A new wave of Chinese consumer companies, led by toymaker Pop Mart, is seeking a greater global presence, reflecting China’s strategic pivot towards exporting its brands, and not just products.
“We originally hoped to become China’s Disney; now we hope to become the world’s Pop Mart,” the company’s founder and CEO, Wang Ning, said in an interview with state broadcaster China Central Television on Thursday.
“We use China’s manufacturing industry and market to incubate artists from all over the world, and bring their creations back out to the world.”
Pop Mart, a retailer with an intellectual property-focused business model, has seen its international revenue soar with the explosive global popularity of its Labubu dolls.
The plush character with pointy ears, jagged teeth and signature mischievous grin, has gained high-profile fans like Lisa from K-pop group Blackpink and global music icon Rihanna, and is often sold out around the world.
The company’s revenue from markets outside mainland China surged 375.2 per cent to 5.07 billion yuan (US$708.35 million) last year and is set for further growth.
“This year, overseas sales will likely surpass domestic sales,” Wang said, noting that sales in North America were expected to exceed sales in Southeast Asia, its top-performing overseas market last year.
