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Pop Mart
Consumer · HKEX 9992
Pop Mart turned blind-box designer toys into a global craze — Labubu queues, resale markups, and sold-out drops from Bangkok to Los Angeles.
Pop Mart is an IP company in a toy-maker's costume: own the characters (Labubu, Molly), control scarcity through blind boxes, and let fandom do the marketing.
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Culture surfaces · 9
In the news
How China’s brands are thriving in the US despite rising geopolitical tensionsSouth China Morning Post · Aug 9, 2026From ‘Paddington’ to ‘Wonka’ and a ‘Magic Faraway Tree’: Inside the Silly, Surreal — and Rather Successful — World of Simon FarnabyVariety · Aug 7, 2026Plushies, Labubu dolls and Pokémon collectibles: claw machine craze sweeps Hong KongThe Guardian · Aug 6, 2026Pop Mart brings Labubu to the dessert table in global bakery pushReuters · Jul 28, 2026Labubu Gets a World Cup Makeover With Pop Mart’s New FIFA CollectionVariety · Jun 30, 2026Short sellers keep betting against Pop Mart — even though it's been a losing tradeCNBC · Jun 30, 2026
How Pop Mart makes money
Designs and licenses proprietary toy IP, sold as blind boxes through owned stores, roboshops, and online — high-margin, repeat collecting.
Proprietary IP toys — Labubu/The Monsters, Molly, Skullpanda and other in-house artists
Retail + roboshops — Owned stores and vending machines across Asia and the West
Licensing & Pop Land — Collabs, apparel, and the Beijing theme park
By the numbers