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The Star
11 hours ago
- Entertainment
- The Star
Feature: Kidults' emotional cravings, not just toys, drive POP MART's popularity
by Xinhua writer Zheng Bofei LONDON, June 1 (Xinhua) -- A crowd of collectors and POP MART fans gathers outside the brand's brightly lit flagship store on Oxford Street, eager to explore its signature blind-box toys, like Skullpanda, Dimoo, and the iconic Labubu, known for its fluffy body and toothy grin. Some had traveled from as far as Southeast Asia and mainland Europe, not just to shop, but to trade art toys, connect with fellow fans, and capture the perfect unboxing moment for TikTok. Once a niche brand in China, POP MART is now one of the fastest-growing cultural phenomena in Europe. Founded in Beijing in 2010, POP MART rose to fame through its original character designs and collaborations with emerging artists. Its IP-driven collectibles, especially the mischievous yet charming Labubu, resonate deeply with fans seeking more than just aesthetic appeal -- they crave emotion, surprise, and connection. "They were never meant to be a money-making madness in a resale market, but a moment in time for adults to become childlike and silly again. Every human deserves to feel that," said Amy-Lee Cowey-Small, a long-time marketing veteran. This emotional pull sets POP MART apart from traditional toy makers. It doesn't merely sell figures -- it sells feelings, rituals, and shared experiences. Central to its appeal is blind-box culture, where buyers don't know which toy they've purchased until they open the box. This "ritualized uncertainty" has resonated strongly with Gen Z and millennial consumers in Europe. On TikTok and Instagram, influencers regularly post unboxing videos, turning these toys into cultural symbols of identity and self-expression. POP MART's design philosophy blends Asian aesthetics with Western art influences, creating figures that feel both familiar and refreshingly new. This multicultural style has drawn attention from celebrities like Madonna Louise Ciccone and British TV personality Olivia Attwood, further embedding POP MART in Europe's creative mainstream. Since opening its first UK store in Soho in 2022, POP MART has rapidly expanded across the country, with stores now in Oxford Street, Manchester, Westfield Stratford, Cambridge, and Birmingham. By the end of 2025, it expects to operate 17 standalone stores in Britain, not including its rapidly growing network of roboshops. According to the company's European retail head, over 90 percent of its customer base in Britain now consists of local Britons and Europeans. "This is no longer a niche brand for the Asian diaspora," said Scarlett Zhao, POP MART's head of marketing, Europe. "We've gone mainstream." As demand continues to rise, Zhao rejected claims that the company is deliberately limiting supply to create hype. "We're often asked whether the limited availability of our plush toys is intentional, but the answer is no -- we do not engage in scarcity marketing. Our production is guided by long-term demand forecasting and brand planning rhythms to provide consumers with high-quality and consistent product experiences," Zhao said. "Plush toys require intricate craftsmanship and a strong attention to detail, which naturally calls for careful planning and production time. We prioritize craftsmanship and customer experience -- not scarcity as a marketing tactic," Zhao added. POP MART is now developing an online lottery system to reduce onsite congestion and deter scalper activity in Britain and France. POP MART isn't alone in riding the wave of China's collectible boom. Brands like TOPTOY launched by MINISO are also expanding across Asia and the Middle East, though TOPTOY focuses on licensed IPs like Disney and Naruto, rather than original characters. As Chinese collectible brands grow in prominence, their appeal is beginning to win over prestigious Western retailers. Zhao said luxury venues like Harrods were initially reluctant to take a chance on an unfamiliar Chinese brand. But that changed quickly. "As our IPs gained international visibility and our customer base expanded across Europe, conversations with prestigious partners naturally evolved into long-term collaborations," said Zhao. "Today, we're proud to be part of a new wave of cultural brands that Harrods and other top-tier retailers are embracing," she added. For consumers like Ma and Serena, both in their twenties, POP MART has become a lifestyle. "Once I got one, I got obsessed," said Ma. "And I told my friend Serena to get one too." "I saw an influencer open a blind box on Instagram. I went to the store the next day," said Serena. "That was it. I'm hooked." This growing community of collectors, many of whom kidults, isn't just chasing rare toys -- they're discovering shared joy, nostalgia, and pocket-sized companions through a distinctly modern cultural language.
