What's Next for Popop, Pop Mart's Debut Jewelry Boutique? (Baby Gold.)
Popop’s “Pure Gold Series” transforms Kenny Wong’s Baby Molly IP into gold, baby. The centerpiece is a pure gold “Baby Molly Series Hug Milk Bottle Gold Ornament” (41 g; center, which holds a glass jar for smaller gold charms). It costs nearly $8,000 USD. 📸 Popop / Pop Mart
⏰ Fri, Oct 17, 2025 @ 5:30 AM PST
🐟 Published from Seattle, USA
🔨 Built by Chase Burns Broderick
An under-the-radar quarter for Pop Mart’s jewelry line
Popop opened its first jewelry store in Shanghai in June this summer.
The jewelry line, a brand ran by Pop Mart, the major Chinese IP company behind this summer’s hit Labubu “Big Into Energy” plush vinyl figure release, combines popular Pop Mart IPs like Skullpanda and Twinkle Twinkle with silver and gold jewelry.
First marketed as an affordable luxury brand focused on charms, Popop debuted with pieces that ranged from 319 yuan to 2699 yuan ($44-$378 USD), built mainly with S925 silver, 14k gold, and shell beads. This fall, however, it’s introduced “pure gold” jewelry with a piece that pushes past 50,000 yuan ($7,000 USD).
Most of the debut products looked like these.
Popop’s Skullpanda “Snow Blossom” series — S925 silver & nano gems. Necklace, bracelet, dual-band ring, and star band.
Popop’s “Fruition Collection” jewelry: Customers can mix and match charms of their favorite characters onto colored beaded necklaces.
Reporters at the flagship Popop Shanghai, located in the North Tower of Grand Gateway 66, noted it was “full of shoppers” and slammed soon after opening in early June. Popop Beijing wasn’t far behind, opening within weeks. The second store came with new higher-end, character-less products:
It is worth mentioning that the first Beijing store also launched a high-end 18k gold jewelry series, including bracelets and necklaces. Their designs do not refer to IP materials but mainly use the classic four-leaf flower logo of Pop Mart as the main element. Of course, the prices are also high. The bracelet is 10,800 yuan, and the necklace is as high as 19,800 yuan.
Then, after Beijing’s debut, buzz basically went mum. (The article quoted above called the reception in Beijing “mediocre.”)
In Pop Mart’s 2025 Interim Report, which came out in August, Popop is basically a footnote, mentioned in only one paragraph in the 116-page report.
Pop Mart management writes:
In the first half of 2025, we opened a “popop” accessory boutique in Beijing and Shanghai respectively. Through deconstructing and extending IPs with diverse materials and techniques, we create works that are both pioneering and exquisite to shape styles and express personality. We focus on the inner expression of IPs, so that each accessory becomes an artistic symbol that consumers can wear.
That’s all!
But a third Popop store launched about a month after this report dropped, this time back in Shanghai during the National Day holiday.
Popop opened its third offline store at Heshenghui International Plaza in the Wujiaochang area of Yangpu District, Shanghai, this month.
And this fall, an even bigger announcement came from Popop: “Pure gold.”
🧑💼 Wang Ning interview: The Pop Mart CEO says “we are an IP company,” as he reports less than 50% of Pop Mart’s business now comes from blind boxes. | News
But first: What else is in Pop Mart’s 2025 Interim Report?
A few other very quick takeaways from Pop Mart’s interim report.
🇺🇸 Howdy, Pop Mart
Pop Mart officially became a global company this year. Nearly 40% of total revenue now comes from outside China, led by an elevenfold jump in the Americas, mainly the United States. What stood out to me: The Americas market flipped the company’s usual model. Online channels outperformed retail stores (“offline stores”) in the Americas, showing Pop Mart can scale without a traditional mall footprint.
🧸 A plush revolution
A plush boom has happened at Pop Mart, dovetailing with continuous celebrity exposure (like recently, BTS V’s Hirono plush). The company’s interim report showed a 1,276% jump in plush revenue, which now accounts for 44% of total sales. This is a massive structural shift! Pop Mart’s center of gravity has moved from plastic figures to soft goods.
