On January 17, Chinese toymaker POP MART announced the launch of its new jewellery brand, POPOP. The brand debuted with pop-up stores in Shanghai and Shenzhen on January 16. Given POP MART’s recent success, the expansion into jewellery quickly became a hot topic online.
POPOP positions itself as a high-street-to-premium fashion jewellery brand. Its products are primarily made of sterling silver (92.5% silver), cubic zirconia, and artificial pearls. The brand’s positioning is similar to well-known names like Swarovski and Pandora. However, POPOP stands out by incorporating POP MART’s original intellectual properties (IPs), such as MOLLY, LABUBU, and HIRONO, into its designs. This unique integration of beloved characters is the brand’s key differentiator in the competitive jewellery market.
This isn’t POP MART’s first foray into jewellery. Last year, the company tested the waters with limited-edition collections and pop-up events. However, the official launch of POPOP has sparked debates over its pricing. A limited-edition sterling silver SKULLPANDA necklace, priced at 2,699 RMB (approximately 368.25 USD), has drawn particular attention. Netizens have humorously speculated that POP MART is aiming to become a luxury brand. Some online commentators have even suggested that the same middle-class consumers who buy LABUBU toys are also drawn to high-end brands like Hermès, citing the “emotional value” and celebrity endorsements associated with these products.
POP MART isn’t alone in blending IPs with jewellery. Established brands like Swarovski and Hong Kong-based Chow Tai Fook have previously collaborated with international IPs such as Pokémon and Sanrio Characters. POP MART itself has partnered with Chow Sang Sang, a Hong Kong jeweller, on a co-branded jewellery collection.
The launch of POPOP comes at a time when the jewellery market is undergoing significant changes. Gold prices surged in 2024 and remain high in 2025, leading to a decline in revenue for traditional gold-focused jewellers. For example, Chow Tai Fook reported a 20.4% year-on-year drop in revenue to 39.41 billion HKD (5.06 billion USD) for the first half of FY2025, alongside a 44.4% decrease in profit. With gold prices deterring some customers, there is a potential shift toward more affordable, emotionally driven products like those offered by POPOP.
Whether POPOP can fill this gap by leveraging its original IPs and the “emotional value” they provide remains to be seen. The brand’s success will depend on its ability to attract consumers seeking both affordability and a connection to their favorite characters.
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