Beijing roots, Louvre spotlight: How Pop Mart is making waves worldwide

Chinese toy giant Pop Mart recently unveiled a special exhibition at the Louvre in Paris, featuring Hirono (小野), a character created by Chinese artist Lang.

This setup – launched at the end of February – underlines Pop Mart's ambition to expand its international reach.

Renowned for hit IPs like Molly and Labubu, the Beijing-based brand has become a global leader in the "collectible blind box" trend.

Fueled by celebrity endorsements, especially from pop icon Lisa, Pop Mart saw extraordinary success in Southeast Asia over the past year.

Its 2024 semi-annual report shows the region contributed 560 million yuan, or 41.1 percent of total overseas revenue, soaring 478.3 percent year on year and making Southeast Asia the company's fastest-growing market.

Meanwhile, the brand also made headway in Europe, Australia, and elsewhere, earning 140 million yuan and marking a year-on-year leap of 158.8 percent.

Pop Mart's founder Wang Ning identifies these areas – especially Europe and North America – as the next major engines of overseas growth.

It's a remarkable journey for a company that began as a modest sundries shop in Beijing's Zhongguancun back in 2010; today, it runs more than 100 stores across over 20 countries and regions.

Since 2023, Pop Mart's proportion of overseas sales has climbed every half-year – from 13.4 percent to 16.9 percent, then 29.7 percent, and by the end of 2024, nearly 50 percent.

The possibility that international sales might soon outstrip domestic performance has emboldened founder Wang, who now aims for 10 billion yuan in annual revenue.

Wang previously compared Pop Mart to Disney, but he has shifted his stance with increasing confidence:

"We no longer want to say we're going to become 'the Disney of China.' We hope that one day we'll be 'the Pop Mart of the world.'"

IP collaborations and star power

Over the past year, Lisa often posted photos of "Labubu" on social media, showing off different plush variants attached to her luxury bags, held in her arms, and even highlighting store visits – demonstrating the "celebrity effect" on 2024's designer toy market.

Labubu, a playful hybrid of monkey and rabbit, is the brainchild of Hong Kong artist Kasing Lung.

After granting IP rights to Pop Mart, the company used its extensive marketing channels and supply-chain expertise to introduce Labubu to the broader market.

This approach – signing artists to create new IPs, testing their popularity, and expanding successful ones – is at the core of Pop Mart's strategy.

The same formula played out in the United States.

Los Angeles illustrator Libby Frame, initially unfamiliar with Pop Mart, left her job as a movie storyboard artist to pursue freelance work.

During a long flight, she sketched three punk-inspired girls modeled on West Coast culture and dubbed them "Peach Riot," referencing a 1990s Pacific Northwest music movement.

Once she uploaded the images online, they gained traction and even caught the attention of a 3D designer, who rendered them into 3D models.

Pop Mart soon recognized the potential and signed Frame, officially bringing the IP under its umbrella.

"Peach Riot absolutely captures the American punk spirit – it's in their DNA," explains Wen Deyi, Pop Mart's Senior Vice President and President of International Business.

Merely going viral on social platforms isn't enough, however.

Pop Mart also looks for themes that resonate with local cultures.

"The popular IPs you see are just the end result of numerous discussions," says Zhao Shuai, head of international marketing. "We also gather a lot of insights from local markets."

In Thailand, the "Crybaby" series by Thai artist Molly gained a loyal following. Japan shows a particular affinity for Azura, while many Koreans favor Pinojelly, which resembles a bespectacled Korean youth.

Surprisingly, Hirono (小野), created by Chinese designer Lang, has gained a devoted following across Europe and the United States, with its individualistic flair resonating strongly among global audiences.

"It really speaks to me," says Coco, a US college student who shared Hirono on social media.

Sporting a cap, lightly flushed cheeks, and freckles, Hirono projects a lonely yet rebellious charm that hooked Coco, who even attended the designer's signing event in Los Angeles.

Beyond refining its IPs, Pop Mart adapts in-store layouts to local tastes.

When first entering the US, the company showcased familiar Disney items up front – since Pop Mart's own characters weren't widely known – then introduced its new lines and original IP.

Store location choices stem from thorough market research.

For example, in the US, Pop Mart decided to start on the West Coast, which is known for its sizeable Asian community and vibrant subcultures.

By December 2024, after nearly three years in the US, Pop Mart had about 20 stores there – 15 percent of its 130 outlets overseas and in China's Hong Kong–Macau–Taiwan, according to Jiemian News.

