Jakarta, Indonesia Sentinel — Pop Mart International Group, a rapidly growing Chinese toy company, has become a sensation worldwide, largely driven by the popularity of its “blind box” products. These mystery figurines, packaged in small boxes and sold for around $10, have captured the attention of collectors globally, turning Pop Mart into a dominant force in the toy industry.
In the first half of 2024, Pop Mart’s revenue skyrocketed by 67%, reaching 4.6 billion yuan ($637 million), a significant increase compared to the previous year. International sales have more than tripled, now accounting for one-third of the company’s total revenue, with Southeast Asia emerging as the fastest-growing market.
Online sales on platforms like Lazada and Shopee have been instrumental in driving this expansion. As a result, Pop Mart’s stock has surged nearly threefold, and CEO Wang Ning has joined the ranks of China’s wealthiest individuals with a net worth of $5.5 billion.
Wang Ning, who has a background in advertising, collaborated with global artists to create a variety of collectible toys for the blind boxes. Popular series such as Labubu, Molly, Skullpanda, Dimoo, and Pucky have gained a massive following, with fans worldwide eagerly collecting the figurines.
Ukraine Postal Service Releases Special Stamp Featuring Indonesian President Prabowo Subianto
Founded in 2010, Pop Mart has rapidly expanded, opening more than 500 stores, 400 of which are located in China. The company’s international expansion is also underway, with plans to double its U.S. store count to 20 by the end of the year. In June 2024, Pop Mart launched its first mobile game, Dream Home, which allows fans to interact with beloved characters like Molly and Labubu in a virtual world.
Despite China remaining Pop Mart’s primary market, the company’s global presence continues to grow, with strong sales in regions such as Southeast Asia and North America. Wang Ning’s vision has transformed Pop Mart from a local toy brand into an international phenomenon, reshaping the global toy market and solidifying his place among the wealthiest entrepreneurs in China.
(Becky)