💎 Luxury plays
Launched in 2020, Pop Mart’s MEGA COLLECTION features large-scale collectible versions of its signature characters like Molly, often produced through collabs with artists (like Keith Haring). In the first half of 2025, MEGA products accounted for 7.3% of total revenue—showing there’s growing hunger for higher-value collectibles.
Popop’s Pure Gold Series expands Kenny Wong’s Baby Molly universe into a collection of symbolic gold charms.
Popop goes for gold
Pop Mart’s interim report doesn’t say anything about gold—but gold is what arrived right after the report, a move that entered into the territory of one of Pop Mart’s fellow “Three Sisters” in the Hong Kong Stock Market.
The Three Sisters are credited with reviving the Hong Kong IPO market this past year. The group is made up of three “new consumption” growth stocks: (1) Pop Mart, which sells collectibles; (2) Mixue, a McDonald’s rival that sells tea; and (3) Laopu Gold, which sells gold jewelry. Sometimes called China’s “Hermès of gold” and the “Cartier of China,” Laopu Gold will have a new little competitor this holiday season: its sister Pop Mart.
Focused on Pop Mart’s Baby Molly IP (to start), the newly announced “pure gold” (纯金) series debuted in China in mid-September, with prices starting around 1,380 yuan ($193 USD, for the “Baby Molly Series Love Bead”) and 4,080 yuan ($572 USD, for the “Baby Molly Series Hug the Universe Gold Bar”).
On the series’ highest end? A 56,800 yuan ($7,971 USD) gold ornament of Baby Molly holding a glass baby bottle jar–that can hold other pure gold charms.
Popop’s Pure Gold Series centerpiece—the Baby Molly Hug Bottle Ornament—pairs a pure gold figure with a miniature glass baby bottle.
Designed as both packaging and display, Popop’s Pure Gold Series keepsake box unfolds like a jewelry theatre. At its center: a gold Baby Molly figure.
A gold Baby Molly key charm inside one of the lined drawers.
Pop Mart isn’t alone in this trend—enough gold companies are selling IP crossovers that Chinese e-commerce platforms Taobao and Tmall, owned by Alibaba, created an independent category for “IP Gold” earlier this year.
📦 Buddha blind box: How a plush doll became a talking point for Thai media—and what a government official’s rant did to the collectible line. | New Products
Footnote: Labubu prices come down to Earth
Back in July, I wrote:
Pop Mart is bringing Labubu 3.0 “Big Into Energy” plush pendants back into its US app shop this Sunday, July 6. Each blind box lists at $27.99, limited to six per user, with an estimated ship date of Aug 8.
This mirrors mid‑June’s China‑focused Labubu 3.0 pre‑order, which sold out quickly and consequently halved secondary‑market prices, reported Chinese media.
Pop Mart pushed approximately ≈ 4–5 million Labubu 3.0 blind boxes into the Chinese market during its 6·18 mainland presale, reported Sino Trade, slicing grey-market prices. Labubu secondary prices on Chinese apps crumpled—sealed six-packs that had hovered at ¥1,500-2,800 (≈ US $207-$386) slid to ¥650-800 (≈ US $90-$110), a blunt ~55% haircut.
Stateside, StockX shows most single Labubu pendants clearing at $48 right now (three-month average $60), and sealed cases just moved for $260. The elusive “ID” secret last sold at $400 with the current ask parked at $390. If Sunday’s US drop delivers anything close to China’s volume, a proportional reset would shove regular singles into the $30s and cases toward $150-$180—numbers we can test when the dust settles Monday.
“When the dust settles Monday” turned out to be the wrong timeline, but “a blunt ~55% haircut” was the right prediction: US markets have mirrored the Chinese markets, with regular “Big Into Energy” Labubus now selling in the high $20s and low $30s on secondary sites like Mercari.
Pop Mart’s stock price dipped along with this Labubu price correction, but this year chart still looks very up to me.
