Labubu meets LVMH: Pop Mart to open flagship store in Paris amid cooling overseas sales
Chinese collectible toymaker Pop Mart International is pushing forward with global retail expansion amid slowing overseas sales and will open its first European flagship store in Paris’ Boulevard Haussmann, the same street as iconic department stores Galeries Lafayette and Printemps, according to the company. Last week, Pop Mart founder and CEO Wang Ning travelled to Paris ahead of the brand’s…
Pop Mart International, a Chinese producer of collectible toys, is set to open its first European flagship store in Paris' Boulevard Haussmann. The announcement comes as the company navigates declining overseas sales. Founder and CEO Wang Ning recently met with LVMH chairman and CEO Bernard Arnault in Paris, where he gifted him a Pop Mart Labubu doll.
Arnault's eldest daughter, Delphine Arnault, and Louis Vuitton CEO Pietro Beccari were also present at the meeting. Analysts believe the business ties between Pop Mart and LVMH could lead to collaborations around Pop Mart's major intellectual properties. In October, Labubu creator Kasing Lung met Arnault, while Wu Yue, LVMH's Greater China president, joined Pop Mart's board in December.
Pop Mart's management acknowledged that the company would not reach its 20 percent revenue growth target this year due to last year's strong performance. The company's revenue from international sales dropped 11.1 percent year on year, amounting to 4.97 billion yuan (US$740.1 million) in the first half of the year. Pop Mart's international revenue share for total sales fell to 29 percent, down from 40.3 percent a year earlier.
The company now plans to focus on strengthening its fundamentals and optimizing its global channel layout rather than pursuing short-term expansion.
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