In the first quarter of 2025, Pop Mart’s blind box craze swept across the United States!
On April 24, the global launch of the third-generation LABUBU “High Energy Ahead” series sparked a buying frenzy. For the first time ever, Pop Mart’s official app topped the U.S. App Store shopping charts. According to reports, Pop Mart’s revenue in the Americas surged by a staggering 895%–900% year-on-year in Q1 2025.
Blind box collectible toys have become an essential part of entertainment spending for today’s youth. The dopamine rush from opening a mystery box makes the experience hard to resist for consumers.
So, how did Pop Mart achieve such phenomenal success in the U.S. market? What’s the business logic behind the boom?
Online and Offline Sales Explosion: Pop Mart’s Global Expansion Strategy
In late April, Pop Mart released its unaudited performance report for Q1 2025, revealing a remarkable 165%–170% increase in total revenue compared to the same period in 2024. Revenue from China grew by 95%–100%, while international revenue soared by 475%–480%. North America led the charge, with an explosive 895%–900% year-on-year growth.
The driving force behind Pop Mart’s U.S. success this year is the third-generation LABUBU “High Energy Ahead” series. This plush toy, inspired by Nordic elves, blends cuteness and quirkiness in a way that has captivated fans worldwide.
The series was launched globally on April 24, drawing massive crowds to Pop Mart’s Los Angeles store—lines stretched for blocks, with some customers arriving in the early hours of the morning. While physical sales spiked, Pop Mart also clinched the No. 1 spot on the U.S. App Store’s shopping chart.
LABUBU is Pop Mart’s flagship IP, and its popularity in the U.S. and Europe has exceeded expectations. International celebrities like Rihanna and Cate Blanchett have appeared with LABUBU figures, drawing even more fans and fashion-forward consumers to the brand.
Public data shows that Pop Mart’s revenue in North America reached 720 million RMB (around USD $100 million) in 2024, up 556.9% year-on-year. With Q1 2025 revenue already up 900%, the annual figures are poised to be even more impressive.
Following new U.S. tariff regulations, the retail price of the third-generation LABUBU in the U.S. will increase from $22 to $28. Yet this price hike hasn’t dampened consumer enthusiasm—demand remains sky-high, and the toys are almost impossible to find. On resale platforms, some editions are fetching prices up to 10 times higher than retail. For many fans, the challenge isn’t how much to pay, but simply how to get one at all.
Pop Mart’s explosive growth in the U.S. wasn’t overnight—it’s the result of nearly eight years of steady international expansion.
From Southeast Asia to the World: A Strategic Global Journey
2018–2020: Tapping into Southeast Asia
Pop Mart opened its first store in Singapore, leveraging the local Chinese-speaking community as a springboard. The brand quickly extended its reach to Malaysia, Thailand, and other Southeast Asian markets, achieving early success in its international venture.
During the same period, Pop Mart began selling on global platforms like Amazon, targeting Western consumers. This move coincided with TikTok’s rise in overseas markets, allowing Pop Mart to gain major traction via short video marketing.
2022–2023: Breaking into Western and East Asian Markets
By 2021, Pop Mart had opened physical stores in Los Angeles and New York and deployed vending machines across the U.S., creating direct engagement with American consumers and driving rapid sales growth.
In 2022, Pop Mart opened its first European store in London. Thanks to a growing online following, European customers were already familiar with the brand and quickly lined up to buy its products.
Simultaneously, Pop Mart expanded into Korea and Japan, launching themed pop-ups in Seoul and Tokyo. The company also formed collaborations with local IPs, such as Line Friends, to great success.
2024 Onward: Strengthening the Global Footprint
In the past two years, Pop Mart has continued expanding its European presence, with physical stores in Germany and France and growing e-commerce momentum. The brand also entered new markets such as Dubai and Australia.
With its global presence expanding rapidly, Pop Mart is completing its international sales map.
Blind Boxes + Original IP: A Winning Formula
Pop Mart’s unique blind box sales model taps directly into Gen Z’s appetite for excitement and novelty. Each blind box purchase feels like buying a lottery ticket—unboxing comes with emotional highs and lows, making the process addictive and memorable.
