Labubu-maker Pop Mart diversifies into jewellery with new concept store
SHANGHAI - "Blind box" toymaker Pop Mart, which has seen frenzied sales worldwide for products related to its ugly-cute Labubu character, opened its first jewellery store in Shanghai on Friday.
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. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
34 minutes ago
- Straits Times
Trump, Xi might meet ahead of or during October APEC summit in South Korea, SCMP reports
FILE PHOTO: U.S. President Donald Trump and China's President Xi Jinping pose for a photo ahead of their bilateral meeting during the G20 leaders summit in Osaka, Japan, June 29, 2019. REUTERS/Kevin Lamarque/File Photo U.S. President Donald Trump might visit China before going to the Asia-Pacific Economic Cooperation summit between October 30 and November 1, or he could meet Chinese leader Xi Jinping on the sidelines of the APEC event in South Korea, the South China Morning Post reported on Sunday citing multiple sources. The two countries have been trying to negotiate an end to an escalating tit-for-tat tariff war that has upended global trade and supply chains. Trump has sought to impose tariffs on U.S. importers for virtually all foreign goods, which he says will stimulate domestic manufacturing and which critics say will instead make many consumer goods more expensive for Americans. He has called for a universal base tariff rate of 10% on goods imported from all countries, with higher rates for imports from the most "problematic" ones, including China: imports from there now have the highest tariff rate of 55%. Trump has set a deadline of August 12 for the U.S. and China to reach a durable tariffs agreement. A spokesperson for Trump did not respond to a request for comment about the reported plans for a meeting with Xi in the fall. REUTERS
Business Times
2 hours ago
- Business Times
Chinese mega listings catapult Hong Kong to top spot in global markets for IPOs in H1 2025
[HONG KONG] A parade of China's mega listings in Hong Kong since the turn of the year has helped restore some of the shine to the city as the world's largest fundraising destination for initial public offerings (IPOs). A significantly large number of Chinese firms seeking stock listings in Hong Kong, along with a rush of capital inflows from the mainland, has created a convergence of Chinese finance in the city. Fundraising in Hong Kong through IPOs reached HK$107.1 billion (S$17.5 billion) from 44 listings in the first six months of the year, far surpassing both the Nasdaq and the New York Stock Exchange (NYSE), according to data from the Hong Kong Stock Exchange (HKEX). This sent HKEX to the top of global exchanges for H1 2025, representing its best mid-year performance sine 2016. A spokesperson for the exchange, citing confirmation from several data providers including Dealogic, KPMG and EY, told The Business Times that its IPO fundraising in H1 put it at the top of global IPO rankings. The top listing on HKEX during this period was the US$5.3 billion IPO of China's largest battery maker Contemporary Amperex Technology in May. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This was followed by the HK$9.9 billion raised by Chinese drugmaker Jiangsu Hengrui Pharmaceuticals, which also took place in May, and the HK$9.4 billion IPO in June staged by China's largest condiment maker, Foshan Haitian Flavouring & Food. Hong Kong has long been in an intense tussle with Shanghai for the title of being China's primary funding source, and it seems that Hong Kong has the upper hand for now. As at Jul 8, Dealogic's team counted 184 planned IPOs in Hong Kong, all of which were from the city and the mainland, with the exception of two from the Cayman Islands, and one each from Malaysia, Singapore and the United Arab Emirates. Of the planned IPOs, 49 belong to the technology sector. Perris Lee, head of convertible bonds and Asia-Pacific equity capital markets at Ion Analytics, the parent company of Dealogic, said: 'At this point, we can say with much certainty that technology stocks will be central to many of the Hong Kong IPOs in the queue, thanks in no small part to (Chinese artificial intelligence company) DeepSeek.' He attributes the recent strong rally in Hong Kong stocks to a Deepseek-inspired optimism that may also spill over to industries such as healthcare and consumer-related businesses. The hectic pace of fundraising is also supported by what analysts call 'homecoming' listings by mainland Chinese companies with stocks already listed elsewhere outside the mainland, primarily in the US. Lee said that, given a US-China relationship that has been 'polite' at best in recent years, there have been many such homecoming listings in Hong Kong and China by US-listed Chinese companies. 