Labubu-maker Pop Mart diversifies into jewellery with new concept store
The jewellery concept store, called Popop, sells accessories adorned with Pop Mart's top-selling characters, including Labubu, Molly and Skullpanda.
While Chinese consumption remains subdued in the face of a prolonged property downturn and sluggish economy, Pop Mart's affordable and adorable toys have remained in high demand both at home and abroad, driving its share price up more than 200% so far this year.
Investor Zhang Ming, 34, who owns Pop Mart stocks worth 100 million yuan ($13.92 million), flew from his base in the southwestern Chinese city of Chongqing for the opening to check out the new store type and decide whether to increase his shareholding in the company.
"I believe that the pricing and target audience for this brand are particularly well-suited, and I am confident that Pop Mart could potentially become China's version of Disney," Zhang said, predicting that the company's market cap could double from its current $45.65 billion valuation.
Along with some Disney characters and others related to anime, comics and popular video games, Pop Mart's characters are seen as fulfilling what has been called "emotional consumption", which sees young consumers spend on affordable luxuries that bring joy into their lives.
Fang Ke, 35, who has a birthday coming up this month decided to treat herself to a 699 yuan Labubu bracelet at the opening.
"I've loved Pop Mart for a long time; it's good-looking, brightly coloured, and also has a visual impact," she said. "My daughter likes it too."
At Popop, prices start at around 350 yuan for charms or a simple silver ring, and go as high as 2699 yuan for necklaces adorned with metallic models of the characters. Most pieces are priced at under 1,000 yuan.
At a traditional Pop Mart store, the "blind box" toys that the chain is best known for generally sell for 69 yuan and up, but consumers have shown a willingness to shell out much more for limited editions.
Earlier this week, a Beijing auction house sold a human-sized Labubu figure for 1.08 million yuan, setting a new record and marking the toy's switch from craze to collectible.
($1 = 7.1821 Chinese yuan renminbi)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
an hour ago
- Reuters
TikTok will go dark in US without Chinese approval of sale deal, Lutnick says
July 24 (Reuters) - U.S. Commerce Secretary Howard Lutnick said on Thursday that TikTok will have to stop operating in the United States if China does not approve a deal for the sale of the Chinese-owned short video app that is used by some 170 million Americans. Lutnick, speaking on CNBC, also said the United States must control the algorithm that makes the social media platform work. Last month, President Donald Trump extended by 90 days to September 17 a deadline for China-based ByteDance to divest the U.S. assets of TikTok. Trump's action took place despite a 2024 law that mandated a sale or shutdown by January 19 this year if there had not been significant progress. "China can have a little piece or ByteDance, the current owner, can keep a little piece. But basically, Americans will have control. Americans will own the technology, and Americans will control the algorithm," Lutnick said. "If that deal gets approved, by the Chinese, then that deal will happen. If they don't approve it, then TikTok is going to go dark, and those decisions are coming very soon." TikTok did not immediately comment. A deal had been in the works this spring that would spin off TikTok's U.S. operations into a new U.S.-based firm, majority-owned and operated by U.S. investors. This stalled after China indicated it would not approve it following Trump's announcements of steep tariffs on Chinese goods.
Reuters
an hour ago
- Reuters
A.O. Smith lifts annual profit forecast, considers China partnership
July 24 (Reuters) - Water heater maker A.O. Smith (AOS.N), opens new tab will consider strategic partnerships and other alternatives for its China business, it said on Thursday after raising its annual profit forecast. "We believe the China market has substantial long-term prospects and are committed to realizing the potential upside inherent in the company's China business for our company," CEO Steve Shafer said. The Milwaukee, Wisconsin-based company is banking on higher market share in the second half of the year and cost savings from its restructuring actions. It now expects annual adjusted earnings per share to be in the range of $3.70 to $3.90, compared with its previous forecast of $3.60 to $3.90. Analysts on an average expected $3.78 per share for 2025, according to data compiled by LSEG. But second quarter revenue fell about 1% from a year ago to $1.01 billion. Sales from other parts of the world, including China and India, also fell nearly 2% to $240.1 million. Net income for the quarter ended June 30 was $152.2 million billion, or $1.07 per share, compared with $156.2 million, or $1.06 per share, a year earlier.
Auto Blog
an hour ago
- Auto Blog
Mazda Uses AI To Slash Development Time And Boost Efficiency
By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Mazda has confirmed that it's now using generative AI to accelerate both vehicle design and early development stages, trimming weeks — even months — off its traditional timelines. The Japanese automaker, known for doing things its own stubborn way, says the technology is being deployed for design sketches, structural modelling, and data analysis. This move comes as part of a broader pivot toward modernization, even as Mazda remains one of the few carmakers still resisting the electric bandwagon. 0:05 / 0:09 Another Chinese automaker is taking the fight to Tesla Watch More Mazda RX-VISION Concept — Source: Mazda The AI toolset isn't just a fancy gimmick. It's a practical leap forward for a company that's long prioritized lean operations and lightweight performance over flashy tech for the sake of it. Rather than outsourcing early design to external agencies or relying on slow legacy systems, Mazda's in-house teams can now feed prompts into generative tools and get hundreds of design variants in minutes — dramatically reducing turnaround times during critical planning phases. Still Selling More Without An EV In Sight While others are pushing EVs and monthly software subscriptions, Mazda is out there… selling actual cars. In fact, Mazda's gas-powered SUV lineup is smashing records, with the company expected to break its U.S. sales figures from 1986 by the end of 2025. That's over 450,000 cars — mostly crossovers — sold without a single pure EV in the catalogue. It's a gutsy move, but clearly one that's working. The company's top brass have credited this success to their strategic focus on practical, affordable vehicles. Mazda hasn't chased headlines with EV moonshots. Instead, it has honed its core offerings — compact and mid-size SUVs — into sharp, competitive packages that consumers still want. And now, by injecting AI into the workflow, Mazda's design and engineering departments are getting faster, sharper, and even more cost-efficient. Gas Isn't Dead — Just Smarter Despite all the electrification chatter, Mazda hasn't turned its back on internal combustion. Far from it. Engineers are currently developing a next-generation SKYACTIV-Z engine that promises major leaps in both efficiency and power. Instead of scrapping petrol outright, the company's aim is to burn it smarter — with leaner mixtures, lower emissions, and clever thermal efficiency gains. It's basically Mazda doing Mazda things: taking an old idea and making it quietly brilliant. That same philosophy explains why Mazda hasn't abandoned the small car market or jacked up its prices like everyone else. In fact, Mazda's strategy around affordability is becoming something of a rarity. While rivals chase margins and bloat their lineups with tech-laden behemoths, Mazda continues to offer fun, efficient, well-built cars that don't cost more than a small yacht. Radical, apparently. Autoblog Newsletter Autoblog brings you car news; expert reviews and exciting pictures and video. Research and compare vehicles, too. Sign up or sign in with Google Facebook Microsoft Apple By signing up I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . You may unsubscribe from email communication at anytime. Source: Mazda A Quiet Tech Revolution Mazda might not shout about its tech the way Tesla or Hyundai do, but its approach to AI is a sign of where the brand is headed — and how it plans to stay relevant. It's not abandoning what makes Mazdas great: simplicity, precision, and value. It's just building those things faster and smarter. And if that means your next MX-5 or CX-5 arrives a year sooner, built better and designed with input from an AI that's eaten 40 years of sports car geometry? Well, that doesn't sound half bad. About the Author Max Taylor View Profile
