POP MART(HK:09992) Guan Cha Zhe Wang·2025-06-16 07:14Core Viewpoint - Pop Mart has launched its independent jewelry brand popop with two store openings in Beijing and Shanghai, indicating a strategic expansion into lifestyle commerce beyond its core toy business [1][3]. Group 1: Brand Expansion - Pop Mart opened its first popop store in Beijing on June 14, following the global debut in Shanghai on June 13 [1]. - The launch of popop is part of Pop Mart's "IP+" strategy, aiming to diversify its product offerings through different categories, with jewelry being a significant focus [3]. Group 2: Product Offering - Popop features a range of jewelry products, including earrings, rings, and necklaces, with price points for rings at 399, 499, and 699 yuan, bracelets ranging from 500 to 1000 yuan, and necklaces priced between 1000 and 2699 yuan [3]. - The brand incorporates popular IPs from Pop Mart, such as MOLLY, SKULL PANDA, and LABUBU, blending trendy jewelry with everyday wear [3]. Group 3: Market Positioning - Popop is positioned similarly to Danish brand Pandora, targeting the silver jewelry market, despite Pandora facing challenges in the Chinese market [12]. - The brand plans to continue expanding its offline presence within the year to enhance brand influence and explore growth potential in the jewelry category [12]. Group 4: Competitive Landscape - Pop Mart's popop competes with established players like Lao Pu Gold in the same retail locations, indicating a competitive market environment [12]. - The brand's entry into the jewelry market comes amid reports of unauthorized LABUBU-themed gold jewelry being sold, raising concerns about intellectual property rights [12]. Group 5: Market Reaction - Following the store openings, Pop Mart's stock experienced volatility, with a nearly 5% drop, reflecting investor concerns about the sustainability of its business model and future growth expectations [13].