Pop Mart International (9992) plans to open the first store for its independent accessory brand POPOP as demand for its hit Labubu doll continues to soar across the world.
The new store will debut in the near future, driven by strong market response to Pop Mart’s intellectual property-based building block toys launched in 2024, said Wang Tao, the company’s general manager of public affairs.
Beyond plush toys, there is vast potential in sub-categories such as building blocks and accessories, Wang told mainland media.
Pop Mart’s growth has been fueled by Labubu, one of its popular dolls in ‘The Monsters’ series. Sales of the series soared to 3 billion yuan (HK$3.26 billion) in 2024 from 368 million yuan the year ago.
The frenzy has extended to the United Kingdom, where long queues and scuffles broke out at stores over limited Labubu figures, prompting Pop Mart to suspend sales at its 16 UK outlets until June.
The figurines, priced between £13.5 (HK$142.7) and £50, have fetched hundreds of pounds on resale platforms such as eBay and Vinted, according to BBC reports.
Meanwhile, China’s customs authority has recently seized hundreds of undeclared Pop Mart products, including Labubu and Molly figures, from inbound travelers claiming to be acting as purchasing agents.
The global designer toy market is projected to reach US$64.7 billion (HK$504.66 billion) by 2028, versus US$8.7 billion in 2015, Wang said.
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