Pop Mart’s “Overseas Rush”: Overseas Revenue Soars 375%, Market Value Increases 8 Times, Setting a New Paradigm for Global Trendy Toys

“In March 2025, the market value of China’s trendy toy giant Pop Mart exceeded HK$200 billion, an increase of more than 8 times from the low point, becoming a benchmark case in the global trendy toy industry.”

In March 2025, China’s trendy toy giant Pop Mart handed in a “report card” that amazed the market – the annual revenue in 2024 was 13.04 billion yuan, a year-on-year increase of 106.9%, of which overseas and Hong Kong, Macao and Taiwan businesses contributed 5.07 billion yuan, a year-on-year increase of 375.2%, accounting for 38.9% of the total revenue. The impressive data pushed its market value to exceed HK$200 billion, an increase of more than 8 times from the low point, becoming a benchmark case in the global trendy toy industry).

01—Overseas market “surge”: From Southeast Asia to Europe and the United States, blockbuster IPs sweep the world

1.Southeast Asia becomes growth engine Southeast Asia has become Pop Mart’s largest overseas market with a revenue of 2.4 billion yuan and a growth rate of 619%, contributing nearly half of its overseas revenue. The phenomenal IP “LABUBU” in the Thai market has contributed greatly to this – this plush elf character quickly broke through the circle due to the recommendation of Thai star Lisa and other “tap water”, and was even awarded the title of “Magical Thailand Experience Officer” by the Tourism Authority of Thailand, triggering a global buying spree.

2.The European and American markets are accelerating their penetration. The North American market revenue is 720 million yuan, with a growth rate of 557%, and the European market growth rate is also over 310%. In 2024, Pop Mart will enter top landmarks such as the Louvre in Paris and Oxford Street in London, and open flagship stores in San Diego, USA, and the brand potential will continue to increase.

3.Explosive growth of online channels. Overseas online revenue was 1.46 billion yuan, a year-on-year increase of 834%, of which the TikTok platform grew by as much as 5779.8%. Private domain official websites and e-commerce platforms such as Shopee also performed strongly.

02—Second-step counterattack code: IP ecology + localization + global operation

1.Super IP drives growth. Pop Mart takes “IP Bank” as its core strategy. The revenue of the four major IPs (THE MONSTERS, MOLLY, etc.) will exceed 1 billion yuan in 2024. Among them, the LABUBU series has achieved revenue of 3.04 billion yuan, a year-on-year increase of 726.6%, due to its innovative “vinyl plush” technology and international design language, becoming the “social currency” of young people around the world.

2.Deep localization strategy

• Cultural integration: Launched the Thai mythology-themed CRYBABY series in Southeast Asia, launched street graffiti limited editions in South Korea, and co-created localized IP with local artists.
• Channel adaptation: Reach users accurately through localized platforms such as Shopee and TikTok, and combine festival marketing (such as Thailand’s Loy Krathong Festival) to enhance brand stickiness.

3.Landmark stores and experience economy

By the end of 2024, the number of overseas stores will increase to 130, covering landmarks such as Bangkok’s MEGA BANGNA and Paris’ Louvre. Pop Mart City Park transforms IP into an emotional connection through interactive performances, themed pop-up stores and other scenario-based experiences.

03—From “Chinese Trendy Toys” to “World Pop Mart”

1.The growth logic behind the leap in market value: Pop Mart’s market value has soared from HK$10 billion at its low point to over HK$200 billion. The core lies in the high profit margins of overseas businesses (such as the sales per square meter of a single store in North America is 1.5 times that of domestic stores) and the expansion of the membership system (11.72 million new members will be added in 2024).

2.Future goals: 100 billion yuan in revenue and global brand Chairman Wang Ning proposed that the target revenue in 2025 will exceed 20 billion yuan, and overseas sales will exceed 10 billion yuan. He also plans to move towards a “world-class cultural brand” through “IP ecological fission” and build a global business ecology covering multiple business formats such as figures, plush toys, and theme parks.

泡泡玛特董事长王宁

04—Inspiration: The “Pop Mart Sample” of Chinese Brands Going Global

1.From “selling products” to “exporting culture” Pop Mart breaks cultural barriers through IP narratives. For example, the global popularity of LABUBU proves that emotional resonance is more penetrating than regional culture.

2.Data-driven refined operations use e-commerce platform data to assess market potential and adopt a “light first, heavy later” strategy, such as accurately deploying Southeast Asian node markets through Shopee traffic analysis.

3.Long-termism and localization, “slow is fast” – Pop Mart’s overseas store expansion does not seek speed, but focuses on landmark stores and experience upgrades to shape brand awareness with quality.

Pop Mart’s globalization journey is not only a microcosm of the rise of Chinese trendy toys, but also provides a new paradigm for “Chinese brands going global”: taking IP as the core and localization as the wing, transforming cultural soft power into commercial hard power. When LABUBU’s singing voice spreads from the streets of Bangkok to the Louvre in Paris, a “borderless era” for Chinese trendy toys is opening up.

Data sources: Pop Mart’s 2024 financial report, Eastmoney.com, Interface News, etc.

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