Surprise Package Dolls Become a New Global Obsession

Although the Asian audience and fans of the K-pop music genre have adored Blackpink member Lalisa Manobal, known simply as Lisa, for years, she captured the world’s attention with her acting debut in Mike White’s TV series ‘The White Lotus.’ Since then, cameras have followed her every move, and fans want to emulate her lifestyle, striving to be as much like this new global star as possible.

Given her popularity, it is no surprise that fashion companies and those in the beauty product sector are lining up to sign contracts with Lisa, and brands are overjoyed when they recognize their products on her profile or when she mentions them in her public appearances. One such lucky brand is the Chinese toy company Pop Mart, which Lisa referred to as her ‘secret obsession’ in a video interview for Vanity Fair.

And she is not alone. According to the latest market evaluations, Pop Mart is worth more than the three strongest global players combined – Sanrio ($10.2 billion), Hasbro ($8.7 billion), and Mattel ($5.1 billion) – and is estimated to be valued at $34 billion (!).

This Chinese marketing phenomenon, much to Trump’s dismay, has joined challengers from other sectors that have been dominated by American brands like Amazon, whose position is threatened by Temu, Starbucks, which is struggling against Luckin, Tesla, which is outpacing BYD, or fast-food chains that are losing customers to a chain of cheap fruit tea (bubble tea) and ice cream Mixue.

Now enjoying its moment is Pop Mart, which does not target children but rather an audience (especially women) aged 15 to 35, as well as celebrities and influencers who have been captivated by its effective marketing and sales strategy.

A Student with an Idea

The story of Pop Mart began back in 2010 when student Wang Ning opened a general goods store. After initial financial troubles, Wang received an investment from angel investor Mai Gang and in 2015 pivoted the business direction, deciding to offer designer figurines instead of various goods. By researching the purchasing habits of young Asians and their penchant for collecting, he signed a contract with Hong Kong artist Kenny Wong and obtained the rights to produce Molly dolls, those with large blue eyes and a characteristic, pouting expression.

As American Forbes recently noted, Molly has become a model for further product development, prompting Pop Mart to collaborate with artists and designers across Asia, and recently the USA. For instance, in 2023 alone, it won over customers with sales of Molly figurines ($141 million), as well as collections of Skullpande ($141 million) and Dimoo ($102 million).

This year and last, the toothy plush monster Labubu has reached peak popularity, being purchased as a keychain by global stars from Kim Kardashian and Kylie Jenner to Rihanna and Dua Lipa. Rolling Stone recently reported on this character, noting that Labubu first appeared in 2015 in the children’s book ‘The Monsters’ by Hong Kong artist Kasing Lung. This author designed his characters inspired by Norse mythology, transforming them into curious, mischievous creatures the size of house cats that enjoy mischief.

From Princesses to Mortals

Labubu was initially a secondary character – a good-natured being with sharp teeth, and now, as influencers like to say, a statement piece with which stars from the entertainment world and their fans adorn their expensive designer bags. As Rolling Stone continues, even Princess Ubol Ratana from Thailand has been seen with a giant plush Labubu, and the aforementioned Lisa from Blackpink, a full-fledged ambassador for Pop Mart and all its collections, stated in an interview with Vanity Fair that she spends a fortune on them.

– As soon as I land somewhere, be it New York, Miami, or Paris, I look for Pop Mart. It’s like I’m hunting for treasure – said the singer and recently actress.

This feeling of treasure hunting is one of the reasons why Pop Mart has managed to become so popular.

Namely, the figurines are sold in five hundred physical stores, more than a hundred of which are outside China, in 22 countries worldwide, and according to data from 2024, it globally holds more than two thousand roboshops, or shopping devices. The figurines are sold in blind boxes, packages in which it is not indicated which figurine from the collection is inside. Each collection also has a ‘secret’ figurine, the appearance of which is unknown (until purchased), adding an element of surprise, an adrenaline rush.

Despite Trump

This concept, of course, is not particularly innovative – parents of small children know all too well what it means to buy such surprise packages with various dolls, figurines, or, for example, Pokémon cards, but Pop Mart is one of the few brands that have managed to capture kidults, older customers yearning for childlike joy and excitement, products that satisfy their collecting appetites or are multifunctional, meaning they can decorate fashion accessories or, as seen in influencer videos, car mirrors and seats. In addition to that joy and element of surprise, Pop Mart’s products can be personalized, so creators have started making fashion accessories and clothing for the dolls and selling them on their social media profiles. Furthermore, the team behind the brand smartly collaborates with artists and designers, regularly releasing innovative collections or limited, exclusive series and various sizes, which is why customers, just like Pokémon enthusiasts – must collect them all! In light of the trade war between the USA and China, this has proven to be a brilliant strategy. China produces over 70 percent of the world’s toys and sports equipment. According to a Toy Association survey from April, nearly half of small and medium-sized American toy manufacturers say they may soon close their businesses due to tariffs, and even major players like Hasbro expect to lose up to $180 million in profits this year. Pop Mart (for now) is holding up much better. According to Variety magazine, North America is currently its fastest-growing region, with revenue increasing by as much as nine times in the first quarter. Compared to other players in the toy world, it is in a better position as it operates in the market of exclusive collectible products, targeting adult customers who are less price-sensitive. These customers are willing to pay up to $250 for limited edition blind-box collections on the primary market, and significantly more on the secondary market. Labubu 3.0, for example, has reached a price 24 percent higher than the original on resale platforms, and a rare version of the dolls sold for nearly two thousand dollars. Of course, there is a chance that this mania for dolls will subside, but given the speed, flexibility, and sense of trend, Pop Mart will surely release something new that will be impossible – not to buy.