Labubu’s Rise to Global Pop Icon: Turning Pop Mart into China’s Answer to Disney
The stock of Pop Mart, the Chinese company behind the viral Labubu toy, has rebounded sharply after a Labubu exhibition in Shanghai welcomed a special guest: Apple CEO Tim Cook. Cook attended the event on Oct. 13, where he met Pop Mart founder and CEO Wang Ning and received a one-of-a-kind gift: a custom Labubu figurine designed to look just like him, complete with black, thick-rimmed glasses and a miniature iPhone in his left hand.
Labubu’s rise from niche designer toy to global pop icon is turning Pop Mart into China’s answer to Disney. Mike Kemp/In Pictures via Getty Images
Pop Mart’s Success and Apple’s Interest
Pop Mart’s Hong Kong–listed shares have climbed 11.6 percent in the four trading days since Cook’s visit. The rally reverses a brief dip in the company’s value after months of strong performance. Earlier this year, Pop Mart reported a more than 400 percent surge in profits year-over-year, driven largely by booming sales of Labubu, which has become a pop culture sensation across the world.
The company’s success has propelled Wang, 38, into China’s billionaire ranks, with a net worth now exceeding $26 billion. While several celebrities have received custom Labubu figurines designed by stylist Marko Monroe (including Lady Gaga and the entire cast of Wednesday), Cook’s figurine appears to be the first crafted directly by the original creator of the character.
Apple’s Strategy in China
Cook’s visit to Pop Mart wasn’t an isolated stop. During his trip, he also visited the headquarters of Lilith Games, the Shanghai-based studio behind the video game AFK Arena, signaling Apple’s ongoing interest in deepening ties with China’s creative and gaming industries. The visit also reflects Apple’s broader strategy in China, a key market for both sales and supply chain operations.
Despite the ongoing trade tensions, Cook reaffirmed this week that Apple remains committed to increasing investment in China. Since the COVID-19 pandemic, Apple has gradually shifted parts of its key manufacturing operations from China to India in an effort to diversify its supply chain. Meanwhile, sales in China have shown signs of slowing compared with other major markets.
Pop Mart’s Future Prospects
For Pop Mart, the timing of Cook’s visit, just ahead of the holiday shopping season, could further boost its visibility and sales momentum. Wall Street analysts appear optimistic: JPMorgan upgraded Pop Mart’s stock rating this week, raising its price target by more than 6 percent and forecasting 165 percent year-over-year sales growth.
Pop Mart executives have often cited Disney as a model for building enduring intellectual property. Whether Pop Mart can achieve that level of longevity remains to be seen. But with Labubu dolls selling out across Asia and collaborations reaching global audiences, Pop Mart’s whimsical monsters are already shaping up to be China’s answer to Mickey Mouse.
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Image Source: observer.com
