Pop Mart bets on Disney-style playbook to turn Labubu into franchise
Pop Mart is adopting Disney’s IP strategy to turn Labubu from a toy craze into a century-long franchise. While reliance on Labubu raises concerns, Pop Mart eyes theme parks, content, and 5–10 enduring IPs amid intensifying competition.
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China’s Pop Mart is plotting a Disney-inspired strategy to transform its monster-faced sensation Labubu into a global cultural icon, banking on long-term IP building rather than chasing the next fad, Reuters reported.
In an interview with Reuters, Executive Director and co-COO Si De said the company has “studied Disney for a long time,” noting Mickey Mouse’s near 100-year reign as the blueprint. “The focus is not on finding the next big hit but on better products, collaborations, developing content, theme parks and immersive experiences around Labubu,” he said.
The approach comes amid what analysts call the “Labubu paradox”, while the character’s breakout has propelled Pop Mart’s stock up nearly 200% this year, making it more valuable than Hasbro, Mattel and Sanrio combined, it also exposes the company’s heavy dependence on a single IP. The Monsters series, which includes Labubu, accounted for around 35% of Pop Mart’s first-half revenue.
Still, Pop Mart is betting Labubu can anchor a portfolio of five to ten franchises with lasting global pull. Alongside Labubu, other characters like Molly, Skullpanda and Crybaby already generate billion-yuan sales annually.
Pop Mart’s rise is rooted in two strategic bets by founder and CEO Wang Ning, owning the IP it sold, and pioneering the “blind box” model—mystery packages priced at $10–$20 that fueled a craze among young women, a previously overlooked consumer base in the toy industry.
The formula has reshaped China’s art toy landscape. Once dominated by licensed brands from Disney and Sanrio, rivals like 52Toys and Miniso are now aggressively investing in original IP and signing partnerships with indie designers.
