Pop Mart
A Chinese designer-toy company known for collectible characters, blind boxes, licensed collaborations, and a growing international retail network.
Last updated November 2, 2026
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Overview
Pop Mart is a Chinese collectible-toy company headquartered in Beijing and associated with the rise of designer toys and blind-box retailing in China. Founded by Wang Ning in 2010, the business began with a store near Beijing's Zhongguancun district. Its early assortment included multiple types of lifestyle and gift merchandise, but the company subsequently narrowed its focus and, in 2014, concentrated on toys and collectible figurines. That specialization helped it build a recognizable retail proposition around character-based products, repeated collecting, and collaborations with independent artists and entertainment brands. The company's signature format is the blind box: a sealed package whose exact figure is not revealed until purchase. A series normally contains several regular designs and rarer variants, encouraging customers to buy repeatedly, trade duplicates, and search for particular characters. In China, individual blind-box toys have commonly been sold at prices in the tens of renminbi, with the format appealing particularly to teenagers, young adults, and affluent younger consumers. Pop Mart's retail environment combines physical stores, vending machines known as roboshops, online commerce, social-media activity, and a toy-trading application. This combination turns the purchase of a small toy into a broader collecting and community experience. Pop Mart develops original intellectual property with artists and also licenses established entertainment properties. Its best-known original or artist-linked characters include Molly, Dimoo, Skullpanda, and Labubu. Labubu was created through Pop Mart's collaboration with artist Kasing Lung, while Molly is associated with artist Kenny Wong. The company has also released licensed products connected with brands and franchises including Disney, Teletubbies, The Powerpuff Girls, Care Bears, Harry Potter, DC Comics, SpongeBob SquarePants, and other partners. Product forms have expanded beyond standard figures to include plush toys, accessories, larger display pieces, and other character merchandise. The business scaled through a network of staffed outlets and automated vending machines in mainland China. Its growth culminated in a Hong Kong Stock Exchange listing in 2020. After the listing, the company sought to reduce dependence on mainland China by building overseas distribution, stores, online channels, and local brand awareness. International expansion reached markets including the United States, New Zealand, Australia, South Korea, Taiwan, and the United Kingdom in 2022, followed by Malaysia and France in 2023 and the Philippines in 2024. The company has described Western-market development as a major strategic priority, although analysts and commentators have questioned how readily a China-developed blind-box model can scale in mature Western toy markets. Pop Mart has also diversified its branded experiences. It established Pop Mart Global in the United States in 2021, introduced an official mobile game in 2023, and opened Pop Land, a branded amusement park in Beijing, in October 2023. Its products have developed active secondary markets, where collectors resell and trade sought-after figures. At the same time, the blind-box model has attracted debate about artificial scarcity, repeated purchasing, and its resemblance to gambling-like consumer psychology. Chinese authorities issued guidance for the sector in 2022 and subsequently introduced additional protections concerning sales to children. Counterfeit versions of popular products, particularly Labubu plush toys, have also become a significant brand-protection issue. Pop Mart remains an active global designer-toy and character-merchandising business, with its identity centered on original intellectual property, artist partnerships, collectible formats, and experiential retail.
History
Pop Mart was founded in China in 2010 by Wang Ning. Its first store opened near Beijing's Zhongguancun area, where the company initially operated with a broad lifestyle and gift-oriented assortment. The business later changed direction. In 2014 it discontinued other product categories and concentrated on toys, a decision that gave the brand a clearer identity and allowed it to develop expertise in character design, collectible series, and toy retail. The company's defining commercial innovation was the combination of designer toys and blind-box packaging. Rather than showing the exact figure in advance, a blind box reveals the design only after purchase. Series can contain common figures, limited editions, and rare secret figures. This structure encourages collecting, exchanging duplicates, and repeated purchases. Pop Mart used the format alongside accessible price points, youth-oriented marketing, stores in high-traffic commercial locations, and automated vending machines. Its customer base developed particularly strongly among Chinese teenagers, young adults, and younger affluent consumers interested in design, internet culture, and collectible communities. Pop Mart's intellectual-property model combines original characters created with artists and licensed characters from outside entertainment companies. Important artist-linked properties include Molly, Dimoo, Skullpanda, and Labubu. The company developed a particularly strong relationship with artist Kasing Lung around Labubu and with Kenny Wong around Molly. It also created products based on licensed properties such as Disney, Teletubbies, The Powerpuff Girls, Care Bears, Harry Potter, DC Comics, and SpongeBob SquarePants. This mixture gives the business both proprietary characters that it can develop over time and recognizable licensed themes that can attract new customers. As the brand grew, Pop Mart built an omnichannel system consisting of staffed stores, roboshops, e-commerce, social-media marketing, and a toy-trading application. Its products also acquired a substantial