wang Yaodong, CEO of CSCEC Pakistan, highlighted the company's long-standing commitment to social responsibility alongside infrastructure development. Children at ICOSH also celebrated Children's Day with special activities, enjoying games and performances in a festive atmosphere.
Express Tribune
10 hours ago
- Express Tribune
Trump and ancient Chinese wisdom
The writer heads the independent Centre for Research and Security Studies, Islamabad. He is currently a visiting Research Fellow at Fudan University, Shanghai Listen to article Is Donald Trump the present day manifestation of the ancient Chinese businessman who enjoyed the least of respect in society? A direct comparison may sound unfair to the president, but his fixation on tariffs – seemingly rooted in arrogant nationalism – has prompted many in China to recall how ancient Chinese emperors and philosophers viewed businessmen. The falling out of Trump and Elon Musk – two powerful businessmen – also perhaps offers the latest illustration of that Chinese wisdom on businessmen's propensity to be self-righteous, arrogant and self-serving when the situation so demands. When Trump, a businessman turned politician, intensified his pursuit of increased tax revenues by imposing customs duties on a wide range of US imports from various global sources, he elicited a reaction from even the most esteemed traditional partners, such as the European Union and India. While Trump's intentions to revitalise the US economy and achieve 'Make-America-Great-Again' resonated with many, his actions evoked a comparison in China to the behaviour of ancient Chinese businessmen. These individuals were renowned for their unwavering pursuit of personal gain, often disregarding societal norms and values. This is how businessmen were viewed in general. Within the traditional Chinese cultural hierarchy, the Emperor of course stood above everybody else, with the absolute authority. All others – the citizens of the empire – however, were divided into four distinct classes. While businessmen were respected for their wealth and success, their primary focus on profit was perceived as less noble than their contributions to society through learning or government service. The most esteemed members of this class were the wisemen, scholars, advisors and officials. Their invaluable contributions to the Emperor's governance were recognised through their knowledge, virtue and intellectual pursuits. Their writings and intellectual endeavours were highly valued and contributed to the state's development. The second most respected class consisted of farmers, who were responsible for cultivating crops and providing food for the population. They were regarded as the foundation of the economy, ensuring the sustenance of the entire population. Artisans, technicians, engineers and construction experts, who possessed specialised skills, were the third most esteemed class. Their contributions were instrumental in developing technical tools and facilitating daily life. The business community, comprising merchants, held a lowly position in society, regarded as the least respected class. The Emperor held a disdain for businessmen, believing they prioritised money over morality and would resort to any means, ethical or immoral, to achieve financial gain. Consequently, few businessmen sought proximity to the Emperor. While there were methods to evade the Emperor's disdain, businessmen were generally the least welcomed and least respected members of the royal court due to their perceived greed for wealth. However, this perception has shifted over time, not only in China but also in other parts of the world. Businessmen have played a pivotal role in the country's economic growth, exemplified by the billionaire founder of Ali Baba, Jack Ma. The concept of 'Chinese businessman wisdom' has emerged, referring to the practical, astute, and often pragmatic approach to business that is highly esteemed by both Chinese and international audiences. The traditional hierarchical structure has undergone a gradual softening, and various professions, including business, are now recognised for their unique contributions to society. The contemporary emphasis on economic development has fostered a more positive attitude towards business and entrepreneurship. The government actively encourages entrepreneurship and private enterprise, acknowledging the indispensable role of businesses in the nation's development. Nevertheless, certain actions are considered unacceptable and should not be crossed. Jack Ma's conduct a few years ago prompted many to draw upon ancient wisdom and draw parallels between the past and the present. His interactions with the central bank invariably drew comparisons to the past and often served as an example of a businessman attempting to exert control over the central bank. The context involved technical difficulties experienced by Ali-Pay, a digital payment system, in conjunction with the central bank. Upon making his public complaint, Jack Ma faced significant repercussions from the Chinese authorities. His passing remark about China's finance system was interpreted as a mockery by the Beijing authorities, leading to questions about his intentions. They expressed concern that Jack Ma might intend to control the finance system through Ali-Pay. As a result, Jack Ma encountered substantial opposition from the authorities. They argued that the Central Bank is a trusted institution – in fact a public Trust – that efficiently manages and looks after the interests of the people. If allowed to operate like a Western capital institution, entities such as Ali-Pay could potentially disrupt the system and harm the interests of the Chinese people. The official backlash compelled Jack Ma to take a break from business – a sort of sabbatical. However, he recently resurfaced with more empathetic views on China's financial system – more aligned with the national ethos as projected by the leadership. A Chinese friend described him as helpful and engaged in significant philanthropic activities – something expected of every affluent Chinese who are expected to pay back after benefitting under the system, which rests on a national spirit and ethos that keep citizens at the centre. The citizen, says the ancient Chinese philosophy, is central to a state's stability, and hence his/her welfare is paramount for the political economy. All indicators suggest the Chinese Communist Party continues to follow that golden philosophy. It's yet to be seen how much the Trump-Musk acrimony hurts the people. There couldn't have been a better validation of the Chinese definition of a businessman than the mutual public trolling both Trump and Musk indulged in following the implosion of their alliance.
Business Recorder
18 hours ago
- Business Recorder
Russian rouble gains as oil prices jump on Middle East tensions
The rouble gained against the dollar on Friday, supported by a sharp jump in prices for oil, Russia's main export, after Israel launched major strikes against Iran. Israel said it had attacked nuclear facilities and missile factories and killed a swathe of military commanders in what could be a prolonged operation to prevent Tehran building an atomic weapon. The attacks sparked Iranian retaliation and raised concerns about possible disruption to oil supplies. Brent crude was up 7.9% at $74.83 a barrel by 1124 GMT. The rouble was 0.6% higher at 79.50 per U.S. dollar, according to LSEG data based on over-the-counter quotes. Trading was light, as Russia was marking a two-day national holiday. The rouble appreciated more sharply earlier in the session, but as oil prices pared some of their early gains, so too did the Russian currency. The rouble has strengthened by over 40% against the dollar this year, a rise analysts have attributed to the easing of geopolitical tensions - mainly with U.S. President Donald Trump's administration - and the central bank's tight monetary policy, which has reduced demand for foreign currency. Against the Chinese yuan, the most traded foreign currency in Russia, the rouble strengthened by 0.3% to 10.92 on the Moscow Stock Exchange. The central bank uses yuan for foreign exchange interventions.