Economic Times
2 days ago
- Business
- Economic Times
Can a toy make you a billionaire overnight? Meet the Chinese CEO who made $1.6 billion in a day thanks to a viral doll
Chinese CEO Wang Ning earned $1.6 billion in a single day as Pop Mart's viral Labubu dolls took the world by storm. Spotted with global celebrities, the mischievous toys sparked shopping frenzies, especially in the U.S. and U.K., where stores saw near-riots. (Facebook/ Agencies) What do a gremlin-faced doll, Blackpink's Lisa, and a near-riot in a London toy store have in common? The answer lies in one mischievous word: Labubu. This quirky, wide-eyed collectible from Chinese toy giant Pop Mart has not only taken over celebrity handbags and social media timelines—it's also added a staggering $1.6 billion to CEO Wang Ning's fortune in just one day. Yes, you read that right. In the era of high-tech IPOs and AI booms, it's a 10-dollar designer toy, sealed in a blind box, that's redefining wealth creation and retail hysteria. With its eccentric, impish smile and collector appeal, the Labubu doll has become the must-have accessory of the year. Spotted dangling from the designer purses of Rihanna, Jamie Chua, and India's very own Ananya Panday, Labubu is more than a toy—it's a statement. But the craze isn't just cosmetic. A BBC report recently highlighted how demand in the UK spiraled so wildly out of control that Pop Mart had to halt in-store sales after physical altercations broke out among eager buyers. The tipping point? Pop Mart's mobile app shot to the top of the U.S. app store, sending the company's shares soaring and instantly swelling Wang Ning's net worth to a jaw-dropping $18.7 billion, according to Forbes . At 38, Wang Ning has transformed from a Zhengzhou University advertising graduate to the architect of a global toy empire. Founded in 2010, Pop Mart didn't start with billion-dollar ambitions—but with blind boxes. These sealed packages conceal which toy you're getting, encouraging fans to keep buying for a full set. What sounds like a gimmick has turned into genius—thanks to psychological appeal and market-savvy execution. Today, Pop Mart collaborates with renowned artists to create collectible series like Molly, Skullpanda, and Dimoo. With half its sales still happening at physical outlets, and the rest through a robust digital and social media ecosystem, the brand has become a powerhouse of pop-cultural obsession, reaching across Asia, Europe, and the United States. Once confined to dusty toy shelves, collectibles have found their renaissance in what The Financial Times calls 'trendy connoisseurship.' Pop Mart has elevated figurine buying into a lifestyle pursuit for China's young, affluent consumers—and the world is catching on. Blind boxes now command second-hand resale values that attract not just fans but investors, with some venture capital firms reportedly dabbling in this curious market. And amid trade tensions and global economic uncertainty, Pop Mart's irresistible charm has proved its resilience, crossing borders with ease and capturing hearts—and wallets—everywhere it goes.
Business Times
21-05-2025
- Business
- Business Times
Labubu maker Pop Mart flagged for global expansion potential; CGSI initiates coverage
[Hong Kong] CGS International (CGSI) has initiated coverage on Pop Mart's stock with an 'add' rating, citing the group's transformation from a toy retailer to an intellectual property (IP)-centric platform. CGSI set the price target for the Chinese stock at HK$249.60, versus its last price of HK$208 at Tuesday's (May 20) close. That represents an upside of about 20 per cent. 'We expect Pop Mart to trade at a premium vs its global peers, considering Pop Mart's faster growth momentum and larger potential for global expansion,' said CGSI analysts in the note. Founded in 2010, Pop Mart first rose to fame due to its blind boxes, with popular characters including Labubu, Skullpanda and more. CGSI analysts noted that Pop Mart's management said it will focus on expanding to the US and Europe markets, versus South-east Asia in 2024. It plans to open 100 new stores in overseas markets. It said that the South-east Asia (SEA) market is key to Pop Mart's global expansion: it contributed 50 per cent of its overseas revenue in FY2024. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Currently, Pop Mart has a higher penetration rate in East Asia with 49 retail stores, compared with 20 in the US and 15 in Europe in 2024. CGSI estimates the company has potential to reach a total of 350 overseas stores by FY2027. 'SEA market's pop toy industry is still in the early stage, with a relative small market size currently,' the note said. 'We believe that SEA's pop toy market will achieve faster growth than the world average.' CGSI named factors such as region's higher proportion of youth, increasing penetration rate of social media and e-commerce, and growing disposable income. The securities firm forecasts its domestic revenue to rise by 38 per cent in FY2025, and its overseas revenue to hit a sales compound annual growth rate of 68 per cent between FY2024 and FY2027. Pop Mart has successfully transformed from a toy retailer to an IP-centric platform, shifting from product sales to IP development and diversified operations, CGSI noted. Besides trendy toys, Pop Mart's IP is also widely used in cultural and creative products, food, cosmetics and other fields, it said. 'We also observe that Pop Mart is gradually expanding into theme parks, games and animated cartoons,' said CGSI. The firm opened its first city park, Pop Land, in September 2023. In June 2024, it launched its first self-developed mobile game Dream Home, marking 'another frontier in IP content diversification'. 'We believe (Pop Mart) has built up a competitive advantage in IP platform and operations, and exploring multi-category mediums to improve IP commercialisation. We like the company due to its huge potential in overseas markets, and IP commercial value (beyond toys) in the future,' CGSI said. It added that any impact from US tariffs will be limited for Pop Mart, as they will be offset mainly by price hikes of American products.
