Pop Mart International Group Limited

What does Pop Mart own?
Pop Mart owns and operates a portfolio of over 10 IP character lines including THE MONSTERS (Labubu), Molly, Skullpanda, Dimoo, Pucky, Hirono, Nyota, Zsiga, and CRYBABY. The company operates over 400 retail stores and 2,000 vending machines across more than 30 countries. It also owns and operates the Pop Land theme park in Beijing, which opened in September 2024. Some IPs are fully owned by Pop Mart, while others are licensed from external artists through exclusive commercial agreements.

Is Pop Mart publicly traded?
Yes, Pop Mart is publicly traded on the Hong Kong Stock Exchange under the ticker symbol 9992.HK. The company completed its IPO in December 2020, raising approximately HKD 5.25 billion ($676 million) at HKD 38.30 per share. The IPO valued the company at approximately HKD 48 billion at the offering. The company's market capitalization exceeded HKD 200 billion in early 2025, driven by the Labubu phenomenon and strong financial results.

Who founded Pop Mart?
Pop Mart was founded in 2010 by Wang Ning in Beijing, China. Wang, a former bookstore employee, opened a small retail store near Zhongguancun, Beijing's technology district, selling miscellaneous lifestyle products and imported designer toys. In 2014, he pivoted the business to focus exclusively on designer toys and collectibles. Wang remains the largest individual shareholder and serves as Chairman and CEO.

Where is Pop Mart headquartered?
Pop Mart is headquartered in Beijing, China. The company's corporate offices are in Beijing, where it manages IP development, product design, marketing, and global retail operations. The company is incorporated in the Cayman Islands for corporate purposes, with its primary operating subsidiary in Beijing. Manufacturing is conducted through contract manufacturers in China and Vietnam.

How many brands does Pop Mart own?
Pop Mart operates over 10 IP character lines, including THE MONSTERS (Labubu), Molly, Skullpanda, Dimoo, Pucky, Hirono, Nyota, Zsiga, and CRYBABY. Some of these IPs are fully owned by Pop Mart, while others are based on characters created by external artists with whom Pop Mart has exclusive commercial licensing agreements. All products are sold under the Pop Mart corporate brand, with individual IP lines serving as product categories.

Who owns Pop Mart?
Pop Mart is owned by its public shareholders. Founder Wang Ning is the largest individual shareholder, holding approximately 48% of the company's shares as of early 2025. Other major shareholders include institutional investors such as BlackRock, Capital Group, and various Asian investment funds. No single institutional investor exercises controlling interest. Wang Ning maintains control through his majority shareholding.

What is Pop Mart's revenue?
Pop Mart reported revenue of CNY 13.04 billion for FY2024, a 106.9% increase from CNY 6.3 billion in FY2023. Net profit for FY2024 was CNY 3.1 billion, up from CNY 1.06 billion in FY2023. In H1 2025, the company reported revenue of CNY 8.5 billion, representing 118% year-over-year growth. Overseas revenue has been growing faster than domestic revenue, driven by the global Labubu phenomenon and new international store openings.

What is Labubu?
Labubu is a character from THE MONSTERS IP line, created by Belgian-Chinese artist Kasing Lung and inspired by Nordic mythology. Labubu is a small furry monster with pointed ears and a mischievous expression. The character became a global viral phenomenon in 2024-2025 after being endorsed by celebrities including Blackpink's Lisa. Labubu plush keychains, priced at approximately $15-25, sold out worldwide and traded at significant premiums on secondary markets. THE MONSTERS became Pop Mart's largest revenue contributor in FY2024.

Pop Mart was founded in 2010 by Wang Ning in Beijing, China. Wang, a former bookstore employee, opened a small retail store near Zhongguancun, Beijing's technology district, selling miscellaneous lifestyle products and imported designer toys. The store was not initially focused on collectible toys. It carried a range of products including stationery, accessories, and novelty items.

In 2014, Wang made a strategic decision to discontinue all non-toy product lines and focus exclusively on designer toys and collectibles. This pivot was driven by the observation that designer toys had the highest margins and most loyal customer base among his product offerings. The company began developing its own IP characters and partnering with artists to create exclusive toy lines.

The Molly IP, created by Hong Kong artist Kenny Wong, became Pop Mart's first major success. Molly was a little girl character with distinctive pouty lips and a painter's hat. The Molly blind box series, launched in 2016, sold millions of units and established Pop Mart as a major player in the Chinese designer toy market. The success of Molly demonstrated the viability of the blind box format and the power of artist collaborations.

Throughout the late 2010s, Pop Mart expanded its IP portfolio through partnerships with artists including Ayan (Dimoo), Pucky (created by Hong Kong artist Pucky), and Kasing Lung (THE MONSTERS, including Labubu). The company also developed internal IPs including Skullpanda and Hirono. Each IP had its own visual style and character universe, allowing Pop Mart to target different collector demographics.

