Chinese collectible toy brand Pop Mart has launched its flagship store in Sydney, marking a milestone in the company’s expansion across ANZ.

The new store, located at Westfield Sydney Shopping Centre on Pitt Street Mall, occupies 600sqm over two levels. According to the Australian Financial Review, Pop Mart is reportedly investing up to $45 million to establish a strong presence in one of Australia’s most competitive retail precincts.

The company is banking on continued demand for its blind-box collectibles – including popular characters such as Labubu, Molly, and Skullpanda – among Australian consumers.

The opening, however, comes amid recent volatility in Pop Mart’s share price and investor sentiment. Bloomberg reports that the company’s Hong Kong-listed stock has dropped around 40 per cent from its late-summer peak in recent weeks, with analysts and traders expressing growing concerns that demand for flagship character Labubu may be cooling.

Some critics have drawn comparisons to past collectible trends, such as the Beanie Babies craze of the 1990s, cautioning that a sustained decline in secondary-market prices for Labubu and related series could further test investor confidence.

Since entering the Australian market in 2021, Pop Mart has steadily grown its footprint, combining permanent retail stores with the Robo Shop concept.