Step into the Shanghai International Finance Center (IFC) mall, take the escalator down to the LG2 level, and you’ll find a green storefront standing prominently in the central area. The shop exudes a vibrant yet understated vibe.
That shop is an open-concept pop-up named Popop, and it’s one of the first two physical stores launched under Pop Mart’s newly introduced jewelry brand. Look closer, and you might spot small groups of customers browsing and trying on items, while a stern-looking security guard dressed in black stands watches at the entrance.
This heightened security presence may stem from the nature of Popop’s products—or it could be a response to Pop Mart’s meteoric rise in popularity over the past year, which has raised concerns about excessive foot traffic. To address this, the IFC mall provides the store with dedicated, complimentary security services.
On the second day of the shop’s opening, 36Kr paid a visit. Whenever customers approached the store, staff can be heard warmly introducing the brand: “We are Popop, the jewelry brand under Pop Mart. Feel free to try on anything you like.”
When a family of three visited the store, a school-aged girl wearing a uniform tried on a Molly necklace and a Hirono ring alongside her mother, saying, “This looks great! If you’re not wearing it, I can wear it too.”
Ten minutes later, the family walked to the register with three items in hand. The staff asked, “Did you stumble upon us, or did you come here specifically?” The family replied, “We just visited the Pop Mart store but didn’t find any new releases, so we wandered around and discovered this jewelry store.”
Between 8 and 9 p.m, 36Kr observed staff completing six rounds of guiding customers through browsing, trying on, and checking out. A store associate shared that the previous day—the opening day—had coincided with an annual conference for a securities firm held upstairs in the same building. “Many analysts with backpacks visited the store during lunchtime. Most were men; some bought entire sets of their favorite IP-themed jewelry, while others purchased gifts for family or friends. Some transactions totaled RMB 5,000 (USD 700) or RMB 6,000 (USD 840),” the associate said.
What’s striking is that, apart from an official WeChat post a few days before its opening, Pop Mart did little to promote Popop in advance. Social media platforms carried almost no mentions of this new brand.
In the past, Pop Mart was often seen as an affordable source of retail therapy, with its success frequently attributed to the “lipstick effect.” However, its newly launched jewelry brand, Popop, takes a more premium approach.
Currently, Popop’s products focus primarily on silver jewelry, with most items crafted from 925 sterling silver, enhanced with gold plating, crystal stones, and other materials. Prices reflect this upscale positioning: necklaces range from RMB 1,000–2,000 (USD 140–280), rings are priced at RMB 399 (USD 55.9), 499 (USD 69.9), or 699 (USD 97.9), and bracelets typically fall within the RMB 500–1,000 (USD 70–140) range.
For the average consumer, these prices represent a notable premium for silver jewelry. Adding to its luxurious appeal, Popop stores are designed to create an elevated shopping experience. According to 36Kr, the manager of the IFC pop-up store previously worked at Louis Vuitton, and staff dressed in black suits and white gloves offer one-on-one consultations and fitting services for each customer. Future recruitment for Popop store associates will reportedly prioritize candidates with experience in luxury or jewelry retail.
“The Popop team currently consists of about 15 members. It’s still a very new and small business, but its positioning is clear. It likely won’t be integrated into existing Pop Mart stores but will continue to operate through independent pop-up shops and standalone stores,” a source close to Pop Mart told 36Kr. The rationale is that while Pop Mart’s existing stores emphasize non-disruptive browsing, Popop’s higher price points, personalized shopping experience, and longer in-store stay times necessitate a distinctly upscale approach.
Cindy (pseudonym) was one of Popop’s first customers. She described Popop’s prices as mid- to high-end—not cheap but within a reasonable range. “The value lies in the IP designs,” Cindy said. As a fan of Labubu and Hirono and a top-tier Pop Mart member, Cindy was intrigued when a colleague mentioned the jewelry store. During her visit, she found the Hirono-themed designs “unique and perfectly aligned with the character’s personality.” Ultimately, she purchased a necklace priced at RMB 1,699 (USD 237.9).
Customers like Cindy are a core segment of Popop’s early adopters—fans who are deeply familiar with Pop Mart’s IPs and require little persuasion to appreciate the creativity behind the designs. Speaking enthusiastically about her necklace, Cindy said, “It matches the design of a Hirono blind box figure—a set with a rocket launcher and Hirono. The rocket launcher opens, and Hirono can be removed and worn separately, offering multiple combinations. The distressed craftsmanship is exquisite, and the in-store service was excellent.”
Indeed, Pop Mart’s IPs offer a powerful advantage in the jewelry market. According to 36Kr, Popop’s products are categorized by IP, with around four to five IP-themed lines currently available, including Space Molly, Hirono, Skullpanda, and the classic Molly.
Shoppers who visit Popop stores frequently mention their favorite IPs in conversations with staff, fostering meaningful interactions. “The IFC is a high-end mall, so overall foot traffic isn’t high. However, most visitors who know about us and come in usually end up making a purchase,” a staff member shared.
