In Depth: China’s Trendy Toy Makers March Into Southeast Asia

Major players like Pop Mart and Miniso have been rapidly opening stores in the region over the past year, capitalizing on the growing demand for collectibles among adults

When Thai K-pop star Lisa posted a photo with a Labubu toy on social media in April, the furry plushie shot to the forefront of Southeast Asia’s “trendy toy” scene, with unboxing videos attracting tens of thousands of views.

Three months later, a Labubu theme store opened in Bangkok’s Mega Bangna shopping mall and generated over 10 million yuan ($1.38 million) in sales on its first day — a record in single-day overseas sales for its operator, China’s Pop Mart International Group Ltd.

Chinese toy companies are capitalizing on the rising popularity of physical products based on media intellectual property (IP) and their increasing appeal to adult collectors, using this momentum to expand their global footprint.