secondary-market presence. Collectors trade and resell rare figures, making scarcity and community participation central parts of the brand experience. Commentators and researchers have connected the appeal of the model with scarcity effects, social imitation, and the excitement of uncertain outcomes. These same characteristics have generated criticism and regulatory attention, particularly regarding repeated purchasing by children and the resemblance between some blind-box mechanics and gambling. The company became a public company through its Hong Kong listing in 2020. After the listing, it pursued overseas growth to complement its mainland Chinese business. Pop Mart established Pop Mart Global in the United States in December 2021 and expanded into the United States, New Zealand, Australia, South Korea, Taiwan, and the United Kingdom in 2022. Malaysia and France followed in 2023, and the Philippines in 2024. The company has presented international expansion, especially development in Western markets, as a major strategic focus. Analysts have nevertheless debated whether the brand's product proposition and retail model can achieve the same scale outside China. Diversification continued with an official mobile game launched in 2023 and the opening of Pop Land in Beijing in October of that year. The company's product mix also broadened from traditional blind-box figures into plush toys, larger collectibles, accessories, and other character merchandise. Labubu and Skullpanda helped increase the visibility of plush and fashion-oriented products, while the company's store network and digital channels supported global fandom. Pop Mart has faced ongoing brand-protection and regulatory challenges. Chinese guidance published in 2022 addressed blind-box pricing and consumer protection, with subsequent rules restricting sales to very young children and requiring guardian consent in specified circumstances. In overseas markets, mystery-box rules can also limit prize values. Counterfeit Labubu products have become a prominent problem, with fake toys sold under informal names such as Lafufu and warnings about poor construction and potential hazards. Pop Mart has encouraged customers to use official channels and product-verification features. The company therefore operates at the intersection of toys, entertainment licensing, artist commerce, social collecting, and experiential retail, with growth dependent on the continued popularity of its characters and its ability to internationalize the model.
- 2024
First Philippine store opens
[1]Pop Mart entered the Philippines with its first store in the country.
- 2023
Mobile game launched
[1]Pop Mart released an official mobile game, extending its character business into digital entertainment.
- 2023
Pop Land opens in Beijing
[1]The company opened Pop Land, a branded amusement-park experience in Beijing.
- 2022
International expansion accelerates
[1]Pop Mart expanded into several overseas markets, including the United States, New Zealand, Australia, South Korea, Taiwan, and the United Kingdom.
- 2022
Blind-box regulation develops in China
[1]Chinese regulators issued guidance concerning blind-box pricing and protections for minors.
- 2021
Pop Mart Global launches
[1]The company launched Pop Mart Global in the United States as part of its international development.
- 2020
Hong Kong stock-market listing
[1]Pop Mart listed on the Hong Kong Stock Exchange, completing a major step in its corporate development.
- 2014
The company focuses on toys
[1]Pop Mart discontinued other product lines and concentrated its business on toys and collectibles.
- 2010
Pop Mart is founded
[1]Wang Ning founded the company in China, and its first store opened near Beijing's Zhongguancun district.
Products and positioning
A mid-to-premium designer-toy and character-collectibles brand that combines artist-created intellectual property, licensed entertainment themes, blind-box scarcity, and omnichannel experiential retail.
Collectible toys
Blind-box collectible figures
Pop Mart's signature product format uses sealed packaging that conceals the exact figure until purchase. A series generally includes regular designs, limited variants, and rarer secret figures. The format supports repeated collecting, duplicate trading, and secondary-market activity, and is used across both original artist properties and licensed entertainment themes.
Artist IP
Molly
Molly is one of Pop Mart's best-known character properties and is associated with artist Kenny Wong. The character has appeared across numerous collectible series and collaborations, helping establish Pop Mart's artist-led intellectual-property model.
Artist IP
Dimoo
Dimoo is a prominent character line sold through Pop Mart's collectible ecosystem. It has been used in themed blind-box releases and other merchandise, contributing to the company's portfolio of original or artist-linked properties.
Artist IP
SKULLPANDA
SKULLPANDA is a major Pop Mart character property presented through stylized collectible figures and, increasingly, plush and fashion-oriented products. Its darker visual identity differentiates it from several of the company's more playful character lines.
Artist IP
Labubu and The Monsters
Labubu is a character created through Pop Mart's collaboration with artist Kasing Lung and associated with The Monsters world. The property has appeared in figures, plush toys, accessories, and other character products, and has become one of the company's most visible international properties.
Licensed merchandise
Licensed character collections
Pop Mart produces collectible products based on licensed properties including Disney, Teletubbies, The Powerpuff Girls, Care Bears, Harry Potter, DC Comics, and SpongeBob SquarePants. These collaborations bring established characters into the company's blind-box and designer-toy formats.
Retail format
Roboshops
Roboshops are automated vending machines that allow Pop Mart to sell small collectible products without a fully staffed store. They extend the brand's physical presence into malls and other high-traffic locations and complement conventional stores and online channels.