The company expanded its retail network rapidly across China. By 2019, Pop Mart operated 114 retail stores and over 800 vending machines (called "roboshops") in shopping malls across China. The vending machines allowed the company to expand its footprint without the overhead of full retail stores, placing blind boxes in high-traffic locations.

In December 2020, Pop Mart completed its initial public offering on the Hong Kong Stock Exchange, raising approximately HKD 5.25 billion ($676 million). The IPO priced at HKD 38.30 per share and valued the company at approximately HKD 48 billion ($7 billion) at the offering. The IPO was heavily oversubscribed, reflecting strong investor interest in the collectible toy market.

Following the IPO, Pop Mart accelerated international expansion. The company opened its first overseas stores in 2022, starting with South Korea, followed by stores in the United States, Australia, New Zealand, Taiwan, and the United Kingdom. In 2023, the company expanded to Malaysia and France. In 2024, Pop Mart opened its first store in the Philippines and continued expanding in Southeast Asia.

The Labubu phenomenon began in late 2023 and accelerated through 2024 and 2025. The character, originally created by Belgian-Chinese artist Kasing Lung as part of THE MONSTERS universe inspired by Nordic mythology, became a global viral sensation after being endorsed by Blackpink member Lisa and other celebrities. Labubu plush keychains, priced at approximately $15-25, sold out worldwide and traded at significant premiums on secondary markets. The Labubu craze drove Pop Mart's revenue to record levels in 2024 and 2025.

For FY2024, Pop Mart reported revenue of CNY 13.04 billion, a 106.9% increase year over year. THE MONSTERS IP line, led by Labubu, became the company's largest revenue contributor, surpassing Molly and Skullpanda. Overseas revenue grew to approximately CNY 2.4 billion in FY2024, representing approximately 18% of total revenue.

In H1 2025, Pop Mart reported revenue of CNY 8.5 billion, representing 118% year-over-year growth. Overseas revenue grew even faster, driven by the global Labubu craze and new store openings in Europe and North America. The company opened flagship stores in London (Oxford Street), Paris, New York, and Los Angeles in 2025.

In 2026, Pop Mart continued its global expansion with plans to open 40 to 50 additional overseas stores. The company also expanded its product lines beyond blind boxes, launching larger collectible figures, apparel, and lifestyle products featuring its IP characters. The company has been investing in theme park and entertainment initiatives, including a Pop Mart theme park in Beijing that opened in 2024.

Pop Mart does not publish a comprehensive sustainability report and is not a Certified B Corporation. The company's environmental footprint is primarily related to plastic toy manufacturing, packaging waste, and global shipping of physical products.

The blind box format has drawn criticism for generating packaging waste, as each figure is individually boxed with significant packaging relative to the product size. The company has not publicly committed to reducing packaging waste or transitioning to sustainable materials. Its manufacturing operations in China and Vietnam are subject to local environmental regulations.

The company has faced scrutiny over the blind box format itself. Consumer advocates in China have raised concerns that blind boxes resemble gambling, particularly for younger consumers who may develop compulsive purchasing behaviors. In January 2023, China's State Administration for Market Regulation issued regulations requiring blind box sellers to disclose the probability of receiving each item and restricting sales to children under 8 years old. Pop Mart complied with these regulations, and the rules have not significantly impacted the company's revenue.

Pop Mart's labor practices have not been the subject of major controversy. The company's manufacturing is primarily conducted through contract manufacturers in China and Vietnam, and the company has not disclosed detailed information about its supply chain labor standards.

Pop Mart has faced several controversies and regulatory challenges.

The blind box format has been the primary source of regulatory scrutiny. In 2023, China introduced regulations specifically targeting blind box sales, requiring probability disclosure, age restrictions, and limits on marketing to minors. The regulations also prohibited the sale of blind boxes containing items worth significantly less than the purchase price, addressing concerns about deceptive marketing. Pop Mart complied with the new regulations, but the rules have increased compliance costs and limited some marketing tactics.

The secondary market for Pop Mart products has also drawn attention. Rare figures, particularly Labubu secret figures, trade at prices 10 to 50 times their retail price on secondary markets. This has led to concerns about speculation and market manipulation. Some collectors have accused the company of artificially limiting supply to drive demand, though Pop Mart has stated that production volumes are based on manufacturing capacity and IP licensing agreements.

In 2024, Pop Mart faced criticism over product quality issues, with some consumers reporting defects in Labubu plush toys including loose seams and fading colors. The company responded by offering replacements and improving quality control processes. The rapid scale-up of production to meet Labubu demand created quality control challenges that the company has been working to address.

The company's international expansion has also faced challenges. In some Western markets, the blind box format is less familiar, and the company has had to invest in consumer education and brand building. Some equity analysts have expressed skepticism about Pop Mart's ability to expand into Western markets, citing cultural differences in toy collecting and the company's reliance on viral trends that may not be sustainable.

In 2025, Pop Mart faced allegations of copyright infringement related to some of its IP characters. A Chinese artist claimed that one of Pop Mart's newer character lines bore similarities to their original designs. The case was ongoing as of early 2026.