Startup Originals Team
In 2010, Wang Ning founded Pop Mart, a Beijing-based company that would go on to transform the toy industry. Known for its blind-box collectibles like the hugely popular Labubu dolls, Pop Mart has built a billion-dollar empire by turning toys into cultural icons. The company’s journey is a mix of innovation, explosive growth, global expansion, and the challenges of sustaining hype in the competitive collectibles market.
Building the Pop Mart Phenomenon:
Pop Mart’s success is rooted in the blind-box model, customers buy sealed boxes without knowing which figurine they will get. This approach gamified shopping, creating excitement and strong demand among young collectors.
The company went public in Hong Kong and quickly became a global sensation. Pop Mart expanded aggressively with hundreds of retail stores and vending machines across China and international markets, cementing itself as a leader in the designer toy industry.
Record-Breaking Growth:
The year 2025 highlighted Pop Mart’s impressive rise:
- Revenue surged by about 204.4% year-on-year in the first half.
- Net profit soared nearly 396.5%, thanks to blockbuster sales.
- The “Monsters” IP line, which includes Labubu, was a key driver of this success.
Such explosive growth underscored how Pop Mart had gone from a niche startup to a global brand with mass appeal.
Challenges on the Horizon:
Despite its achievements, Pop Mart has recently faced turbulence. In the past month, its shares fell by over 20%, cutting Wang Ning’s net worth by nearly US$6 billion (₹53,000 crore).
The decline has been linked to:
- Cooling demand for Labubu dolls.
- Overproduction, which has diluted the sense of exclusivity.
- Falling resale prices, signaling weaker collector enthusiasm.
For example, when the Labubu 4.0 series launched on August 28 at around 79 yuan (₹900), initial excitement pushed resale prices up. But soon, they dropped by about 14%, raising concerns over sustainability.
Even analysts at JPMorgan Chase warned that excess supply and reduced scarcity could hurt Pop Mart’s long-term collectible appeal.
Global Legacy & Future Outlook:
Despite current challenges, Pop Mart remains a pioneer in the collectibles industry. Its influence goes beyond toys, shaping trends in art, fashion, and youth culture worldwide.
Wang Ning’s journey, from founding a small startup in Beijing to running a global toy powerhouse, is a testament to the power of innovation and consumer psychology.
Pop Mart now faces a critical question: can it adapt its strategy, maintain exclusivity, and keep the magic alive for its millions of fans?
