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China’s Pop Mart is rewriting the rules of the toy industry by transforming its toothy monster character, Labubu, into a long-term global intellectual property (IP). Executive Director and co-COO Si De revealed that the company is closely studying Disney’s strategy of nurturing characters for decades, pointing to Mickey Mouse as an enduring success story.
Labubu has already achieved what many thought was impossible: becoming the first Chinese product to win international recognition for its emotional and creative appeal rather than its price. The character’s blockbuster success has lifted Pop Mart’s valuation above Hasbro, Mattel, and Sanrio combined, with shares soaring nearly 200% this year. Analysts, however, warn of the risks of over-reliance on one character, as Labubu and its series The Monsters made up around 35% of first-half revenue in 2023.
Si emphasized that Pop Mart is not rushing to find the next big hit. Instead, the company is focused on strengthening Labubu’s universe through new products, collaborations, content creation, store displays, and even theme parks. The ultimate goal is to build five to ten IPs with the same global potential as Labubu.
Pop Mart’s formula for success has deep roots. Founder Wang Ning spotted the collectible figurine trend as early as 2010 and pivoted toward art toys. By securing rights to popular characters like Molly from designer Kenny Wong, Pop Mart established a foundation of original IP ownership. Labubu joined the lineup in 2019 and quickly became a fan favorite.
The company’s “blind box” retail strategy—selling toys in sealed packages where buyers don’t know which figure they’ll get—helped boost engagement and appeal, particularly among young female consumers, a group overlooked by the traditional toy market.
With China’s art toy industry expected to surpass 120 billion yuan ($16.85 billion) in revenue this year, competition is heating up from rivals like 52 Toys and Miniso. Still, Pop Mart’s Disney-inspired vision shows it is determined to turn Labubu into more than a passing fad—potentially building an entertainment empire that rivals global giants.
