Pop Mart, the renowned creator of the globally popular “blind box” toys featuring the unique and charming Labubu character, unveiled its debut jewellery store in Shanghai last Friday.
The new concept store, known as Popop, offers a variety of accessories embellished with Pop Mart’s most popular characters, which include Labubu, Molly, and Skullpanda.
Despite the ongoing property downturn and sluggish economic growth, Chinese consumer expenditure has remained somewhat muted. However, the demand for Pop Mart’s delightful yet economical toys continues to thrive both domestically and internationally, which has contributed to an over 200% rise in its share value so far this year.
Zhang Zhanming, a 34-year-old investor who owns Pop Mart shares valued at 100 million yuan (US$13.92 million), made the journey from his home in Chongqing, a city in southwestern China, to witness the store’s launch. He wanted to evaluate the new storefront and consider whether to expand his investment in the company.
Zhang expressed his belief that Pop Mart’s pricing strategy and target audience are a perfect match. He also expressed confidence in Pop Mart’s potential to evolve into China’s counterpart of Disney. He also predicted that the company, currently valued at US$45.65 billion, could potentially double its market capitalization.
Pop Mart’s characters, along with a selection of Disney characters and others from the realms of anime, comics, and popular video games, are seen as exemplifying “emotional consumption”. This concept involves young consumers purchasing affordable luxury items that bring happiness into their lives.
Fang Ke, a 35-year-old woman who will be celebrating her birthday this month, decided to indulge herself by purchasing a 699 yuan Labubu bracelet at the launch. She has been a long-time fan of Pop Mart, citing its visually appealing, brightly coloured products that also deliver a visual impact, a sentiment echoed by her daughter.
At Popop, pricing begins at around 350 yuan for charms or a simple silver ring. Prices can climb up to 2699 yuan for necklaces decorated with metallic representations of the characters, with the majority of items priced under 1000 yuan.
In a typical Pop Mart store, the famous “blind box” toys generally retail for a starting price of 69 yuan. However, consumers have demonstrated a willingness to spend more on limited-edition items.
Earlier in the week, a human-sized Labubu figurine sold for a record-breaking 1.08 million yuan at a Beijing auction house, signifying the toy’s transition from a fad to a collector’s item.
What is the name of Pop Mart’s new jewellery store?
The jewellery store is named Popop.
Who is Zhang Zhanming?
Zhang Zhanming is an investor who owns Pop Mart shares valued at 100 million yuan.
What is the concept of “emotional consumption”?
Emotional consumption refers to the trend of young consumers purchasing affordable luxury items that bring happiness into their lives, such as Pop Mart’s toys and accessories.
