"Move over Labubus. Skullpandas are here!" Former Snapdeal CEO Kunal Bahl declared in a cheeky post on X (formerly Twitter), hinting at what could be the next big shift in the world of collectible toys.
Bahl’s comment referred to the rising popularity of Skullpandas- moody, stylized vinyl figurines created by Chinese toymaker Pop Mart. While Labubu, the mischievous, sharp-toothed creature from the same brand, has long held cult status among collectors- and even graced the handbags of celebrities like Rihanna and Cher- Skullpandas appear poised to steal the spotlight.
Beijing-based Pop Mart has cultivated a global fan base through its blind-box model and unique characters that blend cuteness with dark whimsy. The emergence of Skullpanda as a breakout hit marks another milestone in China’s expanding influence in global lifestyle and pop culture exports.
The company behind both characters, Pop Mart International Group Ltd., has become a darling of international investors. According to a Bloomberg report, Pop Mart’s stock has soared 178% this year, giving it a market capitalization of $43 billion - more than double the combined value of legacy toymakers Sanrio (owner of Hello Kitty) and Mattel (maker of Barbie).
The company’s financial performance has been equally eye-catching. Revenues doubled last year to 13 billion yuan ($1.8 billion), with a gross profit margin of 67% and an operating profit of 4 billion yuan, Bloomberg noted.
Labubu - the company’s breakout character - has become a global phenomenon, with fans lining up outside stores from Sydney to Los Angeles, and celebrities like Kim Kardashian and BLACKPINK’s Lisa embracing the toy. A human-sized Labubu even fetched $150,000 at an auction in Beijing.
Pop Mart’s growth story stands out amid rising geopolitical trade tensions. In the first quarter of 2025, its U.S. revenue jumped 900% year-on-year, while European sales surged 600% - far outpacing domestic growth in China. More than 70% of its Western sales now come from local consumers rather than Chinese expats or tourists.
The company is betting big on global expansion, planning to open another 100 stores outside China this year, including themed outlets like its K-pop store in Seoul and an experiential space at the Louvre in Paris. Analysts project that overseas sales will surpass domestic revenue by 2025, with total revenue expected to hit $6 billion by 2027.
Yet, Pop Mart’s dependence on Labubu poses potential risks. Its other characters haven’t replicated the same level of success, and rising concerns around blind-box marketing practices - including calls for tighter oversight from Chinese state media - may dampen demand. Counterfeit versions, dubbed “Lafufus,” are also flooding online marketplaces.
Unlike legacy IP giants such as Disney and Sanrio, Pop Mart’s characters lack expansive storylines or multigenerational resonance, raising questions about long-term brand durability.
Still, for now, Labubu — and possibly Skullpanda — are not just toys. They’re among China’s most successful pop culture exports, redefining what global fandom can look like in the age of TikTok, unboxing videos, and emotional ‘dopamine shopping.’
With inputs from Bloomberg
Bahl’s comment referred to the rising popularity of Skullpandas- moody, stylized vinyl figurines created by Chinese toymaker Pop Mart. While Labubu, the mischievous, sharp-toothed creature from the same brand, has long held cult status among collectors- and even graced the handbags of celebrities like Rihanna and Cher- Skullpandas appear poised to steal the spotlight.
Move over Labubus. Skullpandas are here! pic.twitter.com/YoDfnVCwdr
— Kunal Bahl (@1kunalbahl) June 29, 2025
Beijing-based Pop Mart has cultivated a global fan base through its blind-box model and unique characters that blend cuteness with dark whimsy. The emergence of Skullpanda as a breakout hit marks another milestone in China’s expanding influence in global lifestyle and pop culture exports.
The company behind both characters, Pop Mart International Group Ltd., has become a darling of international investors. According to a Bloomberg report, Pop Mart’s stock has soared 178% this year, giving it a market capitalization of $43 billion - more than double the combined value of legacy toymakers Sanrio (owner of Hello Kitty) and Mattel (maker of Barbie).
The company’s financial performance has been equally eye-catching. Revenues doubled last year to 13 billion yuan ($1.8 billion), with a gross profit margin of 67% and an operating profit of 4 billion yuan, Bloomberg noted.
Labubu - the company’s breakout character - has become a global phenomenon, with fans lining up outside stores from Sydney to Los Angeles, and celebrities like Kim Kardashian and BLACKPINK’s Lisa embracing the toy. A human-sized Labubu even fetched $150,000 at an auction in Beijing.
Pop Mart’s growth story stands out amid rising geopolitical trade tensions. In the first quarter of 2025, its U.S. revenue jumped 900% year-on-year, while European sales surged 600% - far outpacing domestic growth in China. More than 70% of its Western sales now come from local consumers rather than Chinese expats or tourists.
The company is betting big on global expansion, planning to open another 100 stores outside China this year, including themed outlets like its K-pop store in Seoul and an experiential space at the Louvre in Paris. Analysts project that overseas sales will surpass domestic revenue by 2025, with total revenue expected to hit $6 billion by 2027.
Yet, Pop Mart’s dependence on Labubu poses potential risks. Its other characters haven’t replicated the same level of success, and rising concerns around blind-box marketing practices - including calls for tighter oversight from Chinese state media - may dampen demand. Counterfeit versions, dubbed “Lafufus,” are also flooding online marketplaces.
Unlike legacy IP giants such as Disney and Sanrio, Pop Mart’s characters lack expansive storylines or multigenerational resonance, raising questions about long-term brand durability.
Still, for now, Labubu — and possibly Skullpanda — are not just toys. They’re among China’s most successful pop culture exports, redefining what global fandom can look like in the age of TikTok, unboxing videos, and emotional ‘dopamine shopping.’
With inputs from Bloomberg
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