Chinese toymaker Pop Mart has surpassed Mattel, Hasbro, and Sanrio combined in valuation, driven by blind-box collectibles like Labubu and a fervent adult fanbase.
Impact: Pop Mart’s meteoric rise to a $34 billion valuation, eclipsing industry giants like Mattel, Hasbro, and Sanrio combined, underscores a transformative shift in the toy industry. By leveraging the allure of blind-box collectibles and tapping into adult nostalgia, Pop Mart has redefined consumer engagement, turning toy collecting into a form of self-expression and community belonging. This phenomenon highlights the power of combining physical products with emotional resonance, signaling a new era where brands succeed by fostering identity and cultural currency among their audiences.