Beijing-based creator of popular ‘blind box’ toys, Pop Mart, is branching out with a new line of business, launching its premiere international bakery in Singapore. The company is giving a fresh, three-dimensional, and edible spin to its famous characters, such as the wide-eyed Labubu and the adorable Molly. From black sesame Labubu popsicles to double cheesecake Molly, these delightful treats will now take the form of pastries and beverages. The bakery, located opposite Universal Studios Singapore, showcases a line-up of 45 toy-inspired treats with prices ranging from S$5 to S$32 (approx. US$3.87 to US$24.77).
From Toys to Tasty Treats: Pop Mart Expands
Singapore is just the beginning for Pop Mart’s global culinary conquest. The company is contemplating setting up bakeries in Europe and the United States, according to Zhang Xiaoyang, the head of Pop Bakery at Pop Mart. However, the company is aware that it will have to navigate complex issues such as establishing local supply chains. The company’s strategy also includes launching dessert shops across Southeast Asia, specifically in Thailand, Indonesia, and Malaysia.
This move to extend the brand into the bakery business follows the successful launch of Pop Mart’s first bakery in the Chinese coastal city of Qinhuangdao in April. Before this, the company had tested the concept through over 30 dessert truck pop-ups within China.
A Strategic Move Amidst Challenges
The foray into the bakery business comes at a time when Pop Mart is grappling with inflated production costs. The company’s business model has recently been met with skepticism from analysts as they have observed the company’s annual sales and earnings growth fall short of expectations in recent quarters.
“Pop Mart’s diversification into the bakery business is a smart move. There’s only so much a toy company can do, and they’ve likely reached their limit with toy manufacturing,” said Laura Pan, a lecturer at a prominent school of management. However, she notes that the reception of Pop Mart’s bakeries in the United States remains uncertain, considering the waning popularity of the Labubu series.
In the face of a global surge in demand for its plush toys, bag charms, and collectibles, Pop Mart has been innovatively expanding its business beyond toy selling. The company hopes to emulate Disney’s success in transforming short-term popularity into long-lasting success.
In line with this strategy, Pop Mart has made notable strides this year. It has announced a collaboration with Sony Pictures to produce a Labubu movie and has expanded its Beijing theme park, Pop Land.
“We aim to integrate our IP (intellectual property) into all aspects of consumers’ lives, and desserts are one part of this mission,” Zhang said.
Questions & Answers
What is Pop Mart’s new business venture?
Pop Mart has launched its first international bakery in Singapore, featuring pastries and beverages inspired by their popular toy characters.
Is Pop Mart planning to open bakeries in other countries?
Yes, the company is considering setting up bakeries in Europe and the United States and also plans to launch dessert shops across Southeast Asia, specifically in Thailand, Indonesia, and Malaysia.
How is Pop Mart diversifying its business?
Aside from launching a bakery business, Pop Mart is also developing a Labubu movie in partnership with Sony Pictures and has recently expanded its Beijing theme park, Pop Land.
