Labubu-maker Pop Mart diversifies into jewellery with new concept store
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SHANGHAI – “Blind box” toymaker Pop Mart, which has seen frenzied sales worldwide for products related to its ugly-cute Labubu character, opened its first jewellery store in Shanghai on June 13.
The jewellery concept store, called Popop, sells accessories adorned with Pop Mart’s top-selling characters, including Labubu, Molly and Skullpanda.
While Chinese consumption remains subdued in the face of a prolonged property downturn and sluggish economy, Pop Mart’s affordable and adorable toys have remained in high demand both at home and abroad, driving its share price up more than 200 per cent so far in 2025.
Investor Zhang Zhanming, 34, who owns Pop Mart stocks worth 100 million yuan (S$17.9 million), flew from his base in the south-western Chinese city of Chongqing for the opening to check out the new store type and decide whether to increase his shareholding in the company.
“I believe the pricing and target audience for this brand are particularly well-suited, and I am confident Pop Mart could potentially become China’s version of Disney,” Mr Zhang said. He predicted that the company’s market cap could double from its current US$45.6 billion (S$58.6 billion) valuation.
Along with some Disney characters and others related to anime, comics and popular video games, Pop Mart’s characters are seen as fulfilling what has been called “emotional consumption”, which sees young consumers spend on affordable luxuries that bring joy to their lives.
Ms Fang Ke, 35, who has a birthday coming up in June, decided to treat herself to a 699 yuan Labubu bracelet at the opening.
People on June 13 visiting a newly opened Popop outlet – Pop Mart’s jewellery concept store in Shanghai, China.
PHOTO: REUTERS
“I’ve loved Pop Mart for a long time. It’s good-looking, brightly coloured and also has a visual impact,” she said. “My daughter likes it too.”
At Popop, prices start at around 350 yuan for charms or a simple silver ring, and go as high as 2,699 yuan for necklaces adorned with metallic models of the characters. Most pieces are priced at under 1,000 yuan.
At a traditional Pop Mart store, the “blind box” toys that the chain is best known for generally sell for 69 yuan and up, but consumers have shown a willingness to shell out much more for limited editions.
Earlier this week, a Beijing auction house sold a human-size Labubu figure for 1.08 million yuan, setting a new record and marking the toy’s switch from craze to collectible. REUTERS
