Pop Mart (Maker of Labubu)

Step into the world of Pop Mart (泡泡玛特)—the Chinese collectible toy giant that turned “ugly-cute” designer figures into an international sensation. In this episode, we reveal founder Wang Ning’s journey from a small Beijing shop to a multibillion-dollar brand leading the global blind-box craze. What key business foundations did the Pop Mart team lay before launching Labubu to enable such massive worldwide success?

🔑 What You’ll Learn

• Pop Mart’s Rise: From humble Beijing beginnings to global blind-box dominance.
• Design to Factory to Store: Behind the scenes of how Pop Mart identifies artists and creates blind-box designs.
• Business Model Secrets: The gamified blind-box strategy driving explosive growth.
• The Labubu Effect: How one IP became a global hit thanks to social media.

Whether you’re into designer toys, collectibles, or retail strategy, this deep dive shows how Pop Mart built a worldwide following—one blind box at a time.

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Episode Chapters

00:00:00 Introduction: the “ugly-cute” monster that blew up the internet

00:05:00 From CDs to grid shops: Wang Ning’s college hustles

00:12:02 Surviving the early years: cash-strapped and cornered

00:16:03 The VC lifeline: how Mai Gang’s faith saved Pop Mart

00:24:58 Sourcing the management team from MBA class

00:30:40 The great pivot: from licensing to IP powerhouse

00:41:03 The blind-box formula: Molly, Labubu, and the gamified craze

00:57:34 Behind the scenes: from artist discovery to store sales

01:16:37 Global expansion: from partnerships to full control

01:34:55 Our take on why Pop Mart succeeded