Pop Mart

Pop Mart

Company type	Public
Industry	Toy industry
Founded	2010 (2010)
Founder	Wang Ning
Headquarters	Beijing , China
Area served	China, United States, New Zealand, Australia, South Korea, Taiwan, United Kingdom, Malaysia, France, Philippines
Key people	Wang Ning (Founder)
Products	Collectible figurines and toys (blind box concept)
Website	www.popmart.com

Pop Mart is a Beijing-based Chinese toy company that specializes in collectible figurines and toys sold primarily through a blind box concept. Established in 2010 by Wang Ning, the firm has created proprietary intellectual properties such as Labubu and partners with well-known brands to produce co-branded items featuring licensed characters like Disney, The Powerpuff Girls, and Harry Potter.

The Financial Times has acknowledged Pop Mart for revolutionizing toy purchasing into a fashionable pastime among China's wealthy younger generation, crediting the company with pioneering the designer toy industry. Roughly 50% of its revenue is derived from brick-and-mortar locations—including 288 retail stores and more than 1,800 automated vending units called “roboshops”—while the remainder comes from online sales. In its last fiscal year, Pop Mart reported revenues reaching Rmb4.5 billion ($424 million) alongside gross profits of Rmb2.8 billion.

Pop Mart’s promotional approach incorporates managing a social media platform and a toy-trading application that actively engages collectors, stimulating demand in the secondary market. Its collectibles often increase in value over time, with some smaller items reselling for upwards of Rmb1,000, attracting investment interest from venture capital firms such as Sequoia.

History

Founded in 2010 by Wang Ning in China, the company initially targeted youth culture within China, offering toys priced between 29 and 89 yuan. It expanded its domestic footprint to include 288 stores and over 1,800 vending machines. The popularity of its 'blind box' sales model culminated in a $676 million USD initial public offering on the Hong Kong Stock Exchange in 2020, achieving a market valuation of $7 billion at launch and doubling its share price on the opening day. Nevertheless, revenue growth decelerated subsequently, causing shares to drop below their initial offering price.

Pursuing global growth, Pop Mart inaugurated its first European store in London in 2022 and outlined plans to open between 40 and 50 international locations. By 2024, it had entered markets including the U.S., New Zealand, Australia, South Korea, Taiwan, the U.K., Malaysia, France, and the Philippines. While some market analysts express doubts regarding its expansion success in Western regions, company leaders stress that international growth remains their "most important development focus," emphasizing their product's distinctiveness compared to Western competitors.

The company's achievements have sparked a wave of blind box toy imitators within China.

Products and stores

Within China, Pop Mart’s toys are generally priced between 59 and 69 RMB each under a "blind box" scheme that encourages repeat purchases as consumers seek out rare collectibles. Its core demographic consists of affluent teenagers and young adults. The company collaborates with artists and designers to create unique characters, launching series such as the 2021 collection inspired by U.S. artist Keith Haring and partnering with fashion brands like Moncler. Notable characters include Pucky, Ayan, and Skullpanda.

The Monster Series—which features figures like Labubu and Zimomo—experienced a surge in popularity in 2024 following South Korean singer Lisa from Blackpink sharing an image with one of the dolls on Instagram. In 2025, plush toys led by Labubu and Skullpanda achieved over 1,200% year-over-year sales growth, accounting for more than 21% of Pop Mart’s overall revenue.

Blind boxes

Pop Mart’s growth is primarily fueled by its blind box offerings, which leverage "artificial scarcity" to encourage competition and deepen consumer involvement. In 2023, the company achieved net profits of $165 million, largely driven by blind boxes containing well-known figures such as Skullpanda, Molly, and Dimoo. Analysts link this achievement to psychological phenomena like "herd behavior" and "gambling tendencies," with Millennials and Generation Z—who exhibit a strong affinity for tangible items—making up the main customer base for these products.

Featured artists and characters

The following artists and their creations are listed on Pop Mart’s official website:

Artist	Character or product	Location
Coolrain & Labo	Coolabo	South Korea
Lang	Hirono	Beijing, China
Xiongmiao	Skullpanda	Mainland China
Ayan Deng	Dimoo	Mainland China
Kenny Wong	Molly	Hong Kong, China
Philip Colbert	Lobster Land	London, England
Two Clouds	Azura	N/A
Pucky	Pucky	Hong Kong, China
Seulgie Lee	Satyr Rory	South Korea
Ohkubo Hiroto	Instinctoy	Japan
Kasing Lung	The Monsters	Belgium
Yoyo Yeung	Yoki	London, England
Libby Frame	Peach Riot	Los Angeles, California, United States
Molly	Crybaby	Hong Kong } Stores Pop Mart runs staffed retail locations alongside more than 1,800 vending machines known as "roboshops" across China, generating revenues of RMB 4.5 billion in the previous year. In the United States, as of June 2025, the company operates 37 staffed outlets and 52 roboshops. Apps To enhance product marketing efforts, Pop Mart introduced the Pop Mart Global social app in the U.S. in December 2021. This platform combines an online store with a community space that allows users to make direct purchases and engage with one another. Legal and public issues Chinese authorities have imposed regulations limiting mystery box sales to children under eight years old and requiring parental approval for older minors. Meanwhile, Singapore’s Ministry of Home Affairs has suggested capping mystery box prizes at S$100. References