Labubu’s Global Stardom and Pop Mart’s Investment Outlook
China Decoded: China’s Cultural IP Goes Global
Labubu: From Niche Toy to Global Phenomenon
Labubu, the quirky "ugly-cute" character produced by Chinese collectible giant Pop Mart, has rapidly become a worldwide pop culture icon. Initially embraced by Asian celebrity figures like K-pop star Lisa and global trendsetters from Rihanna to UK rapper Central Cee, Labubu’s visual charm and collectible mystery box (“blind box”) sales model have sparked a global craze.
Why Labubu Captivates the World
Psychological Appeal: Labubu taps into young adults’ desire for self-expression, belonging, and emotional comfort. The “blind box” uncertainty triggers dopamine-driven excitement, similar to gaming loot boxes.
Social and Cultural Identity: Owning Labubu figures signals membership in trendy, creative social circles who value uniqueness and imperfection—“ugly-cute” resonates as anti-mainstream fashion.
Economic Forces: Limited editions and rare collectible variants create scarcity and FOMO (Fear of Missing Out), fueling a vibrant secondary market where some models sell for multiples of original price.
Chinese IP Comes of Age: Pop Mart leverages China’s formidable supply chains and art collaborations to produce global-scale cultural goods that challenge traditional Western IP dominance.
Pop Mart CEO Wang Ning on Globalization and Future Growth
In a recent high-profile interview with China’s CCTV, CEO Wang Ning emphasized Pop Mart’s ambition to become the “Pop Mart of the World” rather than “China’s Disney.” Highlighting their growing overseas footprint—in major cities like London, San Diego, and Paris—and expanding IP roster, Wang projects overseas revenues to surpass domestic sales in 2025. He stresses product quality and design as core to long-term success beyond blind box hype.
Can Pop Mart Become China’s Disney?
While Pop Mart shares Disney’s vision to build immersive consumer ecosystems around IP, their fast-evolving, multi-IP “lifestyle IP” model differs from Disney’s single-universe storytelling and multigenerational audience appeal. Still, underpinned by digital culture and China’s “investment in people” strategy, Pop Mart is poised to be a pioneering global lifestyle IP brand with unique Chinese characteristics.
Investment Opportunities in Pop Mart and China’s Collectible Toy Market
Pop Mart Stock (HKEX: 09992): Since 2025, Pop Mart’s shares have soared 160%, fueled by a 200% revenue jump and international expansion.
Blind Box & IP Ecosystem: Continuous IP development (Labubu, Molly), artist collaborations, and secondary market growth offer exposure to China’s booming “toy culture economy.”
Global Retail Expansion: Flagship stores at world-renowned shopping destinations and growing e-commerce channels in North America, Europe, and Southeast Asia create scalable growth platforms.
Cross-Industry Collaborations: Partnerships with fashion, gaming, and animation sectors generate fresh revenue streams and IP synergy benefits.
Risks to Monitor
High valuation multiples and investor expectations.
Brand fatigue risk with trendy, fashion-driven products.
Regulatory scrutiny on blind box marketing targeting youth consumers.
Outlook
Pop Mart’s success signals a turning point where China not only manufactures culture but creates exportable, globally resonant IP. Labubu’s rise embodies a new generation’s appetite for emotive, expressive collectibles that blend art, commerce, and community. For investors and cultural watchers alike, this phenomenon offers a front-row view of China’s soft power and consumer innovation shaping the future.
Stay tuned to China Decoded for more insights into China’s evolving cultural economy and consumer trends.