"POP MART announces a strategic joint venture with the goal of propelling the expansion of the Thai market. This dynamic partnership will leverage the unique strengths of each entity to collaboratively nurture the growth of art and toy culture across Thailand, which is considered another country with high potential in the Southeast Asian region. Currently, Southeast Asian countries have rapid economic development, its consumers have strong purchasing power, and the market space is large. At the same time, the culture is relatively diverse, and they are tolerant of foreign cultures and products. A high degree of investment coupled with high investment support for foreign-funded enterprises has helped create a good business environment. In addition, the Southeast Asian market is one that is worth exploring, whether for offline potential or online space. We started with Singapore, Malaysia, and have now included Thailand. We look forward to further expanding our Southeast Asian market and build a complete offline and online sales network, with full consideration of the local culture," Mr. Justin Moon mentioned plans for expanding the business in the Southeast Asian region.
In the first half of 2023, POP MART achieved a significant milestone by recording a remarkable revenue of 2.814 billion CNY, marking an impressive 19.3% increase compared to the previous year. Moreover, the adjusted net profit surged to 535 million CNY, signifying a notable 42.3% increase.
"Thanks to our collaborative efforts, our overseas revenue has witnessed an astounding surge of 139.8%, underscoring our international prowess. Revenue from pivotal regions such as Hong Kong, Macau, Taiwan, and other international markets reached a substantial 376 million CNY. Moreover, the operational profit from these regions also surpassed expectations, achieving an impressive 78.890 million CNY— an outstanding 183.0% year-on-year growth. Furthermore, as of June 30th, 2023, we've achieved the milestone of 432 stores worldwide. Our global robotic stores have expanded impressively, reaching 2328. As our channels continue to expand, the user base of POP MART is rapidly growing." said Mr. Justin Moon.
Mr. Justin Moon, President of Pop Mart International, revealed that the Thai market is increasingly interested in the POP Culture trend, and one of the most popular trends is Art Toys in the form of Blind Boxes which generate excitement and anticipation every time they are opened as customers are curious about what they will find inside, making it highly popular among today's POP Culture. The goal is to make POP MART akin to a gallery or art exhibition, combining artwork derived from deeply inspired ideas, meticulously curated to reflect various social contexts, through the valuable works of artists and designers from all corners of the globe. The growing popularity results in collaborations with global brands like DC, Disney, Warner, Harry Potter and many more.
Every year, POP MART never ceases to innovate in creating collectible cartoon character figures to consistently bring joy and happiness by seeking out new, distinctive artists and designers to introduce fresh works and add vibrancy to the world of Art Toys.
"POP MART places great importance on finding artists and designers through the Largest Art Toys Show in ASIA, held in Shanghai, Beijing, and recently in Singapore. In addition, POP MART contributes to Art Education initiatives by joining the university guest speaker projects providing a platform for exchanging perspectives on POP Culture trends and Art Toys creations at leading universities, expanding worldviews and offering opportunities for young talents to showcase their creative thinking. It also involves collaborations in design competitions with world-renowned brands, all as part of a proactive strategy to strengthen POP MART's community of artists, whether it be Kenny Wong, the creator of Molly, Molly Srikumdee, the creator of CryBaby, or SKULLPANDA, the creator of SKULLPANDA," added Mr. Justin Moon.
Creating iconic crossovers is a strategy to add allure to POP MART's limited edition Art Toys, just like their previous works such as Molly x Snoopy, Labubu x Spongebob, and more. Furthermore, collaborations with global studios and brands like Inner Flow, Silent Trick, and Gone always bring excitement and offer new experiences to consumers. This strengthens POP MART's position as a market leader and provides customers with choices by offering Art Toys in various sizes: regular, big, and MEGA. This uniqueness adds joy and caters to customer preferences. Among Thai consumers, MEGA size is the most popular despite their highest-prices. There is a dedicated fan base that loves to collect, especially the MEGA SPACE MOLLY series, which has significantly expanded the customer base into wealth segment.
"In the future, POP MART can become more than Art Toys. We plan to leverage the success that started with fun, excitement, and surprises as a bridge to new businesses that focus on entertaining consumers, such as theme parks, games, or even animation," Mr. Justin Moon discussed future plans.
In an effort to generate a trend in Art Toys in Thailand, POP MART has recently partnered with Minor Lifestyle to expand its business further and unveiled the first flagship store in Thailand on September 20th, at CentralWorld. They are also planning to open a second branch by the end of this year. Additionally, they have plans to open up to 20 retail stores and pop-up shops along with approximately 50 POP MART ROBOSHOP vending machines throughout Thailand. The first POP MART flagship store in Thailand spans over 169 square meters and is situated on the 1st floor of CentralWorld. It is divided into various zones and the brand offers full excitement, such as
- Blind Box Collections, the most rare collections that everyone is looking for.
- The most special limited is SKULLPANDA Hoar Frost Thailand Limited Edition with only 140 pcs available at the Flagship Store Central World Thailand.
- Opening limited which are only available during opening period including SKULLPANDA Dark Maid Figurine, Labubu Diver's Manual, Labubu Shepherd Figurine, Hirono Unknown journey and many more
- MEGA COLLECTION including MEGA SPACE MOLLY 400% & 1000%
- Other excitements such as POP BEAN, Big Figure and Inner Flow Collection
For more information about POP MART THAILAND, you can visit our social media in various platform
Facebook : facebook.com/popmartth
Instagram : instagram.com/popmartth
Twitter : twitter.com/popmartth
Tiktok : tiktok.com/@popmartth
Source: 4D Communications
