Pop Mart, the renowned ‘blind box’ toy manufacturer, has made waves with the debut of its first jewelry store, Popop, in Shanghai. This new venture features character-themed jewelry, including favorites like Labubu, Molly, and Skullpanda.
The economic slowdown in China hasn’t deterred Pop Mart’s loyal customer base, with its appealing toys keeping demand high and causing a more than 200% surge in share prices. Investor Zhang Zhanming, intrigued by the brand’s growth potential, traveled all the way from Chongqing to witness the store’s opening.
Zhang considers Pop Mart to be a possible contender to become China’s version of Disney, as the brand taps into the trend of ’emotional consumption’ with its affordable luxury items. Adding to their collectible status, a Beijing auction recently fetched 1.08 million yuan for a human-sized Labubu figure.