Pop Mart (泡泡玛特) didn’t just sell toys—it built a movement. What started as a niche art toy store in Beijing is now a multi-billion-yuan empire reshaping how China and the world experience collectibles. At the core? A “blind box” format—sealed packaging, mystery figures inside, and a psychology that keeps fans coming back for more.

But this isn’t child’s play. Pop Mart tapped into something more profound: the emotional pull of nostalgia, the thrill of chance, and the aesthetics of street culture. In post-pandemic China, where “emotional consumption” and Gen Z-driven retail are dominant, Pop Mart sits at the intersection of commerce, culture, and design.

This article unpacks why Pop Mart isn’t just trending—it’s transforming. We’ll dig into how the brand cracked China’s fiercely competitive market, built iconic IPs like Molly and SKULL PANDA, and scaled globally without losing its underground edge. With up-to-date data and hard-earned insights, we’re going beyond the hype to reveal how this toy brand emerged as a cultural force.

Notable Pop Mart Characters

Pop Mart’s catalogs boast dozens of series, but a few key characters stand out. These IPs often become cultural icons in their own right:

• Labubu (The Monsters) – A mischievous green elf with big teeth. Pop Mart’s superstar mascot. Rare Labubu plushes (especially special colors) fetch six-figure prices at auctions. (See below for record auction details.)
• Molly – A retro-styled girl figurine. One of Pop Mart’s earliest hits, whose pink-haired doll became a symbol of the brand’s cute aesthetic.
• Skullpanda – A panda character wearing a skull helmet. Marketed as a “universal symbiont,” it appeals across genders and resonates with the brand’s edgy side.
• Crybaby – A crying plush doll (character from the Crybaby series), representing vulnerable, child-like cuteness.
• Dimoo – A trendy cartoon boy character with round features. Dimoo has spawned multiple series (e.g., “Milky Dream Dimoo”) and a collectible following.

Other series include cute animals (The Happy Bears, The Goosikids), mystical creatures, and various artist collaborations. Pop Mart often releases new lines or “seasons” to keep fans engaged. These IPs have become so popular that fans even demand merchandise beyond toys (e.g. keychains, clothing, phone cases).

Enter Pop Mart: The Brand That Hacked the System

Pop Mart saw this shift coming years before it became a phenomenon. Founded in 2010, it didn’t just ride the wave—it created it. Located near the Zhongguancun tech hub, the brand tapped into urban youth aesthetics, selling trendy stationery, lifestyle items, and novelty gifts at modest prices.  

Take Labubu, for example:

• In 2024 alone, Labubu collectibles brought in ¥3.04 billion, accounting for 23% of Pop Mart’s total revenue—up a stunning 726% year-over-year

It’s not just figures anymore, either. Pop Mart has smartly diversified across categories:

• Plush toys: Sales up 1,289% in 2024 (¥2.83 billion revenue)
• MEGA figures, apparel, accessories, and even jewelry

In fact, in January 2025, they launched POPOP, a silver jewelry line featuring characters like Molly and Labubu, targeting the affordable luxury segment. Rings and bracelets retail for under ¥400, making them stylish impulse buys with emotional appeal.

The Blind‑Box Mechanics: Surprise + Scarcity = Repeat

It popularized the blind-box format in China around 2014: sealed packaging that hides which character you’re getting, triggering repeat purchases and an addictive thrill of chance. According to one case‑study, Pop Mart’s blind‑box strategy “adds both scarcity and gamification … a retail lottery” where some boxes have hidden item rates of less than 1%. 

Many blind boxes retail for ¥59–99 in China. This keeps the entry low‑risk and impulse‑friendly, while rare variants or “secret figures” create value and resale potential.

The format encourages collection rather than just consumption. Because you’re chasing a “complete set” or rare item, you engage longer, spend more, and remain in the ecosystem.

IP Strategy: Build Characters, Build Loyalty, Build Margins

But the magic isn’t the box—it’s the IP inside. Pop Mart’s entire strategy revolves around turning its characters (like Molly, Skullpanda, and Labubu) into cult icons. Each series is treated like its own brand, with unique design language, storytelling, and drops. 