Experiential entertainment · 2023
Pop Land
Pop Land is a branded amusement-park experience in Beijing opened by Pop Mart in 2023. It represents the company's effort to move beyond merchandise into character-based physical entertainment and destination experiences.
Controversies
2025
Counterfeit Labubu products
Fake Labubu plush toys, often called Lafufus, were reported in the United States and elsewhere. Consumer warnings focused on inferior materials and construction, inaccurate branding, and possible choking hazards. Pop Mart has encouraged customers to buy through official channels and use product-verification details to distinguish genuine products.
2022
Pop Mart-KFC co-branded blind box meals criticized by China Consumers Association for inducing excessive food consumption
In January 2022, KFC and Pop Mart launched DIMOO blind box meals, and some consumers bought repeatedly or in large quantities to collect the complete set of toys. The China Consumers Association publicly criticized the promotion for inducing excessive consumption and causing food waste. This entry is a joint marketing controversy and does not treat the consumers association's comments as a criminal or administrative conviction.
2022
Chinese consumer group calls for boycott of KFC meal promotion
The China Consumers Association called for a boycott of a KFC meal promotion involving collectible Pop Mart Dimoo dolls, saying it encouraged food waste and excessive purchases. The association cited a customer who bought more than 100 meals to collect the toys. KFC and Pop Mart had not immediately responded to the BBC's requests for comment.
2022
KFC faces boycott over toy promotion in China
KFC faced scrutiny and a boycott in China over a promotion offering collectible Dimoo toys with meals. The China Consumers Association criticized the promotion for encouraging excessive food purchases and food waste.
2021
Customers report unexpected Pop Mart bundle charges and refund disputes
A news report described customers saying that purchases through Pop Mart's WeChat mini-program unexpectedly switched from a single 99-yuan draw to a full bundle costing thousands of yuan, and that customer service refused refunds. The report also said consumers organized a group to seek resolution. Pop Mart denied the consumers' concerns.
2020
Jinan store resold blind boxes after opening and selecting items; brand confirms staff violations
In December 2020, consumers complained that Pop Mart blind boxes at Jinan MixC had been opened and then resold. Caixin reported that a review of the brand's surveillance footage confirmed that five store employees improperly opened 11 blind boxes and then selected and bought them, involving the opening and repackaging of boxes. The company took action against the employees and the store; the incident was limited to that store, and no inference is made that similar practices existed across the entire network.
Marketing campaigns
- 2021Keith Haring collection
China
Pop Mart released a collectible collection themed around the work of American artist Keith Haring, illustrating its use of artist and cultural collaborations beyond its core character properties.
- Moncler collaboration
China · Global
Pop Mart collaborated with Moncler on collectible products, connecting designer toys with a global fashion brand.
- Artist-IP and licensed-IP collaborations
China · Global
The brand's continuing collaboration program pairs independent artists and entertainment licensors with Pop Mart's blind-box, figure, plush, and accessory formats.
Brand decisions
2023
Extend the brand into mobile gamingProduct launchBackground
Pop Mart was diversifying its character ecosystem beyond physical merchandise.
Action taken
The company launched an official mobile game.
Aftermath
The launch added a digital-entertainment channel to the company's IP strategy.
2023
Open Pop LandStrategyBackground
The company aimed to create immersive experiences around its characters and expand beyond conventional retail.
Action taken
Pop Mart opened Pop Land, a branded amusement park in Beijing.
Aftermath
Pop Land broadened the brand's physical footprint into experiential entertainment.
2021
Establish Pop Mart GlobalStrategyBackground
The company sought to reduce its dependence on mainland Chinese markets and develop a global character-toy business.
Action taken
Pop Mart launched Pop Mart Global in the United States.
Aftermath
The move preceded a broader international store and market expansion program.
2020
List on the Hong Kong Stock ExchangeOtherBackground
Rapid growth in collectible toys and blind-box retail created the basis for a public-market financing.
Action taken
Pop Mart completed a public listing in Hong Kong.
Aftermath
The listing increased the company's access to capital and visibility while its revenue growth subsequently moderated and its shares traded below the offer price for a period.
2014
Concentrate the business on toysStrategyBackground
Pop Mart operated with a broader assortment during its early period, but the company sought a more focused and distinctive commercial identity.
Action taken
It discontinued other product lines and focused on toys and collectible products.
Aftermath
The decision created the strategic foundation for the company's designer-toy, blind-box, and character-IP model.
