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What Is Pop Mart? The Complete Guide to China's Designer Toy Empire
Pop Mart went from a small Beijing toy store in 2010 to a $46.1 billion global phenomenon. Here's everything you need to know about China's designer toy empire — its history, its biggest IPs, how blind boxes work, and where to buy.
What Is Pop Mart? The Complete Guide to China’s Designer Toy Empire
If you’ve seen a fuzzy, grinning, elf-eared creature dangling off a designer bag in the last couple of years — that’s Labubu, and it’s the face of China’s most explosive consumer phenomenon: Pop Mart.
But it didn’t start that way. This is the story of how a tiny toy store in Beijing’s tech district became a $46.1 billion global success, turned “you don’t know what you’re buying” into retail’s hottest format, and became the clearest signal yet that Chinese IP is going global — the same wave our deep-dive on Labubu unpacks figure by figure.
The Short Answer
Pop Mart (泡泡玛特) is China’s leading trendy-toy and [IP]-driven entertainment company — the biggest maker of designer toys and blind boxes in the world. It’s the Disney of the designer-toy universe: it incubates artists, owns its characters, sells them through 630+ stores worldwide, and just crossed ¥37.1 billion (~$5.1B) in 2025 annual revenue — up 184.7% year-on-year. 来源：Pop Mart 2025 年报
Why It Matters (Beyond the Toys)
- “Blind boxes” — sealed boxes where you don’t know which toy you’ll get — took an old Japanese idea and turned it into a multi-billion-dollar global format built on surprise, suspense and collectibility.
- A Chinese IP proof point. Labubu, designed by Hong Kong artist Kasing Lung, became a world-class “super IP” — a symbol that Chinese intellectual property can go global, not just be imported.
- It’s the gateway to a much bigger trend: China is now a cultural exporter, and pop toys are its flashiest export.
Timeline: From a Tiny Store to a Global Empire
- 2010 — Wang Ning, a recent graduate, opens the first Pop Mart store in Zhongguancun, Beijing (“China’s Silicon Valley”). Inspired by Hong Kong’s Log-On and Japan’s gachapon machines. 来源：Fortune, 2025
- 2014 — Wang pivots from selling licensed goods (Disney, etc.) to collectible, own-brand designer toys.
- 2016 — Partners with Hong Kong artist Kenny Wong to launch Molly, the wide-eyed figurine. Sold in blind boxes, and the format explodes. This becomes Pop Mart’s first big hit.
- 2020 — Goes public on the Hong Kong Stock Exchange (9992.HK) in a massively oversubscribed IPO, making founder Wang Ning a billionaire.
- 2015–2020s — Labubu is born (as part of “The Monsters,” inspired by Nordic folklore) and eventually becomes a global sensation.
- 2025 — A record year: revenue ¥37.12B (+184.7%), The Monsters becomes China’s first ¥10-billion IP at ¥14.16B, 630+ stores worldwide, and 40%+ of revenue from outside Greater China. 来源：Pop Mart 2025 年报
The IPs You Need to Know
Pop Mart’s strategy is “one super IP + multiple strong IPs.” As of 2025, 17 of its IPs each crossed ¥100M in annual revenue. Here are the big ones:
| IP | 2025 Revenue | Notes |
|---|---|---|
| The Monsters (Labubu) | ¥14.16B (+365.7%) | The global phenomenon; a plush “ugly-cute” elf-furry hybrid |
| SKULLPANDA | ¥3.54B (+170.6%) | Gothic/cyberpunk aesthetic; fashion-conscious collectors |
| CRYBABY | ¥2.93B (+151.4%) | Emotional, melancholic design; Gen-Z comfort collectible |
| MOLLY | ¥2.90B (+38.4%) | The classic wide-eyed girl by Kenny Wong; the franchise’s foundation |
| DIMOO | ¥2.78B (+205.3%) | Dreamy star-gazing alien; huge loyal fanbase |
| HIRONO | ¥1.74B (+138.8%) | More conceptually literary; expanding into lifestyle/retail |
Why it matters for you: Pop Mart is not just “the Labubu company.” It’s an IP incubation machine — which is exactly why a “Beyond Pop Mart” mindset is smart for any collector. There’s a whole universe of Chinese IPs hiding behind the Labubu spike.
Figures: Pop Mart 2025 Annual Report. 来源
How Blind Boxes Actually Work
The model that made millions collect: you pay a fixed price (usually $10–$15) for a sealed box from a series. You don’t know which toy you’ll get. Each blind box series has:
- Regular figures (the common ones)
- A “secret” / hidden figure (extremely rare — sometimes 1-in-144 odds)
- Some in the same series have different pull rates
This randomness is the dopamine engine — and it’s tailor-made for social media, where unboxing and “got the secret!” videos go viral. 来源：Fortune, 2025
The flip side (be honest with yourself): some rare figures flip for many times retail price on resale markets. But the vast majority don’t — collect for love, not as an investment.
Where to Buy Genuine Pop Mart
Counterfeits are rampant. Protect yourself:
- Official channels: popmart.com, Pop Mart physical stores (now 630+ worldwide), and their official Tmall/Amazon/Shopee stores abroad.
- Look for: the official holographic authenticity sticker, and buy from stores you can verify.
- Compare with the scene: if a deal seems too good to be true, it usually is — authentic limited Labubus can sell for $40–$200+; $5 “deals” are almost always fakes.
The Bigger Picture: What This Means
Pop Mart proves something bigger is happening:
- China as a cultural exporter. 74% of global consumers now recognize Chinese IPs, per BCG. 来源：小招调研·BCG报告
- “Ugly-cute” is a billion-dollar aesthetic. Emotional, nostalgic, imperfect designs resonate with Gen-Z globally.
- It’s a gateway. Once Western collectors fall for Labubu, they naturally start asking: “What else does China make?” — and that’s exactly where a site like Anchsia comes in.
Frequently Asked Questions
Is Pop Mart profitable? Very. In 2025 it posted ¥13.08B adjusted net profit (+284.5%) with a 72.1% gross margin — the highest among China’s emotion-consumption listed companies. 来源：36氪
Is it just an “investment” fad? Some rare figures rise a lot, but most don’t. Analysts compare it to Lego/Sanrio/Jellycat as a long-term IP business, not a Beanie-Baby bubble. 来源：Fortune, 2025
Where can I start collecting? Start with a series you love the design of — then read our guide to collecting Chinese designer toys, and check out the brands beyond Pop Mart.
Is Pop Mart still growing in 2026? It’s guiding for at least 20% sales growth in 2026, though after the 2025 spike it’s entering a more “normalized” phase. 来源：GuruFocus, 2026
Want more? This is our starting point. Next up: the Chinese designer toys beyond Pop Mart that most Western collectors have never heard of — and the very first IPs worth adding to your shelf.