Pop Mart, a character-based entertainment company known for its mystery blind boxes, has ventured into the Thai market to tap the thriving art and toy culture.
Justin Moon, president of Pop Mart International, said the company recently opened its first store in Thailand, spanning 169 square metres at CentralWorld mall.
The company is a joint venture between Pop Mart from China and Minor Lifestyle, a unit under Minor International Plc, one of the world's largest hospitality, restaurant and lifestyle companies. The company has ambitious plans for expansion, with a second branch slated to open by year-end, Mr Moon said.
Over the next five years, Mr Moon said Pop Mart intends to establish up to 20 retail outlets and pop-up shops, accompanied by around 50 Pop Mart Roboshop vending machines, strategically placed across Thailand.
He said the company chose Thailand for expansion because sales were surging on platforms such as Shopee and Lazada, hinting at substantial market potential not only in Thailand, but also in neighbouring countries.
"Thailand's fascination with pop culture is on the rise, particularly concerning art toys in the form of these intriguing blind boxes, which generate excitement and anticipation every time they are opened," said Mr Moon.
Micah Tamthai, chief operating officer of Minor Lifestyle, said the joint venture with Pop Mart aligns perfectly with Minor Lifestyle's vision to broaden its collection of lifestyle brands, catering to the evolving preferences of Thailand's dynamic and young lifestyle segment.
Thailand is the second-largest economy in Southeast Asia, with a thriving consumer market and steady growth in its affluent middle-class population.
The country's toy and game industry market has already overtaken Hong Kong and Singapore, securing eighth place in Asia-Pacific. With a per capita GDP surpassing the crucial threshold of US$10,000, consumer preferences are shifting towards emotional and cultural needs, creating a favourable environment for the growth of the art toys market, said Mr Micah.
"In the future, Pop Mart can become more than Art Toys. We plan to leverage the success that started with fun, excitement, and surprises as a bridge to new businesses that focus on entertaining consumers, such as theme parks, games, or even animation," Mr Moon said.
Within just one year of operation in Thailand, he expects the country to rank among the world's top three largest markets for Pop Mart, following China and the US.
"Southeast Asia is a market worth exploring whether for offline potential or online space, with its rich cultural diversity and a welcoming attitude towards foreign cultures and products. High levels of investment, coupled with strong support for foreign-funded enterprises, have fostered a conducive business environment," said Mr Moon.
As of June 30, 2023, Pop Mart has 432 stores globally and its robotic stores have expanded to 2,328 locations.