Labubu maker Pop Mart appoints LVMH Greater China president as non-exec director

Labubu doll maker Pop Mart International (9992) has appointed LVMH’s Greater China president as a non-executive director.

Andrew Wu Yue, 69, has been overseeing the business of LVMH’s multi-brand portfolio in the Chinese marketplace since 2005, according to a filing on Wednesday. 

The initial term of his appointment is three years, and Wu is entitled to receive a fixed cash compensation of HK$1.2 million and a share-based compensation of HK$1.8 million per year. 

The emoluments were determined after considering Wu’s “valuable insights and global visions as a leading authority on consumer trends and an influential professional in the luxury industry for the region” and with reference to his duties and responsibilities as non-executive director, Pop Mart said. 

Prior to joining LVMH, Wu served as vice president of Asia at Sony Music Entertainment Group from February 2000 to October 2005, overseeing its China operations; and general manager and managing director of Parfums Christian Dior for the LVMH Group from August 1993 to February 2000, also overseeing its China operations, the filing read.

Pop Mart also said He Yu, a non-executive director, has resigned due to other work commitments.