Pop Mart

Pop Mart operates as a collectible toy and art toy company specializing in designer toys and blind box collectibles. The company designs, manufactures, and distributes toys globally.

In 2026, Pop Mart continues to lead the Chinese collectible toy market with significant growth in revenue and global expansion. The company was founded in China in 2010 by Wang Ning, with its first store opening near Beijing's Zhongguancun in 2010. In 2014, the company discontinued other product lines and focused exclusively on toys, growing to 288 outlets and 1,800 vending machines across China. Pop Mart's success in the blind box format led to a $676 million listing on the Hong Kong Stock Exchange in 2020, valuing the company at around $7 billion at the time, though its share price later declined below the offer price as revenue growth slowed.

In 2024, Pop Mart's revenue reached an all-time high of RMB 13.04 billion, representing a 106.9% year-over-year increase, with further growth in the first half of 2025 driven by booming global demand for its collectible figures and plush toys, especially the Labubu-led "THE MONSTERS" IP line. The plush toy category, led by characters such as Labubu and Skullpanda, experienced rapid year-on-year growth and became a significant contributor to Pop Mart's total revenue. The company's success has spawned multiple rival blind box toy companies in China, while some equity analysts have expressed skepticism at the company's ability to expand into Western markets.

Pop Mart has aggressively expanded beyond mainland Chinese markets, with plans to open between 40 and 50 overseas outlets. The company first expanded to the U.S., New Zealand, Australia, South Korea, Taiwan, and the U.K. in 2022, followed by expansion to Malaysia and France in 2023, and opened its first Philippine store in 2024. Company executives have described developing the Western growth market as the company's "most important development focus" and argue that the company's product offering is differentiated from existing Western markets. Pop Mart's initial marketing strategy engaged with youth culture trends in China, selling toys in price ranges between 29 and 89 yuan, and has continued to leverage this approach while expanding globally.

Pop Mart was founded in 2010 by Wang Ning in Beijing, China. The company was established to design and manufacture collectible toys and art toys.

In the early 2010s, Pop Mart developed its business model around designer toys and blind box collectibles. The company created popular toy brands and collaborated with various artists and designers.

Throughout the mid-2010s, Pop Mart expanded its product portfolio and retail presence in China. The company became known for its distinctive collectible toys and limited edition releases.

In 2020, Pop Mart went public on the Hong Kong Stock Exchange, raising capital for international expansion. The company began opening stores and expanding distribution globally.

Throughout 2021 and 2022, Pop Mart expanded its global presence significantly. The company opened stores in major cities worldwide and established itself as a leading collectible toy company.

In 2023 and 2024, Pop Mart continued to expand internationally while maintaining strong growth in China. The company has become a major player in the global collectible toy market.