Founded as a small toy store in China in 2010 by Wang Ning, Pop Mart has grown into one of the leaders in the blind box industry. The company now boasts more than 450 retail stores and achieved global sales of US$871 million last year. This is the story of Pop Mart, the company behind the Labubu craze, and how a single social media post from a K-pop superstar catapulted the brand into the stratosphere of the blind box economy. Surge in popularity While the growth of Pop Mart can be traced back s
ed back several years, the company’s trajectory took a significant turn with the meteoric rise in popularity of its Labubu character after global superstar and Blackpink member, Lisa Manobal, shared images of her Labubu ‘Macarons’ series on her Instagram account.
This unexpected endorsement from such a high-profile celebrity propelled the Labubu character into the spotlight, capturing the attention of fans worldwide and dramatically boosting Pop Mart’s visibility in the collectibles market.
The Labubu craze began, all thanks to one simple, heartfelt post.
“When Lisa shares her affection for Labubu on social media, it resonates emotionally with her followers,” Pop Mart’s international public relations manager Leilei Liu told Inside Retail about why the singer’s posts have such a big impact on consumer behaviour.
“Fans quickly grasp her emotional expression, and by owning the same product, they feel an even deeper connection to her.”
Pop Mart’s Hacipupu character also gained significant popularity due to endorsement from K-pop star Chanyeol, though Liu was quick to clarify neither celebrity’s post was part of a planned strategy.
“It came about organically, driven by their personal connection with Pop Mart’s characters,” she said.
“When K-pop idols like Chanyeol, whose appearance resembles Hacipupu, share their love for these characters, it creates a personalised and emotional bond with their fans. This isn’t just a form of brand promotion but a powerful way to attract fan engagement through individuality and storytelling,” she added.
Emerging markets
Global expansion is now a major growth driver for the business. Pop Mart’s revenue from international markets reached 13.5 billion RMB, accounting for 29.7 per cent of total revenue in the first half of this year, a significant rise from 16.9 per cent last year.
According to a Nielsen report, Thailand topped TikTok mentions of Labubu and Pop Mart, generating over 365,000 comments. In July, Pop Mart’s Labubu was appointed by the Tourism Authority of Thailand (TAT) as ‘Amazing Thailand Experience Explorer’. TAT expects the Labubu’s inspired travel packages to attract 20,000 passengers and the promotional videos to generate a reach of at least 500 million.
“Pop Mart’s partnership with the Tourism Authority of Thailand goes beyond traditional collaboration, serving as a bridge for cultural exchange between China and Thailand,” Liu said.
“This partnership not only highlights Labubu’s popularity and commercial value but also reflects Thailand’s hope to attract more Chinese tourists through Pop Mart’s IP.”
Soon after the campaign, the company launched the world’s first Labubu-themed store at Mega Bangna, which posted more than $1.4 million on its opening day.
Southeast Asia is currently the company’s fastest-growing market, contributing to 41.1 per cent of the brand’s international sales. Pop Mart posted 478.3 per cent year-on-year growth in Southeast Asia during the first half of this year.
The brand has also rapidly expanded its presence in this market, including two major locations in Bangkok and Vietnam’s tourist hotspot Ba Na Hills. While TikTok has been key in capturing the global live commerce trend, Pop Mart also utilises platforms like Shopee and Lazada to focus on multiple Southeast Asian markets.
“These efforts contributed to a 335.4 per cent year-on-year growth in online revenue, expanding Pop Mart’s reach to even more fans,” Liu said.
The appeal and creation process
One reason that blind boxes may be so popular with consumers is that they blend entertainment with commerce. The inherent unpredictability of these items replicates the thrill of receiving an unanticipated gift.
Liu said Pop Mart’s products evoke emotions like curiosity, joy, and healing, allowing young people to express their identities and feelings through these characters.
“These products are more than just collectibles, they become a form of emotional expression, helping fans reflect their personal values and emotions. This emotional resonance has been a key driver of our global growth, as it allows our audience to connect with the brand on a deeper, more meaningful level,” she added.
This emotional connection forms the foundation of Pop Mart’s success, but the company doesn’t rest on its laurels. To maintain and strengthen these bonds, Pop Mart employs various strategies, with one of the most effective being the release of limited edition and exclusive products.
“Limited editions and exclusive releases play a vital role in Pop Mart’s strategy of building lasting emotional connections with its fans,” Liu said, adding these unique items are designed to create a sense of excitement and personal significance, making fans feel like they’re part of something special.
According to Liu, the process of creating new characters and product lines involves four key elements:
Artist discovery: Pop Mart actively seeks out emerging and established artists through platforms like art shows and international events, identifying unique talents whose work resonates emotionally with local and global audiences.
Co-creation: Pop Mart works closely with artists to bring their creative visions to life, collaborating to develop characters that reflect their authentic style. The brand ensures the process remains artist-driven while offering insights to help the creations connect with fans globally.
Market adaptation: Each collaboration is tailored to reflect local cultures, creating exclusive products that celebrate regional identity – such as the Mega Space Molly 400 Per Cent Bubble Tea in Taiwan – while maintaining global appeal and artistic integrity.
Ongoing support: After the launch, Pop Mart continues to support artists through events, social media engagement, and partnerships to ensure their creations remain relevant and continue to engage with fans over time. This approach fosters long-term connections between artists and fans while contributing to the global growth of the designer toy community.
“Pop Mart has essentially become a ‘social currency’ for this generation, creating a shared cultural experience,” Liu said.
“Beyond just collecting, many fans customise their figures, sparking creative secondary creations that drive further engagement within the community. These customisations fuel deeper conversations as fans showcase their unique interpretations, enhancing the sense of belonging and connection among collectors.”
Localise strategy
As Pop Mart continues to expand globally, the company recognises the importance of tailoring its approach to different markets.
“For example, Crybaby was launched in Thailand to cater to local tastes, and Vietnam stores feature traditional decor like the store in Ba Na Hills, while European stores, like the Louvre store, combine historical and modern art elements,” Liu said.
Liu added many collectors treasure city-exclusive products, such as the Mega Space Molly 400 Per Cent Egg Tart in Macau or the Dimoo One Day with Koala series in Australia, which highlight local culture and reflect Pop Mart’s respect for regional identities.
As with any growing brand, Pop Mart faces the usual challenges of expanding into new markets while maintaining its core values and creative vision.
“The company is focused on continuing to innovate and deliver meaningful experiences for its fans, ensuring that its growth is steady and sustainable,” Liu concluded.