The IP strategy allows higher margin products (because you own the IP → lower licensing cost), stronger brand equity, and expansion into multiple categories (plush, accessories, apparel, jewelry) using the characters.

The result? Emotional connection, collectibility, and a pipeline of built-in demand.

Global Growth and Retail Footprint

Pop Mart doesn’t just sell toys—they’ve mastered where and how to sell them, crafting a seamless omnichannel ecosystem that maximizes both visibility and sales.

• Store footprint: As of mid-2025, Pop Mart operates 401 stores in China and over 130 internationally, with a physical presence in key markets such as the U.S., Europe, Southeast Asia, and Australia. These aren’t just stores—they’re branded experiences that feel more like boutique galleries than traditional toy shops.
• Roboshops (vending machines): Pop Mart has scaled its iconic vending machines to over 2,300 locations, placing them in high-traffic areas such as malls, subway stations, and airports. These are low-overhead, high-impact sales points that also function as brand ambassadors.
• Online channels: E-commerce and livestream selling are major revenue drivers. In one standout 2025 campaign, Pop Mart sold 300,000 Labubu toys during a single livestream event, generating over ¥500 million in just one month. That level of digital execution puts them closer to fast fashion or tech launches than traditional toy retail.
  
• Marketing style: Their expansion strategy mirrors that of fashion brands, leaning on location visibility, limited-edition drops, hype cycles, influencer partnerships, and timed releases to generate consistent buzz.

Why this matters: Pop Mart’s success lies in more than just product—it’s about owning the full customer journey, whether you’re buying from a vending machine in Chengdu or unboxing a rare find via livestream in Los Angeles.

Financial Power Moves

• 2024 Revenue: ¥13.04 billion — up 106.9% year-over-year
• H1 2025 Projection: Already exceeding ¥13.6 billion in just six months
• IPO’d in 2020 on the Hong Kong Stock Exchange, the company has since evolved into a cultural brand with valuation dynamics more like a tech firm than a toy manufacturer

Why It Works: Luxury Mechanics, Toy Pricing

What really sets Pop Mart apart? The pricing psychology. Most blind boxes retail for just ¥59–99 ($8–15 USD)—perfect for an impulsive dopamine hit. Yet, some ultra-rare items can resell for thousands, fueling a thriving secondary market and establishing a sense of “collectible status.”

This plays perfectly into what economists call the “lipstick effect”: even when broader economic growth slows, people still spend on small luxuries that make them feel good. Pop Mart delivers just that—miniature joy at an accessible price, wrapped in mystery and design.

China’s Collectible Toy Market in 2025—and How Pop Mart Took It Over

In 2025, China’s collectible toy space isn’t a niche corner—it’s a full-blown consumer powerhouse. Fueled by the “kidult” (adult + kid) trend and a love for emotionally driven, aesthetic purchases, the market for collectible toys in China is expected to reach RMB 150 billion ($21.5 billion USD) this year, growing at an annual rate of over 35%.

Meanwhile, broader collectible categories (toys, art, cards) are on track to top $34.1 billion by 2030. For comparison, the entire traditional toy market in China is growing at an annual rate of under 9%. 

This isn’t “toys for kids” anymore. It’s adult consumers—especially urban Gen Z and young millennials—treating collectible toys as fashion, self-expression, and emotional therapy. They’re not just buying, they’re collecting, displaying, reselling, and sharing their hauls online.

Who’s Buying? Mostly Grown-Ups, Mostly Urban, Mostly Gen Z

Over 60% of collectible toy buyers in China are under 30. And among them, women in Tier 1 and 2 cities dominate, often making these purchases as “treat yourself” items. A recent survey showed more than half of buyers spend 1–5 hours weekly engaging with their collections—whether displaying, photographing, or trading. 

It’s a lifestyle, not a hobby. What sneakers are in the U.S., vinyl toys are in China. This generation is more willing to spend on “small joys” that offer aesthetic or nostalgic satisfaction. It’s a perfect setup for a brand like Pop Mart.

