As many people scramble to unbox a Pop Mart blind box, even more people are eager to decode how Pop Mart achieved its success and what it means for the Chinese industry.
Pop Mart, along with its iconic Labubu, has become a global hit. According to Pop Mart's financial report for 2024 released in March this year, the trendy toy giant achieved a revenue of 13.04 billion yuan in 2024, a year-on-year increase of 106.9%. Revenue outside the Chinese mainland reached 5.07 billion yuan, increasing by 375.2% yearly, accounting for 38.9% of the total revenue.
Wei Pengju, Director of the Institute of Cultural Economics at the Central University of Finance and Economics in Beijing, provided thorough insights, breaking down the perfect interplay of consumer psychology, marketing strategy, and business model in Pop Mart's operation. The whole-supply-chain support provided by South China's Guangdong—from material provision and production to IP licensing—a less recognized yet crucial factor behind Pop Mart's success, is also revealed for the first time.
Click the video to learn more about Pop Mart's success. Who knows, you might be the next Pop Mart.
Reporter/Script | Huang Xinyi
Cameraman | Zeng Xiangxing, Huang Xinyi
Video Edit/Poster| Huang Xinyi
Editor | Hu Nan, James, Shen He
