On February 9, 2024, Pop Mart opened its third local offline store at Central Ladprao in Bangkok, Thailand. This is also the first time that Pop Mart has tried to hold an artist signing session on the first day of opening of an offline store overseas, and the innovative measures have brought super popularity, and the sales volume of the new store in Thailand exceeded 5 million on the first day, creating a new peak in the single-day sales of Pop Mart's global stores.
crybaby limited explosion Thai fans: "It's too hard to grab".
The Centra Lap Shopping Mall, where Thailand No. 3 is located, is the core mall of the Ladprao business district, located in the north of Bangkok, and is also a new CBD area planned by the local area. It has attracted a large number of internationally renowned companies such as Huawei Southeast Asia Headquarters and Unilever, and is surrounded by mid-to-high-end residential areas in Bangkok, including Chatuchak Park, the largest park in Bangkok, which is also one of the favorite shopping malls of Thai locals. Factors such as high income level, strong purchasing power, and diversified customer groups have prompted Pop Mart to continue to increase its weight in the Thai market.
Different from other offline stores, Thailand No. 3 store incorporates a large number of crybaby elements in the design, during the opening period, there are more than 100 square meters of crybaby theme kingdom in the activity area on the first floor of the mall, and the internal installations and booths are designed by Molly himself, and the unique offline atmosphere makes the store a local pop culture community with a strong artistic atmosphere. During the opening period, Bubble Mart also launched a large number of crybaby limited trendy toys, and there were long queues at the scene. "I've already lined up for the opening of the first store in Thailand in September, but this time it still feels more difficult to grab and there are too many people," said many local crybaby fans, expressing their love for the theme area. "The main thing is to buy crybaby's limited products, and the design is very innovative," said a fan who rushed to the scene from Malaysia.
Crybaby's creative concept stems from the artist's unique understanding of crying, "Laughter is not the only way to make you feel better, crying can also be **." If one day, a smile doesn't solve your problem, baby let's cry together, sometimes crying is a good thing. "Every crybaby has a different reason to cry, because people have a million reasons to cry, and crybaby represents an emotion that comes from the bottom of the heart.
As one of the fast-growing cutting-edge IPs under Pop Mart, Crybaby has impressed countless people with its unique creative concept since its birth. Thanks to Pop Mart's mature IP operation system and global artist operation capabilities, Crybaby has excellent performance in the field of trendy toys and peripheral products and IP licensing, attracting more and more global fans. Not long ago, Crybaby artist Molly was named one of the "50 Most Influential Women in Thailand 2023" for her achievements in the field of art and business.
Deep cultivation in Southeast Asia will lay out new markets such as Vietnam.
In Pop Mart's globalization strategy, Southeast Asia is one of the important pieces of the puzzle. Southeast Asian countries have rapid economic development, consumers have a strong willingness to buy, and the market space is large; At the same time, the culture is more diverse, and the tolerance for foreign cultures and products is high. Therefore, Pop Mart has accelerated its layout in Southeast Asia in the past two years, taking Thailand as an example, the opening time of the third store in Thailand is only five months after the first store in Thailand.
Wen Deyi, President of Pop Mart International, said that relying on Pop Mart's global artist operation system, more and more IPs are releasing strong global influence. The Thai market's enthusiastic response to trendy toy culture also represents a widespread demand for trendy culture and innovative products in Southeast Asia. In addition to Singapore, Malaysia and Thailand, Pop Mart will expand its strategic territory to Vietnam, Indonesia, the Philippines and other places in the future to better lay out the potential market in Southeast Asia.
In 2018, Pop Mart began to deploy overseas, and the Southeast Asian market was the first to choose Singapore, and radiated the surrounding markets through Singapore. In May 2023, Pop Mart officially entered Thailand with a joint venture with Minor International, one of the world's largest hotels, restaurants and retail groups. In September of the same year, the first store in Thailand opened in Central World, the largest shopping mall in Bangkok, attracting more than 1,000 fans to line up on the opening day, and the sales exceeded 2 million yuan on the first day. The opening of the third store in Thailand means that the cooperation between Pop Mart and Miele International is gradually deepening, and the two parties will work together to further expand the business territory of Pop Mart in Thailand in the future.
Jiang Han, a senior researcher at Pangu Think Tank, said that in the process of opening overseas stores, Pop Mart has always steadily grasped its own development rhythm and worked hard, and localization strategy occupies a pivotal position in its overseas expansion strategy. This strategy is not only reflected in product design, but also integrated into marketing, store layout and other links. The implementation of this localization strategy is not a simple superficial effort, but is based on in-depth research and understanding of the target market. In the process of overseas market expansion, the Pop Mart team has accumulated rich experience and lessons, and has gradually formed a mature and reusable localized operation model. This model not only ensures the effective communication of the brand in different cultural backgrounds, but also brings stable performance growth and market share increase for the company. In the future, Pop Mart needs to further optimize its global strategic layout, strengthen cross-cultural communication capabilities, improve the efficiency of first-chain management, and continue to invest in R&D and innovation to maintain the brand's long-term competitiveness and market attractiveness.