Chongqing - From mystery boxes to global stardom, Chinese toymaker Pop Mart is redefining emotional consumption with its wildly popular characters, such as LABUBU and MOLLY.

When LABUBU, the quirky, wide-eyed creature with nine crooked teeth and long ears, landed in Bangkok last July, the reception rivaled that of a celebrity. Thai officials even named LABUBU an “Amazing Thailand Experience Officer,” marking just one chapter in Pop Mart’s international journey.

Photo taken on July 5, 2024, shows furry dolls of Labubu in a new Pop Mart shop in Bangkok, Thailand. (Photo/Sun Weitong, Xinhua)

Founded in Beijing, Pop Mart has evolved far beyond its original identity as a “blind box company.” Since launching its global strategy in 2018, the brand has expanded into 23 countries and regions, opening brick-and-mortar stores in the United States, the United Kingdom, Canada, New Zealand, and other regions. Its IP-driven ecosystem now fuels a thriving business that merges physical toys with emotional connections.

According to the company’s 2024 financial report, Pop Mart achieved a record revenue of 13.04 billion yuan (approximately 1.8 billion U.S. dollars), with sales on the Chinese mainland reaching 7.97 billion yuan—a 52.3% year-over-year increase. Sales in overseas markets and China's Hong Kong, Macao, and Taiwan regions soared 375.2% to 5.07 billion yuan.

From blind boxes to global icons

Pop Mart’s renaissance hinges on two pillars: IP creation and overseas expansion. Once struggling after losing its rights to distribute Japan’s Sonny Angel figures in 2016, the company swiftly pivoted to developing original characters, such as MOLLY and LABUBU. By launching the Molly Zodiac Series in the same year—and selling out 200 sets online in just four seconds—it found its creative groove.

Today, the company’s IP universe has exploded into a constellation of collectible stars. LABUBU, part of The Monsters line, is now its most lucrative brand, beloved by fans and celebrities alike. Rihanna and Cate Blanchett have been spotted accessorizing with LABUBU dolls, while demand has pushed the character into international pop culture stardom. “We see the potential for LABUBU to become a global super IP,” said Si De, Co-COO of Pop Mart.

Other IPs have followed suit: MOLLY has expanded into subseries like SPACE MOLLY and ROYAL MOLLY, maintaining its relevance through high-end collaborations. CRYBABY, one of Pop Mart’s fastest-rising stars, is based on the philosophy that “everybody cries sometimes,” offering emotional healing through its tearful charm.

Even the company’s experiential retail strategy reflects this emotional positioning. At Pop Mart City Park in Beijing’s Chaoyang Park, fans immerse themselves in a world built around LABUBU and her companions, drawing tourists and social media buzz alike.

Young consumers, emotional value

Behind Pop Mart’s success is a generation of emotionally invested fans. "It's not just about buying a toy—it's about the feeling of surprise and joy," said Wang Ning, Pop Mart's founder. For many, the blind box experience has become a way of life. One longtime fan, who began collecting in 2017, estimates spending nearly 20,000 yuan annually on toys and now has entire walls filled with figurines.

Another fan confessed to making frequent overseas purchases due to domestic sellouts, especially for LABUBU. "They just make me happy. That's enough," she said.

People linger around a POP MART store, a Chinese pop culture brand, near the Louvre Museum in Paris, France, on March 18, 2025. (Photo/Zhang Baihui, Xinhua)

However, the enthusiasm also raises concerns about overspending and addiction-like behavior. Some fans describe witnessing others buy dozens of boxes in one sitting in pursuit of rare editions, highlighting the delicate balance between joy and compulsion.

Emotional commerce in the age of IP

Pop Mart's strategy represents a new model of consumer goods: selling not just products, but "emotional capital." Its blend of surprise, collectible value, and character storytelling taps directly into what today’s consumers crave—authenticity, excitement, and a sense of belonging.

"Blind boxes and art toys are a natural fusion. People are looking for joy, not just stuff," said Wang. This fusion has proven effective, as shown by Pop Mart's surging stock price and the app's recent chart-topping performance in the U.S. App Store.

A report from CITIC Securities notes that Pop Mart’s high-frequency IP releases, robust product design, and international channel expansion create a multi-engine growth model with strong earnings potential. Pop Mart has turned surprise into strategy—and toys into emotional experiences that resonate across cultures.

(Zhu Gaoxiang, a reporter from Tide News, contributed to this report's Chinese version.)