Pop Mart expands IP empire with debut dessert store in Hebei province
In the first three months, revenue in China alone surged 100 to 105 per cent, while growth was 25 to 30 per cent in Asia-Pacific
Chinese toymaker Pop Mart is set to open its first official physical Pop Bakery store in the coastal community of Aranya in Qinhuangdao, Hebei province.
The outlet will mainly sell desserts, as the company continues to diversify its business portfolio to sustain the value of its intellectual property (IP) and generate income beyond pop toys.
The plan comes as the Hong Kong-listed company announced strong first-quarter growth on Tuesday, with total revenue surging 75 to 80 per cent year on year.
In the first three months, revenue in China alone surged 100 to 105 per cent, while growth was 25 to 30 per cent in Asia-Pacific, 55 to 60 per cent in the Americas, and 60 to 65 per cent in Europe and other regions. Offline sales grew 75 to 80 per cent year on year, while online revenue surged 150 to 155 per cent. The company did not announce net profit or revenue figures for the quarter.
Pop Bakery, an independent dessert brand under Pop Mart, would sell desserts and tea drinks, with desserts as its core business, according to people familiar with the matter.
The product line will include Skullpanda ice cream, Labubu butter cookies and Molly chocolate.
“We think Pop Mart is keen on diversifying its revenue streams beyond pop toy products through leveraging the high popularity of its IP, particularly Labubu and the Monsters,” said Jeff Zhang, an equity analyst at Morningstar.