Recent events
- Unconfirmed
Pop Mart reports 2026 interim results with overseas revenue decline[13]
Reported:
Pop Mart reported 2026 interim results: first-half revenue of 17.173 billion yuan, up 23.8% year on year; profit attributable to owners of 5.038 billion yuan, up 10.1%; adjusted net profit of 5.156 billion yuan, up 9.5%. China revenue rose 47.3% to 12.201 billion yuan, with online channels up 62.7%, while overseas revenue fell 11.6% to 4.972 billion yuan and Americas revenue fell 16.5%. THE MONSTERS revenue fell 7.5%, XINGXINGREN revenue rose 580.6% to 2.650 billion yuan, and plush products rose 60% to become the largest category. CEO Wang Ning said the company will likely miss its full-year growth target set at the start of the year and positioned this year as a "consolidation year," shifting focus to business fundamentals and global channel restructuring.
- Unconfirmed
Chinese consumer group calls for boycott of KFC meal promotion[11]
Reported:
The China Consumers Association called for a boycott of a KFC meal promotion involving collectible Pop Mart Dimoo dolls, saying it encouraged food waste and excessive purchases. The association cited a customer who bought more than 100 meals to collect the toys. KFC and Pop Mart had not immediately responded to the BBC's requests for comment.
KFC faces boycott over toy promotion in China[12]
Reported:
KFC faced scrutiny and a boycott in China over a promotion offering collectible Dimoo toys with meals. The China Consumers Association criticized the promotion for encouraging excessive food purchases and food waste.
Customers report unexpected Pop Mart bundle charges and refund disputes[10]
Reported:
A news report described customers saying that purchases through Pop Mart’s WeChat mini-program unexpectedly switched from a single 99-yuan draw to a full bundle costing thousands of yuan, and that customer service refused refunds. The report also said consumers organized a group to seek resolution. Pop Mart denied the consumers’ concerns.
Shang Xia and POP MART launch DIMOO Dream Traveler limited-edition series[14]
Reported:
Shang Xia and POP MART released a limited-edition DIMOO Dream Traveler series of tea gift sets on September 6 through Shang Xia's Tmall flagship store.
Cat Galaxy completes funding round with investment from Pop Mart[15]
Reported:
Chinese retail brand Cat Galaxy announced that it had completed a new funding round worth tens of millions of yuan, with Pop Mart as the investor. The proceeds are intended for store-experience improvements, designer incubation and marketing.
Judydoll and POP MART release PUCKY Flying Series makeup collaboration[16]
Reported:
Judydoll and POP MART collaborated on makeup products in the PUCKY Flying Series, released in May 2021. The collection included nine products.
- Unconfirmed
Pop Mart raises blind-box prices[17]
Pop Mart said it had adopted a price-increase strategy for blind boxes in response to rising raw-material and labor costs, as well as more detailed designs and complex production processes.
POP MART affiliate takes a 10% stake in Mumu (Beijing) Art Consulting[18]
A corporate filing showed that Beijing POP MART Culture & Creative Co., Ltd. became a shareholder of Mumu (Beijing) Art Consulting, holding a 10% stake.
Sources20 sources
- 1Pop Marten.wikipedia.org
- 2Pop Mart official websitepopmart.com
- 3POP MART US Official | Designer Art Toys & Blind Box Collectiblespopmart.com
- 4Labubu Hirono Little Hare Plush Doll Pendant｜Bunny‑Theme Charm｜POP MART US Officialpopmart.com
- 5Labubu Hirono Tamed Wildgrass Series Figures｜Nature‑Theme Art Toy｜POP MART US Officialpopmart.com
- 6Twinkle Twinkle Live the Ordinary Series Figures | POP MART US Officialpopmart.com
- 7Jinan store resold blind boxes after opening and selecting items; brand confirms staff violationscaixin.com
- 8Pop Mart-KFC co-branded blind box meals criticized by China Consumers Association for inducing excessive food consumptionthepaper.cn
- 9Pop Mart-KFC co-branded blind box meals criticized by China Consumers Association for inducing excessive food consumptionthepaper.cn
- 10Customers report unexpected Pop Mart bundle charges and refund disputesnews.cyol.com
- 11Chinese consumer group calls for boycott of KFC meal promotionbbc.com
- 12KFC faces boycott over toy promotion in Chinabusinessinsider.com
- 13泡泡玛特发布 2026 年中期业绩，海外收入下滑163.com
- 14上下与POP MART发布DIMOO梦幻旅行家限定系列fashion.sina.com.cn
- 15猫星系完成新一轮融资，泡泡玛特参与投资finance.sina.com.cn
- 16橘朵与泡泡玛特推出毕奇飞行系列联名彩妆fashion.sina.com.cn
- 17泡泡玛特盲盒提价chinaz.com
- 18泡泡玛特关联公司入股木睦（北京）艺术顾问有限公司donews.com
- 19泡泡玛特发布2020年财报：一年卖了超5000万只玩具finance.sina.com.cn
- 20Labubu-maker Pop Mart's shares extend declines as third-quarter sales plungecnbc.com
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