Pop Mart Expands into Bakery Business, Labubu Bakery Opens Here
Jakarta, CNBC Indonesia - Pop Mart, the Beijing-based blind box toy manufacturer famous for the Labubu character, has officially begun diversifying its business globally.
The company has just opened its first international bakery, Pop Bakery, in Singapore, as an initial step towards turning short-term virality into long-term success.
According to Reuters, strategically located opposite Universal Studios Singapore, the two-storey bakery transforms Pop Mart’s iconic characters into three-dimensional (3D) sweet treats. Signature items include a black sesame ice lolly shaped like Labubu and a double cheesecake in the form of the Molly character. There are 45 varieties of toy-themed cakes and drinks on offer, priced from S$5 to S$32 (Rp 70,000 to Rp 500,000).
Zhang Xiaoyang, head of Pop Bakery at Pop Mart, revealed that Singapore is only the first stop in their global ambitions. Pop Mart plans to expand the dessert shop concept across Southeast Asia, including Thailand, Indonesia and Malaysia, before targeting Western markets.
“We are also considering opening bakeries in Europe and the United States. It is only a matter of time, and we need to address issues such as local supply chains first,” Zhang said in an interview.
Zhang added that Pop Mart has a distinct advantage over its competitors. The company prides itself on being able to make its characters directly edible in precise three-dimensional form. This approach differs from other entertainment companies such as Disney, which typically still use flat designs or plastic ornaments on their cakes.
“We hope to use our IP (intellectual property) to accompany all aspects of consumers’ lives, and desserts are one of them,” Zhang said.
The Singapore outlet follows the debut of Pop Mart’s first bakery in the coastal city of Qinhuangdao, China, last April. Before launching physical stores, Pop Mart had tested the concept through more than 30 pop-up dessert truck outlets in the country.
This bold move comes amid a challenging business environment for Pop Mart. The company currently faces rising production costs, along with scrutiny from analysts questioning the sustainability of its business model after annual sales and revenue growth missed expectations in recent quarters.
Beyond the culinary business, Pop Mart is aggressively expanding its wings to follow in the footsteps of global entertainment giant Disney.
This year, the company has announced a collaboration with Sony Pictures to develop a Labubu film, as well as an expansion of its theme park, Pop Land, located in Beijing.