Pop Mart targets wider audience as it grows IP portfolio

Pop Mart, a Hong Kong-listed Chinese toymaker known for its Labubu dolls, has released the second edition of its biannual pop culture magazine, Playground, and is growing its intellectual property (IP) portfolio.

The new issue, with actress Michelle Yeoh on the cover, sells for US$5.7 online and at select locations, including Jetlag Books in Beijing and Casa Magazines in New York.

Pop Mart is valued at US$33.3 billion, making it the world’s largest publicly traded toymaker by market value.

The company popularized the blind box toy concept and has reported strong financial results, with revenue reaching 13 billion yuan and net profit at 3.1 billion yuan in 2024.

Pop Mart began expanding internationally in 2018 and opened its first overseas store in Seoul in 2020, most recently launching in Doha, Qatar.

The company said overseas revenue rose over 365% year-on-year in Q3 2025.

🔗 Source: South China Morning Post

🧠 Food for thought

Implications, context, and why it matters.

Pop Mart’s overseas growth lacks financial context

An article cites 365% year-over-year (YoY) overseas growth 1. It leaves out absolute revenue from abroad, the share of total sales, and regional profitability. Those numbers help judge whether the expansion can last or if it rests on a low base.
The Americas (North and South America) grew 1,265% 2. Pop Mart did not share a split for the US versus other countries. That hides concentration risk and makes it hard to see if growth is spread across the region.
Pop Mart shares fell over 8% on the announcement 1. That drop signals investor doubt about whether such growth can hold as the company moves beyond early adopter markets.

Cross-border service providers can benefit from Pop Mart’s international expansion

Pop Mart operates in over 30 countries with 500+ retail locations 3. It also runs separate regional e-commerce sites. That setup creates demand for local payment gateways, tax compliance tools, and shipping systems for collectible merchandise.
Collectors often use parcel forwarding services like forward2me (a company that provides local receiving addresses and forwards packages internationally) to access regional Pop Mart sites that don’t ship internationally 3. That reveals gaps in direct cross-border coverage. Third-party logistics providers can help fill them.
Regional Pop Mart websites carry localized stock and promotions 3. Inventory software vendors and local warehouse operators can help the company optimize fulfillment as it scales across varied markets.