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Zhu Wenqian

Chinese collectible toymaker Pop Mart International is pushing forward with a global retail expansion amid slowing overseas sales, and will open its first European flagship store in Paris’ Boulevard Haussmann, the same street as iconic department stores Galeries Lafayette and Printemps, according to the company.
Last week, Pop Mart founder and CEO Wang Ning travelled to Paris ahead of the brand’s coming store opening. While in Paris, Wang met Bernard Arnault, chairman and CEO of luxury goods multinational LVMH, gifting him a Pop Mart Labubu doll.
This follows another high‑profile meeting at Apple’s Cupertino headquarters in July, when Wang met Tim Cook and then‑incoming Apple CEO John Ternus. They discussed creative design, digital ecosystems and global consumer trends, Pop Mart said.
Also present at the meeting in Paris were Delphine Arnault, CEO of Dior and Arnault’s eldest daughter, and Pietro Beccari, CEO of Louis Vuitton.
“We think the business ties between Pop Mart and LVMH are underpinned by potential collaborations around Pop Mart’s major IPs [intellectual properties],” said Jeff Zhang, an equity analyst at Morningstar.
“Following Labubu’s partnership with Moynat last year, we view Wang Ning’s visit as mainly raising the profile for Pop Mart, but the co-branded premium products should not boost the firm’s overseas revenue significantly,” Zhang said.
Further cooperation between the two companies was under way, with Pop Mart IPs likely integrating with some of LVMH’s luxury offerings, he added.


In October last year, Hong Kong-born artist Kasing Lung, the creator of Labubu, met Bernard Arnault in Paris, and in December, Wu Yue, president of LVMH for Greater China, took on a non-executive director role at Pop Mart.
“We think Wu’s joining has paved the way for Pop Mart to diversify into non-toy businesses, mirroring the playbook of legacy peers, including Disney and Sanrio,” Zhang said.
“Given Wu’s experiences in the luxury sector, there should be more collaborations between luxury brands and Pop Mart.”
Zhang added that he expected these collaborations to further contribute to Pop Mart’s licensing income.
Following its interim results release in August, the company’s management said it no longer expected to hit this year’s 20 per cent revenue growth target, given last year’s high comparative base.
International expansion has long been one of Pop Mart’s priorities. Its overseas revenue reached 4.97 billion yuan (US$740.1 million) in the first half of this year, down 11.1 per cent year on year.
The firm’s overseas revenue share of its total revenue slipped to 29 per cent, compared with 40.3 per cent in the same period a year earlier, according to its interim results.
After strong overseas growth fuelled by Labubu IP last year, Wang described 2026 as “a year of adjustment”. He emphasised that Pop Mart would focus on strengthening fundamentals and optimising its global channel layout instead of pursuing short-term expansion.
As of June, Pop Mart ran 676 physical stores globally, including 419 in mainland China, 36 in Hong Kong, Macau and Taiwan, 90 in the Asia‑Pacific region, 86 in the Americas and 45 in Europe and other markets, according to the company.


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Business

China Business

With Pop Mart’s overseas revenue share slipping in 2026, the firm remains focused on boosting international retail presence


With Pop Mart’s overseas revenue share slipping in 2026, the firm remains focused on boosting international retail presence.


Labubu meets LVMH: Pop Mart to open flagship store in Paris amid cooling overseas sales

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}With Pop Mart’s overseas revenue share slipping in 2026, the firm remains focused on boosting international retail presence

With Pop Mart’s overseas revenue share slipping in 2026, the firm remains focused on boosting international retail presence