Shanghai, China – On a bustling Friday in the heart of Shanghai, amidst the city’s relentless pace, a different kind of frenzy was unfolding. It wasn’t for a new tech gadget or a luxury fashion drop, but for something far more whimsical. Pop Mart, the cultural juggernaut behind the global “blind box” craze and the creator of the beloved, goblin-like Labubu character, was pulling back the curtain on its most audacious venture yet: a dedicated jewellery concept store named “Popop.”, who insist on bring Emotional Consumption to consumers.
The air outside the newly minted storefront on June 13th was thick with a unique blend of high-fashion anticipation and childlike glee. A queue of devotees, ranging from university students to seasoned professionals, snaked along the pavement, their faces illuminated by the glow of their smartphones as they documented the moment. This wasn’t just a store opening; for many, it was a pilgrimage. They were here to witness the next evolution of a brand that has managed to capture the hearts, minds, and wallets of a generation.
Inside, Popop is a world away from the playful chaos of a typical Pop Mart toy store. Sleek, minimalist displays with museum-quality lighting replaced the colourful stacks of blind boxes. Polished glass cases held not vinyl figures, but meticulously crafted pieces of silver and gold. Here, the iconic silhouettes of Pop Mart‘s most famous intellectual properties—the pouting, enigmatic Molly; the cool, rebellious Skullpanda; and the undisputed star of the moment, the mischievous, buck-toothed Labubu—were reborn as delicate charms, statement rings, and elegant necklaces. This was Pop Mart, all grown up.
This bold diversification into the accessories market comes at a fascinating and contradictory time for China. The nation’s economy is navigating turbulent waters, with a protracted downturn in the property sector and sluggish consumer confidence casting a long shadow over retail. Yet, in this landscape of economic caution, Pop Mart has emerged as a stunning anomaly. Its affordable, artist-designed toys have proven to be more than just playthings; they are potent symbols of what analysts call “emotional consumption.” For a generation of young Chinese consumers grappling with intense social and economic pressures, these small, adorable objects offer a powerful dose of joy, a moment of escapism, and a tangible form of self-expression—an affordable luxury that feeds the soul when larger aspirations feel out of reach.
This emotional resonance has translated into staggering financial success. While other companies have struggled, Pop Mart’s share price has rocketed by more than 200 percent this year alone, a testament to the insatiable demand for its characters, both within China and in a rapidly expanding global market.
Among the eager crowd at the Popop opening was a man who understood these numbers better than most. Zhang Zhanming, a sharp 34-year-old investor, had made a special trip, flying in from his home in the sprawling metropolis of Chongqing. He wasn’t just a casual fan; Zhang holds a staggering 100 million yuan (approximately S$17.9 million) worth of Pop Mart stock. For him, this visit was a crucial piece of due diligence, a chance to see firsthand if the company’s magic could be bottled in a new format and to decide whether to double down on his already significant bet.
Observing the meticulous displays and the captivated customers, a confident smile spread across his face. “This is a brilliant move,” he declared, his eyes scanning a tray of gleaming Skullpanda pendants. “I believe that the pricing, the design, and the target audience for this brand are perfectly aligned. They are meeting their fans exactly where they are in life.” He explained his investment thesis with conviction: Pop Mart is not merely a toy company. It is an intellectual property powerhouse in the making. “I am confident that Pop Mart has the potential to become China’s version of Disney,” Zhang predicted, a statement he backs with his fortune. “People see the current US$45.65 billion valuation and think it’s high. I see it as a stepping stone. With ventures like this, I believe its market cap could easily double.”
His comparison to Disney is not hyperbole. Like the American entertainment giant, Pop Mart’s strategy is rooted in creating beloved characters and then weaving them into every facet of a consumer’s life. What begins with a 69-yuan “blind box” toy—a small, thrilling gamble that provides a dopamine hit—evolves into a deeper connection. The characters, from the perpetually curious Molly to the whimsical Dimoo, become companions and avatars for their owners’ own feelings. The move into jewellery is the logical next step in this journey, transforming these emotional mascots into wearable art and personal talismans.
This sentiment was palpable among the shoppers. Fang Ke, a 35-year-old professional whose birthday was just around the corner, was treating herself. She moved with a practiced eye through the store, her gaze finally settling on a delicate silver bracelet featuring a tiny, perfectly rendered Labubu charm. It was priced at 699 yuan. “I’ve loved Pop Mart for a long, long time,” she said, her smile reflecting in the polished surface of the display case. “There’s just something about the aesthetics. The characters are good-looking in their own quirky way, the colours are bright, and they have a real visual impact that makes you happy.”
For Fang Ke, the purchase was a form of self-care, a marker of a personal milestone. “It’s a gift to myself, but it’s also something I can share,” she added, thinking of her family. “My daughter loves Labubu, too.” This intergenerational appeal is a key ingredient in Pop Mart’s secret sauce, ensuring a long-term pipeline of fans.
The product range at Popop is strategically priced to be accessible yet aspirational. The entry point is around 350 yuan for a single character charm or a simple silver ring. Most pieces, including bracelets and more elaborate earrings, are priced comfortably under the 1,000-yuan mark. For the true connoisseur, the collection tops out at 2,699 yuan for intricate necklaces adorned with multiple metallic models of the characters, showcasing a level of craftsmanship that elevates them far beyond simple merchandise. This pricing structure cleverly bridges the gap between the impulse buy of a blind box and the considered purchase of fine jewellery, capturing a larger share of the fan’s disposable income.
While the “blind box” model, with its element of surprise, remains the core of Pop Mart’s business, the brand has proven its fans are willing to spend far more for exclusivity. Limited-edition figures often create online frenzies, selling out in seconds and reappearing on resale markets for many times their original price.
But a recent event in Beijing cemented the transformation of these toys from a simple craze into a legitimate cultural and financial asset class. Earlier this week, a prestigious auction house featured a unique item: a human-sized, one-of-a-kind Labubu figure. In a bidding war that shocked even seasoned art collectors, the statue sold for an incredible 1.08 million yuan. The sale was a landmark moment, marking Labubu’s definitive switch from a mere toy to a bona fide collectible, a piece of pop art with demonstrated investment value.
The launch of Popop, therefore, is far more than a simple retail expansion. It is a declaration of intent. Pop Mart is signaling to the world that its characters have a cultural currency that can be translated into any medium, be it a vinyl figure, a theme park attraction, or a piece of precious metal. In a world craving connection and a nation seeking pockets of joy amidst economic uncertainty, Pop Mart is not just selling toys or jewellery. It is mastering the alchemy of emotional consumption, spinning whimsy into wonder, and turning cute characters into a formidable empire. And as the lights of the new Shanghai store gleam into the night, it’s clear that this is just the beginning.