This element of surprise fuels a strong desire to collect. A typical series might include 13 characters, and consumers often aim to complete the entire set or chase their favorite design. This drives repeat purchases, directly boosting sales.
Pop Mart also leverages the principle of scarcity with limited-edition and seasonal products that are only available once a year, adding urgency and exclusivity to its releases.
This “blind box + limited edition” strategy works universally—just as Chinese consumers are hooked, Western customers are equally captivated.
While many toymakers have adopted the blind box model, Pop Mart’s sustained growth comes from its powerhouse of original IPs.
Pop Mart owns a diverse portfolio of original characters, including Molly, Dimoo, LABUBU, SKULLPANDA, HACIPUPU, and KUBO, among others. These characters aren’t just visually appealing—they each have distinct personalities and imaginative backstories. This depth resonates strongly with young fans who love cute, stylized, and character-driven collectibles. Every new launch generates immense buzz.
Owning its IP gives Pop Mart full creative control and builds exclusive brand loyalty. Fans of characters like Molly or Dimoo can only get them from Pop Mart.
The company has even introduced a co-creation model, inviting fans to contribute ideas and help design new characters. This approach boosts fan engagement while deepening IP originality.
For many buyers, owning a blind box figure isn’t the end—it’s the beginning of social sharing. Pop Mart fans love posting unboxing videos, reviews, and display photos across platforms like TikTok, Xiaohongshu, and Douyin.
This social interactivity strengthens community bonds and organically spreads awareness, drawing in new fans and expanding the customer base at a rapid pace.
Beyond the social appeal, many Pop Mart items have serious collector value. Hidden editions often sell for multiple times their original price on resale platforms—a key factor in the brand’s growing popularity.
In addition to vinyl figures and plush toys, Pop Mart also offers collectible building sets with high value and unique play styles.
One standout is THE MONSTERS: Forest Secret Base series, where tiny forest creatures use scattered bricks to build five themed base sets, such as “Mischievous Cabin” and “Gem Galore.” Each set includes cleverly designed mechanical elements, and when all five are collected, they can be assembled into a giant LABUBU figure.
Unlike blind boxes, these sets are openly sold, allowing fans to pick exactly what they want without fear of duplicates or missing favorite scenes.
Future Challenges: Behind the Frenzy, a Cautionary Tale
Blind boxes and character-driven IPs have fueled Pop Mart’s rise to a HKD 200 billion market cap. But its business model faces serious questions.
1. How long can the blind box economy last?
In 2022, China issued a guideline for blind box sales, requiring clear odds for rare figures and banning sales to children under 8. While these rules protect consumers, they also curb overly aggressive marketing. Western countries are now evaluating similar regulations to prevent unchecked blind box growth.
Repeat purchases naturally lead to duplicate items, which flood secondhand markets. If supply exceeds demand, this could erode the excitement that drives blind box sales.
2. Rising competition at home and abroad
Domestically, competitors like 52TOYS and TOP TOY are heating up the market. Meanwhile, knockoffs are diluting brand value and undercutting prices.
Internationally, Pop Mart faces juggernauts like Funko and Disney, both aiming at the same youth demographic. As major players ramp up their own IPs and blind box strategies, Pop Mart’s every step abroad could be met with fierce resistance.
3. Heavy reliance on top IPs
Molly, once Pop Mart’s top-selling character, accounted for over 40% of revenue at its peak. While newer IPs like Dimoo and LABUBU are gaining ground, none have yet matched Molly’s former dominance.
Pop Mart also partners with external IPs like Disney and Harry Potter, but such deals are not guaranteed long-term. With growing global competition, relying on external licensing introduces uncertainty.
Pop Mart’s success stems from its innovative use of the blind box format and its mastery of modern social marketing. It has built a comprehensive online + offline ecosystem that thrives on interaction, excitement, and community.
As blind box economics and original IPs move deeper into global markets, Pop Mart must stay agile. That means adapting to changing consumer behavior, refreshing brand storytelling, enriching its characters’ cultural narratives, and integrating more interactive tech features.
A fast-growing company needs a fast-evolving product strategy. Only by constantly innovating can Pop Mart stay ahead—and fulfill its ambition of becoming a truly global brand.