Looking back on the US expansion, Wen feels reassured:

"We've learned IPs don't have to compete against each other. They can grow together. Although it was tough at the beginning, the data shows progress."

CEO Wang Ning aims to have at least 50 Pop Mart stores in the US by 2025, with new openings slated for Times Square and Fifth Avenue in New York this year.

Small steps, rapid strikes

The overseas market is more like "100 different markets," says Wen, each facing unique challenges.

While the US can support large-format stores and long timelines for local IP development, Europe – with its smaller, more diverse markets – often requires a different tactic.

Pop Mart calls this strategy "small steps, rapid strikes."

Even so, picking the right "small step" is crucial.

In Europe, Pop Mart chose France as a key hub, opening eye-catching stores and taking part in cultural events.

Notably, they staged a special exhibit at the Louvre this February under the third edition of the Artistic Games.

Despite France's smaller retail profile compared to the UK or Germany, its strong artistic heritage makes it an ideal base.

Pop Mart now has five stores in France, roughly 30 percent of its total presence in Europe.

Their "rapid strikes" approach involves pop-up stores: short-term placements – often under six months – to test the waters before committing to permanent sites.

"If we invest heavily in a store right away and it fails, we'd be losing money for a long time," Wen explains.

In 2021's Christmas season, for example, Pop Mart hosted nearly 20 holiday-themed pop-ups in Australia, Japan, and South Korea, later picking the most promising neighborhoods for permanent stores.

As of now, the company runs 15 stores across Europe.

From a numbers perspective, Europe, Australia, and other markets bring in 140 million yuan (10.3 percent of overseas revenue, up 158.8 percent year on year).

Although that looks modest compared to Southeast Asia's 560 million yuan (41.1 percent overseas share, up 478.3 percent), Pop Mart deems the European push strategically essential and plans to deepen brand building there.

The company's quick-fire approach also applies globally.

Instead of fully conquering one market before moving on, Pop Mart ventured into both Asia and North America with only a short gap in between.

In 2022's second half, big stores debuted in Seoul's Hongdae and Tokyo's Shibuya, while a pop-up landed in California's South Coast Plaza around the same time.

Wang Ning says that fully saturating the US alone could take a decade, so waiting before tapping other markets isn't feasible:

"We see opportunities right now, so we must act," he says.

Pop Mart's 2024 semi-annual report suggests overseas revenues could hit 50 percent of the overall total – reaching 10 billion yuan and likely outpacing domestic sales.

Notably, overseas success can also benefit the Chinese market.

Wang cites cases where up to 15 percent of sales in certain domestic stores come from foreign tourists.

Next Labubu

Pop Mart's momentum depends not only on more global stores but also on discovering new hit IPs like Labubu.

IP creation is what makes Pop Mart stand out from other consumer brands.

Beyond the dollars invested in overseas outlets, the company's true advantage stems from 14 years of experience nurturing IP in a market environment – and supply chain – ripe for widespread merchandising.

Pop Mart's extensive IP family spans artist originals like MOLLY, The Monsters (which includes Labubu), Skullpanda, Dimoo, and Hirono, as well as popular licensed series featuring Disney, Harry Potter, Sanrio, and Nezha.

Keeping up this pipeline of fresh designs will be crucial for sustaining growth.

As Pop Mart expands abroad, CEO Wang Ning also sees a need for better organizational structures.

Initially, to keep local teams nimble, management gave overseas branches plenty of autonomy in hiring, marketing, and expansion.

Now that international sales are so significant, however, tighter oversight is essential.

Wang has separated US operations from the broader overseas division, handing management to the home office. This should help domestic teams learn more about foreign markets and foster smoother collaboration.

"It's like merging an independent unit into the main force. We must empower them," Wang says, adding that Pop Mart will establish additional regional headquarters in Europe, North America, and Southeast Asia.

These reforms demand stronger capabilities in overseas operations. Although long lines often signal popularity, they can also deter shoppers.

Wang wants to enhance online options, streamline store operations, expand checkout space, and speed up logistics.

"We need to mature and become more confident," he frequently reminds his teams abroad.

Morgan Stanley analyst Dustin Wei sees Pop Mart as potentially the first Chinese consumer brand to succeed globally by focusing on IP, design, and product appeal rather than cost. In his words, Pop Mart is a "rising global brand."

Looking to the future, Wang recalls a phrase he saw at Tokyo International Airport – "To the World, From the World" – and says it inspired him to move beyond comparisons to Disney.

Now, Pop Mart sets its sights on being recognized simply as "the Pop Mart of the world."