Cultural Impact and Pop Culture Appeal

Pop Mart’s toys have transcended traditional demographics. They are no longer seen as mere children’s playthings but as status symbols among young Chinese “collectors.” The brand has tapped into Gen Z’s preferences for self-expression and “ugly-cute” aesthetics. 

As one analyst observes, the ugly, snaggle-toothed Labubu epitomizes China’s embrace of quirky, offbeat characters over conventionally pretty ones. This anti-mainstream vibe appeals to young people who value individuality and nostalgia.

Celebrities and fashion influencers have amplified Pop Mart’s cachet. For instance, viral photos have shown stars like BLACKPINK’s Lisa and Rihanna attaching Labubu or Molly plushies to high-end handbags (Hermès Birkins, Chanel purses, etc.) as charms. 

Influencers on RedNote (RED) and Instagram routinely post images of Pop Mart dolls styled as accessories. Even high-end fashion copycats emerged: one fan sold a miniature “Birkin” purse for a Labubu on Etsy!

Social media played a huge role: TikTok, Douyin, and Bilibili are flooded with “unboxing” videos where teens gleefully open a blind box to reveal their toy. According to Pop Mart, its mobile app ranked among the Top 10 most-downloaded free apps in the US (alongside TikTok, a Chinese app success). 

Fans also organize trading communities, chat groups, and fan art around these characters. In short, Pop Mart’s IPs have ignited a fan culture similar to that of comic-book or anime collectibles, blurring lines between toys and fandom.

The Auction and Secondary Market

One of the most astonishing outcomes of Pop Mart’s craze is the robust secondary market. Rare figures (accidentally pulled from boxes or legitimately limited) trade for high prices. A report notes that a human-sized Labubu plush was auctioned in Beijing for RMB 1.08 million (US$150,000), with another rare Labubu variant selling for RMB 820,000. The entire Pop Mart-themed auction that day fetched RMB 3.73 million.

These headline-grabbing sales are more than PR stunts; they reinforce the perception that Pop Mart toys are collectible assets. Observers note that when fans see 6-figure prices at auction, even casual buyers start to view their blind-box purchases as investments. 

In turn, high resale prices create more buzz, fueling new customers to chase unopened boxes in the hope of striking the rare jackpot. This self-reinforcing cycle – hype driving sales, which drives hype – has been key to Pop Mart’s impact.

International Expansion and 2025–26 Forecast

Pop Mart has aggressively pushed beyond China. As of 2025, it has over 500 stores in more than 30 countries. Flagship outlets have appeared in global fashion hubs (for example, Paris’s Louvre and London’s Harrods), and new U.S. stores opened in New York and Queens. Its toys are sold online through major platforms worldwide (Alibaba, JD.com, etc.). 

In mid-2025, a global livestream promotion (via AliExpress and others) launched Labubu 3.0, with all 300,000 pre-sold units sold out immediately, projecting over ¥500 million (approximately US$74 million) in revenue. Even in the UK, fans lined up for five hours at a London launch – so intensely that Pop Mart later suspended in-store Labubu sales there to cool demand.

Financial markets have taken notice. Pop Mart’s Hong Kong-listed shares surged on back-to-back record earnings in 2024–2025. For H1 2025, the company guided for revenue up 200% YoY (to over RMB 13.6B) and net profit up by>350%, mainly driven by Labubu’s virality. 

Analysts have issued bullish forecasts, with a consensus estimate (based on Wind data) predicting that Pop Mart’s net profit will reach approximately RMB 7.35 billion in 2025 and RMB 10.48 billion in 2026. If achieved, these numbers imply 30–40% annual profit growth —a blistering pace for such a large company. 

By 2027, the net profit is expected to approach RMB 13.75 billion. (For context, mature IP-focused companies like Disney trade at similar P/E multiples.) However, experts caution that these projections hinge on replicating Labubu’s success with new hits. Labubu accounted for 23% of 2024 revenue. 

While Pop Mart did the same thing with Molly earlier, investors are watching: can Pop Mart turn this breakout into sustained momentum? Much depends on fresh characters, continued international demand, and navigating any market headwinds.