The jewelry designs incorporate elements and stories tied to each IP, making them instantly recognizable. For example, Hirono-themed jewelry features a gender-neutral, rugged aesthetic with playful, interactive elements like foldable books and crumpled letters. Space Molly jewelry adopts a simpler, minimalist style, while the classic Molly collection uses nacre (mother-of-pearl) and silver beads for a more elegant look.
Expanding beyond figurines and blind boxes has long been part of Pop Mart’s strategy. In an interview with journalist Li Xiang, Pop Mart founder Wang Ning discussed the company’s approach to domestic and overseas markets: “In China, I want to focus on more innovative ventures. Our core team is based here, so we aim to pursue creative projects.” Wang cited theme parks, games, jewelry, and building blocks as examples of these initiatives.
From a business perspective, this expansion is supported by increasingly sticky membership behaviors, reflecting growing brand and IP loyalty. During its Q2 2024 earnings call, Pop Mart’s management noted that a rising share of members were purchasing items across multiple IPs. The average revenue per user (ARPU) and spending per purchase had also increased among repeat customers, with purchases extending beyond blind boxes to include building blocks and other derivatives. It was during this period that Pop Mart first hinted at launching a jewelry brand.
In short, the growing popularity of Pop Mart’s IPs has cultivated a loyal consumer base, making category expansion a natural progression. New ventures like theme parks and games have further enhanced the appeal of its IPs, creating a virtuous cycle of engagement and growth.
But this raises a question: What drives people’s love and loyalty toward Pop Mart?
This question has long puzzled investors, particularly during Pop Mart’s early days. Now that the brand has achieved mainstream success, some have begun to grasp its allure, while others remain perplexed.
Cindy, a loyal customer who has spent over RMB 10,000 (USD 1,400) on Pop Mart products, admits it’s hard to articulate exactly why she loves each IP. Three years ago, she was captivated by Labubu’s quirky charm. More recently, she has gravitated toward Hirono, describing it as “a rebellious little boy” without the friends or storylines that define Labubu. Cindy finds joy in dressing up her favorite IPs or finally discovering a rare design she’s been searching for.
Initially, Cindy’s connection to Pop Mart was rooted in the visual appeal of its products—a natural instinct to love cute things. Over the past two years, however, she has noticed a growing trend of Pop Mart fandom among her peers. Many coworkers and friends, once confused by the craze, have developed genuine interest. Cindy herself has evolved from liking specific IPs to closely following every new release and exploring fresh designs that catch her eye.
Pop Mart’s international success has only added to its popularity. One standout example is Labubu, whose mischievous grin, upturned teeth, and devilish eyes have made it a global sensation. Even Lisa, the renowned K-pop star and Blackpink member, is a fan. In early 2024, she shared her Labubu collection on social media and has since expanded her interest to other Pop Mart IPs. In November 2024, Lisa admitted in a Vanity Fair video interview that she had gone from not being into Pop Mart at all to, figuratively, spending all her money on it.
Today, characters like Molly and Labubu—and even the Pop Mart brand itself—have become symbols of shared interests and social belonging. “Social value is definitely part of the reason people like it,” Cindy said. She often helps friends find rare IP-themed gifts, making Pop Mart items a great conversation starter.
“Buying blind boxes and buying jewelry bring different kinds of joy,” Cindy added. She believes the introduction of Popop could attract a broader audience. For one, some people who dismiss blind boxes as mere plastic waste might find Popop’s jewelry line more appealing.
Reflecting on her past purchases, Cindy recalled how she once favored brands like Pandora and Links of London, which were extremely popular five or six years ago. But as she grew older and her tastes evolved, she began to feel that these brands lacked design innovation relative to their price points. More recently, Cindy’s jewelry purchases have leaned toward gold, aligning with broader trends favoring budget-conscious, value-retaining consumption.
“Gold follows a different logic—it’s more about value retention. But decorative jewelry is still something you want every now and then, and buying it makes me happy. Plus, Popop’s pricing isn’t unreasonable overall,” Cindy said. To her, Popop offers a rare combination of affordability, style, and emotional value, while feeling more practical than figurines. “It has been a long time since there’s a silver jewelry brand that felt exciting. If Popop keeps introducing good designs, I’ll probably keep buying.”
According to a source close to Pop Mart, Popop plans to forgo an immediate e-commerce launch after its pop-up stores conclude, instead focusing on standalone locations in high-end malls within luxury and premium retail districts. This aligns with founder Wang’s philosophy of wanting to aim upward and outward. He once remarked, “Even if consumer spending declines, aesthetics won’t decline, and emotional needs won’t decline either.”
As 36Kr prepared to leave Popop’s IFC store, a customer who had previously made a purchase returned to buy a gift for a friend. Nearby, another shopper video-called someone, carefully scanning the display case as the person on the other end selected a product.
When Cindy posted her new necklace on Xiaohongshu, the reactions were mixed. Some commenters didn’t understand the appeal, but others from different cities privately messaged her, asking if she could help them purchase Hirono jewelry.
With the arrival of the new year, Pop Mart’s next chapter begins.
KrASIA Connection features translated and adapted content that was originally published by 36Kr. This article was written by Ren Cairu for 36Kr.