Pop Mart, a Chinese designer art toy company, is gaining traction among not only children but also kidults, or adults with childlike hobbies, and a Korean executive is playing a central role in its rise.
The key figure is Moon Duk-il, who serves as chief operating officer (COO) and president of Pop Mart headquarters in China and head of Pop Mart Korea.
He is the only South Korean on the company’s executive team.
Pop Mart has grown into a major Chinese company with a market capitalization of 74 trillion won ($53.59 billion) since its foundation in 2010.
“The key to our popularity lies in collaborating with outstanding artists to create captivating characters,” Moon said in a recent interview with Maeil Business Newspaper.
Moon entered Peking University’s MBA program in 2016 when he worked as an expatriate for Korean conglomerate CJ Group in China.
It was there that his life took a turn.
He met Pop Mart’s founder, Wang Ning, and studied alongside him.
Persuaded by Wang’s persistent invitations as the company began its serious growth phase, Moon left his stable corporate post and joined Pop Mart in 2018, taking charge of global business development.
Pop Mart’s signature intellectual properties (IP) include “Molly” and “The Monsters.”
The fairy character “Labubu,” part of The Monsters family, went viral after being featured on social media by global celebrities such as BLACKPINK’s Lisa and pop star Rihanna, sparking sell-out frenzies.
The company’s growth trajectory has been explosive.
Its revenue jumped from 100 billion won in 2018 to 2 trillion won in 2024 – a twentyfold increase.
Even year-on-year, revenue doubled, underscoring its phenomenal momentum.
“Of last year’s 2 trillion won in total revenue, overseas sales accounted for 1 trillion,” Moon said. “We now operate more than 550 stores across 90 countries, including Korea, Japan, Singapore, the United Kingdom, France, and New Zealand.”
Over 80 percent of those overseas sales came from the Asia-Pacific and European regions under Moon’s leadership.
Pop Mart Korea has already built a loyal base of figurine enthusiasts.
The company currently operates eight stores, including its flagship Myeongdong location in central Seoul, which opened in July 2024, as well as outlets in Hongdae and Yongsan.
Moon’s goal is to strengthen the connection between Pop Mart’s IPs and global consumers.
“We strive to discover talented artists and designers and transform their creations into sustainable IP assets,” he emphasized. “Our continuous efforts are aimed at becoming a truly global Pop Mart.”
Pop Mart plans to open around 100 new overseas stores in 2025, with large-scale outlets set to launch in the United States, Australia, and Thailand.
In Korea, the company is expanding beyond Seoul, having just opened its first store in Busan on the southeastern tip of Korea in August 2025.
“Korean culture has a powerful influence on young consumers in North America and Europe,” Moon said. “We plan to expand our IP further through collaborations with Korean fashion, entertainment, and lifestyle brands.”
“I also hope, in some small way, to serve as a role model for young Koreans who dream of working in China,” he added.
By Lee Ho-joon and Yoon Yeon-hae
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]