Pop Mart eyes bigger footprint worldwide

Pop Mart International Group Ltd expects annual revenue to reach 20 billion yuan ($2.75 billion) in 2025, reflecting a 50 percent year-on-year rise, and anticipates growth in overseas markets to exceed 10 billion yuan as the company pushes to become a global cultural and consumer brand, its top executive said.

The company said on Wednesday it had posted a strong performance for 2024, with revenue up 106.9 percent to 13 billion yuan and net profit surging 185.9 percent to 3.4 billion yuan. The growth last year was fueled by its plush toy category and overseas market expansion.

"The global attention and affection we have garnered make it possible for us to become a world-class cultural and consumer brand," Wang Ning, chairman of Pop Mart, said during the company's annual results announcement.

In 2024, revenue generated from the overseas market was 5.07 billion yuan, up 375.2 percent.

Its Southeast Asia market saw a six-fold increase last year, with revenue growing by 619 percent. The North American market also experienced nearly sixfold growth. In 2025, Pop Mart expects its North American revenue to reach the total group revenue level of 2020(2.513 billion yuan).

The US market has already exceeded its 2024's total revenue in the first quarter of 2025, with a 100 percent year-on-year increase.

Currently, the company operates 26 stores in the United States, with a membership base exceeding 1.7 million. Over the next two years, Pop Mart plans to open two flagship stores in the US market.

Pop Mart remains committed to its IP-driven strategy, which has fueled its growth. Last year, its character LABUBU gained global popularity, and 2025 will mark the IP's 10th anniversary. Other successful IPs include MOLLY, which continues to demonstrate strong market appeal, SKULLPANDA's "Warmth" series, which became the bestselling trendy toy product in history, and CRYBABY, the fastest IP to surpass 1 billion yuan in sales.

Plush toys have also emerged as a major trend among young consumers worldwide.

In 2024, its plush toy category recorded growth of 1,289 percent year-on-year to 2.83 billion yuan.

With the explosive popularity of LABUBU plush toys in 2024, its monthly production capacity has soared from around 300,000 units in February and March last year to 10 million units currently, Pop Mart CEO Si De said.

The plush products supply chain has become the biggest challenge for the company last year and this year. In response, Pop Mart plans to strengthen the supply chain while investing in design, craftsmanship and materials this year.

In addition to IP development, on the retail front, the company aims to open around 100 new stores overseas this year, prioritizing larger and more strategically located outlets.

The company operated 130 stores overseas as of the end of last year.

It is also planning super-flagship stores in the US, Thailand, France and Australia while upgrading and relocating many of its stores in China.

During the Spring Festival holiday, Pop Mart launched POPOP pop-up stores in Shanghai; Chengdu, Sichuan province; and Shenzhen, Guangdong province, all of which delivered strong results.

The company plans to roll out POPOP flagship stores throughout the year. Additionally, Pop Mart is exploring new categories, including jewelry, which it sees as a promising market.

Having once expressed aspirations to become "China's Disney", Pop Mart is also taking steps in animation. It plans to release animated shorts featuring its popular IPs including LABUBU as early as this summer.

wangzhuoqiong@chinadaily.com.cn