economy

POP MART Is Ready To Open Its First Store In Indonesia And Is Planning To Expand Globally

POP MART, a leading character-based entertainment company known for its blind box mystery products, is expanding its global reach. As the largest economy in Southeast Asia, Indonesia is the next destination for POP MART. POP MART will soon open its first store in Indonesia, specifically at Gandaria City Mall in Jakarta.

Since 2018, POP MART's international business has been steadily building a strong distribution and operation system on a global scale. This provides excellent momentum for the growth of POP MART's business.

Financial reports show that in 2023, POP MART's revenue from the Hong Kong, Macau, Taiwan, and international markets increased to $147 million, with a year-on-year increase of 134.9%. In the first quarter of this year, overseas revenue increased by 245% - 250% annually.

With a large population and a significant proportion of young people, the Southeast Asian market is considered an important component supporting POP MART's global business. This is also supported by the potential enthusiasm of consumers for designer toys and blind box mystery products.

In 2021, POP MART officially opened its first store in Singapore, specifically at Funan Mall. This marked the beginning of POP MART's offline expansion in the Southeast Asian region. In May 2023, POP MART's first store in Kuala Lumpur was opened, marking the company's expansion into the second largest market in Southeast Asia.

In September of the same year, POP MART's first store in Thailand opened at Central World, the largest shopping center in Bangkok. Nearly 2,000 people queued up on the opening day of the store.

In May of this year, POP MART opened its first two stores in Vietnam. One of them is the first castle-themed store located at Sun World Ba Na Hills. This store is expected to become an entertainment destination for local tourists.

According to Justin Moon, the President of POP MART International Business, Indonesia's retail market is considered to have tremendous potential as the largest economy in Southeast Asia.

"Products related to current trends and lifestyles are highly sought after by young people in Indonesia. Additionally, Indonesia has a sizable population of young people who are interested in pop culture and current trends, which aligns with the products offered by POP MART," said Justin Moon.

He stated that by opening directly operated POP MART stores in Indonesia, he hopes that POP MART can create a more immersive shopping experience and effectively communicate messages and introduce POP MART culture to the Indonesian community.

The blind box phenomenon itself has developed in Indonesia through video content created by content creators. Recently, Lisa (Blackpink) caused a stir on social media when she posted a picture of herself with THE MONSTER MACARONS series, triggering a high demand for LABUBU products. This is evidence of the undeniable appeal of art toys among Indonesian youth.

Tag: POP MART