Key Metrics to Watch

Here are some of the critical KPIs emerging from Pop Mart’s performance that analysts, investors, and business strategists should monitor:

• IP concentration risk: With THE MONSTERS line (Labubu) already contributing 23% of 2024 revenue and 34.7% of H1 2025 revenue, the company’s dependence on one major hit is rising. 
• Product‑mix shift: The rapid growth in plush and other categories (from 21.7% in 2024) indicates diversification—but the question remains: can these categories sustain similar margin profiles and growth?
• Overseas vs. domestic revenue ratio: The forecast shift to 52% overseas revenue in 2025 highlights the importance of global expansion in scaling. If execution lags, growth could stall.
• Unit price vs. volume dynamics: The blind box model thrives on volume and repeat purchases; a shift to higher-ticket or accessory/jewelry categories (e.g., POPOP line) needs to maintain affordability and hype.
• Store and vending machine expansion statistics: The number of physical touchpoints is a vital growth lever.
• Gross margin trends: One report noted the company’s gross margin rate topped 70.3% in early 2025.

Implications for Business Outlook

• The 2024 base of RMB 13.04 billion, followed by 203% growth in H1 2025, sets Pop Mart on course for a full‑year 2025 revenue significantly higher. Indeed, management guidance anticipates RMB 20billion in revenue for 2025. 
• If achieved, RMB 20 billion (US $2.75 billion) would represent 50% growth from 2024. The ambition in overseas markets (targeting RMB 10 billion) is especially notable. 
• The surge in performance provides a platform for deeper strategic moves: more IP launches, global theatre (locations & experiences), collaborations, and higher‑end categories—all of which could shift Pop Mart from “toy company” to “consumer lifestyle brand”.

Risks Embedded in the Numbers

• The heavy reliance on a single hit IP line (THE MONSTERS) means that if consumer tastes shift or supply issues emerge, revenue could decline quickly.
• Overseas growth is entering a scale phase: execution risks (localization, supply chain, cost control) are higher.
• Store expansion has fixed costs; while high growth currently covers these, a slowdown could expose margin pressure.
• Regulatory scrutiny of “blind‑box” mechanics (gamification of consumption, targeting of minors) is increasing, which could introduce constraints in China and overseas. 
• Valuation risk: With such rapid growth, expectations are high. Any miss could trigger a correction.

Pop Mart’s recent performance is nothing short of spectacular — double-digit growth has turned into triple-digit growth, the product mix is shifting upward, overseas markets are booming, and the brand is moving quickly toward becoming a global consumer IP powerhouse. The challenge now is to sustain these growth levels, diversify the IP base, and manage execution risk as the business scales.

How ChoZan Can Help You Understand Pop Mart’s Rise and Leverage the Trend

If you’re trying to decode Pop Mart’s explosive growth, their blind-box model, and the larger IP-driven consumer wave out of China, ChoZan is your edge. We don’t offer generic China insights—we build tailored experiences and data-backed learning to help you understand why this trend matters, where it’s headed, and how you can ride the wave.

• China Learning Expeditions: Join curated field tours that explore brands like Pop Mart firsthand. Visit flagship stores, Roboshops, and unboxing communities to experience first-hand how emotional retail works in modern China.
• China Research: We provide in-depth market reports, consumer insight deep dives, and trend analyses focused on sectors like blind-box collectibles, IP monetization, and youth retail behaviors that Pop Mart has mastered.
• Keynotes and Workshops: Whether you’re briefing an internal team or speaking at a retail conference, our experts deliver high-impact keynotes focused specifically on Chinese IP-driven consumer models and their global resonance.
• Consulting and Expert Calls: Do you need to assess whether your brand can replicate Pop Mart’s strategy or how to partner with similar players? Our consultants provide actionable guidance, case study comparisons, and go-to-market strategy based on real China data.

ChoZan is here not just to explain Pop Mart, but to help you engage with the dynamics that made it possible. Get in touch to make sense of the most significant toy-business transformation in recent Chinese history—and figure out what it means for your brand, investment, or strategy next.

FAQ: Pop Mart Deep Insights