'Many of the US-listed companies that should or could seek a secondary listing have done so,' he said. 'Only a few remain on the drawing board.' In particular, he named technology giant Alibaba and electric vehicle (EV) maker Xpeng. 'These two deals were significant in many ways. One key aspect is that they were doing a dual primary listing in Hong Kong, rather than a secondary listing. Dual primary listings subject the companies to strict regulations in both the US and Hong Kong.' The immediate prospects are brightened by a long listing pipeline stretching well into the coming year. HKEX said it had given regulatory approval to 16 companies, with the applications of 176 companies currently 'under processing' as at Jun 30. Against this background, analysts said there is a far greater cascading of southbound net capital inflows into Hong Kong's stock market. James Wang, head of China strategy at investment bank UBS Global Research, said the total amount raised this year in IPOs was dwarfed when compared with its peak reached in 2020, as well as with the unprecedented southbound net inflows this year. In the first quarter alone, these hit HK$400 billion, the highest in history. Wang attributed this to the improved quality and vintage of companies listed in Hong Kong, tighter IPO restrictions in mainland China, improved liquidity in Hong Kong and a greater appetite for core Chinese assets from foreign investors for stocks such as EV car leader BYD, Tencent and Alibaba – basically global champions and top AI players. Southbound net inflows reached US$80 billion at the end of May, according to a chart released by Morgan Stanley. However, the pace had slowed down in that month, following a period of strong inflows from January to late April. To put things into perspective, a survey released in June by Deloitte China's Capital Market Services Group showed the IPO funds raised in Hong Kong this year exceeded those raised by Nasdaq and the NYSE by HK$31 billion and HK$43 billion, respectively. Of the 40 listings tracked by Deloitte in Hong Kong in H1, only two IPOs were staged by companies from outside China: one from Singapore and the other from Indonesia. 'National support for and emphasis on developing the technology and innovative sectors will encourage new quality productivity forces such as technology and new energy companies to raise funds in the capital market and enter the market spotlight in the second half of 2025,' said Tony Huang, national A-Share offering leader, capital market services group, Deloitte China. Deloitte expects companies to raise HK$200 billion in IPOs in Hong Kong by the end of the year, through 80 listings. There are potentially 25 IPOs from companies already listed on the mainland's A-shares market. Deloitte said that most of Hong Kong's new listings will come from the technology, media and telecommunications sectors, as well as consumer companies.
New Paper
7 hours ago
- New Paper
Stefanie Sun anonymously donated to Guizhou flood victims: singer Han Hong
Stefanie Sun made an anonymous donation to flood victims in the Chinese province of Guizhou through Chinese singer Han Hong's foundation, the latter recently revealed on social media. "The Ms Sun whom I respect: you donated secretly again. Time and time again, you wouldn't let me talk about this, but why do we have to be secretive when doing good things? She always quietly and warmly conveys love," wrote Han. "We accept this kindness and are forever grateful! Thank you to my dear friend Stefanie Sun the teacher, see you on stage." According to Shin Min Daily News, Rongjiang county and Congjiang county in Guizhou's Qiandongnan prefecture suffered severe floods in June, with many houses destroyed. The Hanhong Love Charity Foundation then started relief efforts, with plans to donate 2 million yuan (S$360,000 dollars). It then received an anonymous donation with the instruction: "Give priority to the elderly, children and pregnant women." Han later confirmed that the donor was Sun, and decided to "expose" it. "Thank you... but I won't respond to the above!" said Sun, 46, in response to Shin Min's queries. Sun has reportedly made multiple donations to charity. When heavy rains struck Henan in 2021, a volunteer revealed that a "Ms Sun from Singapore" donated 600,000 yuan through an anonymous account, designated for purchasing speedboats and drinking water. Since 2004, Sun has helped build a shelter for poor children in the Indian city of Kolkata. For the past 20 years, she has also sponsored the education of many students in Yunnan and Gansu from primary school to university. Five libraries in remote mountainous areas are reportedly named after Sun, who helped build them.