Business Times
21-05-2025
- Business
- Business Times
Labubu maker Popmart flagged for global expansion potential; CGSI initiates coverage
[Hong Kong] CGS International (CGSI) has initiated coverage on Pop Mart's stock with an 'add' rating, citing the group's transformation from a toy retailer to an intellectual property (IP)-centric platform. CGSI set the price target for the Chinese stock at HK$249.60, versus its last price of HK$208 at Tuesday close (May 20). That represents upside of about 20 per cent. 'We expect Pop Mart to trade at a premium vs its global peers, considering Pop Mart's faster growth momentum and larger potential for global expansion,' said CGSI analysts in the note. Founded in 2010, Pop Mart first rose to fame due to its blind boxes, with popular characters including Labubu, Skullpanda and more. CGSI analysts noted that Pop Mart's management said it will focus on expanding to the US and Europe markets, versus South-east Asia in 2024. It plans to open 100 new stores in overseas markets. It said that the South-east Asia (SEA) market is key to Pop Mart's global expansion: it contributed 50 per cent of its overseas revenue in FY2024. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Currently, Pop Mart has a higher penetration rate in East Asia with 49 retail stores, compared with 20 in the US and 15 in Europe in 2024. CGSI estimates the company has potential to reach a total of 350 overseas stores by FY2027. 'SEA market's pop toy industry is still in the early stage, with a relative small market size currently,' the note said. 'We believe that SEA's pop toy market will achieve faster growth than the world average.' CGSI named factors such as region's higher proportion of youth, increasing penetration rate of social media and e-commerce, and growing disposable income. The securities firm forecasts its domestic revenue to rise by 38 per cent in FY2025, and its overseas revenue to hit a sales compound annual growth rate of 68 per cent between FY2024 and FY2027. Pop Mart has successfully transformed from a toy retailer to an IP-centric platform, shifting from product sales to IP development and diversified operations, CGSI noted. Besides trendy toys, Pop Mart's IP is also widely used in cultural and creative products, food, cosmetics and other fields, it said. 'We also observe that Pop Mart is gradually expanding into theme parks, games and animated cartoons,' said CGSI. The firm opened its first city park, Pop Land, in September 2023. In June 2024, it launched its first self-developed mobile game Dream Home, marking 'another frontier in IP content diversification'. 'We believe (Pop Mart) has built up a competitive advantage in IP platform and operations, and exploring multi-category mediums to improve IP commercialisation. We like the company due to its huge potential in overseas markets, and IP commercial value (beyond toys) in the future,' CGSI said. It added that any impact from US tariffs will be limited for Pop Mart, as they will be offset mainly by price hikes of American products.
Business Times
21-05-2025
- Business
- Business Times
CGSI flags global expansion potential for Pop Mart, maker of Labubu toys; initiates coverage
[Hong Kong] CGS International (CGSI) has initiated coverage on Pop Mart's stock with an 'add' rating, citing the group's transformation from a toy retailer to an intellectual property (IP)-centric platform. CGSI set the price target for the Chinese stock at HK$249.60, versus its last price of HK$208 at Tuesday close (May 20). That represents upside of about 20 per cent. 'We expect Pop Mart to trade at a premium vs its global peers, considering Pop Mart's faster growth momentum and larger potential for global expansion,' said CGSI analysts in the note. Founded in 2010, Pop Mart first rose to fame due to its blind boxes, with popular characters including Labubu, Skullpanda and more. CGSI analysts noted that Pop Mart's management said it will focus on expanding to the US and Europe markets, versus South-east Asia in 2024. It plans to open 100 new stores in overseas markets. It said that the South-east Asia (SEA) market is key to Pop Mart's global expansion: it contributed 50 per cent of its overseas revenue in FY2024. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Currently, Pop Mart has a higher penetration rate in East Asia with 49 retail stores, compared with 20 in the US and 15 in Europe in 2024. CGSI estimates the company has potential to reach a total of 350 overseas stores by FY2027. 'SEA market's pop toy industry is still in the early stage, with a relative small market size currently,' the note said. 'We believe that SEA's pop toy market will achieve faster growth than the world average.' CGSI named factors such as region's higher proportion of youth, increasing penetration rate of social media and e-commerce, and growing disposable income. The securities firm forecasts its domestic revenue to rise by 38 per cent in FY2025, and its overseas revenue to hit a sales compound annual growth rate of 68 per cent between FY2024 and FY2027. Pop Mart has successfully transformed from a toy retailer to an IP-centric platform, shifting from product sales to IP development and diversified operations, CGSI noted. Besides trendy toys, Pop Mart's IP is also widely used in cultural and creative products, food, cosmetics and other fields, it said. 'We also observe that Pop Mart is gradually expanding into theme parks, games and animated cartoons,' said CGSI. The firm opened its first city park, Pop Land, in September 2023. In June 2024, it launched its first self-developed mobile game Dream Home, marking 'another frontier in IP content diversification'. 'We believe (Pop Mart) has built up a competitive advantage in IP platform and operations, and exploring multi-category mediums to improve IP commercialisation. We like the company due to its huge potential in overseas markets, and IP commercial value (beyond toys) in the future,' CGSI said. It added that any impact from US tariffs will be limited for Pop Mart, as they will be offset mainly by price hikes of American products.
