Pop Mart Is Worth More Than Mattel, Hasbro & Sanrio Combined

Pop Mart, the Chinese collectibles brand best known for its cute, quirky characters like Labubu and Molly, has reached a jaw-dropping milestone: it’s now worth more than Mattel, Hasbro, and Sanrio combined.

Once a niche brand selling novelty items, Pop Mart has exploded into a global powerhouse, fueled by the popularity of its “blind box” toys and a hyper-engaged fanbase across Asia and beyond.

Pop Mart & The Labubu Effect

At the heart of Pop Mart’s success lies Labubu—a wide-eyed plush character with slightly eerie charm.

After viral moments involving celebrities like Rihanna and Lisa from BLACKPINK, Labubu became a pop culture obsession. Limited-edition versions were resold for hundreds, even thousands of dollars, and unboxing videos flooded TikTok and Xiaohongshu.

Unlike traditional toys tied to movies or nostalgia, Pop Mart thrives on mystery and surprise.

Fans purchase “blind boxes” without knowing which character variant is inside, making each purchase a thrill. The company also frequently rotates designs, adds rare editions, and keeps releases limited—creating a collector’s dream and a marketer’s fantasy.

Outpacing Legacy Brands

Financially, Pop Mart’s numbers are staggering. Its valuation is estimated between $34 billion to $44 billion—more than the market caps of Mattel, Hasbro, and Sanrio combined.

While Mattel and Hasbro are long-standing Western toy titans with products like Barbie, Transformers, and My Little Pony, Pop Mart’s success lies in its original intellectual property and its ability to turn toys into high-demand, limited collectibles.

Quarterly earnings have surged. Pop Mart reported over 165% growth in revenue and more than 350% in profit year-on-year, with international sales accounting for a growing share of those figures.

Global Takeover

Though it began in China, Pop Mart has rapidly expanded into over 30 countries with more than 500 stores and nearly 3,000 vending machines across Asia. In 2025, it opened its first U.S. store in the Bay Area, drawing huge crowds and hours-long lines.

International sales are booming, with global growth outpacing domestic figures for the first time.

This signals a significant shift—not just in revenue, but in cultural relevance.

Pop Mart is exporting its characters the way Sanrio once did with Hello Kitty or Nintendo with Pokémon, but with a modern twist: mystery, scarcity, and a fan culture built on digital virality.

What’s Next?

Looking ahead, Pop Mart isn’t slowing down. The brand is investing in animation, games, theme parks, and deeper character storytelling to further capitalize on its growing fanbase.

With its wildly successful model of exclusivity and engagement, some believe they could be setting the blueprint for the next generation of global toy giants.

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