Is Pop Mart's Popularity in the Toy Business a Passing Fad or a Lasting Threat to Hasbro and Mattel?

While Pop Mart may not be as well-established stateside when compared to its rivals in the retail toy business — perhaps most notably, Mattel and Hasbro — its market cap actually eclipses both of these, even when combined.

As Sherwood Media detailed, following its 2020 Hong Kong IPO, Pop Mart's valuation has soared to an incredible $33.6 billion. For purposes of comparison, Mattel's market cap currently rests at $5.1 billion after a recent period of downturn, and Hasbro's at $8.7 billion.

That surge has been backed by the popularity of brand/character Labubu, complete with a furry body, wide eyes, and characteristically pointy ears reminiscent of a fantasy monster.

"So, what’s behind the frenzy? To the growing pool of 'kidult' customers, Labubu offers a rare mix: collectible fun, luxury-adjacent styling, and more than a hint of childhood nostalgia — making it this generation’s Barbiecore, just with sharper teeth," the outlet's Hyunsoo Rim wrote.

"Though Labubu mania is most notably a thing in Southeast Asia, the craze has come to the United States too, with long lines reported in malls around the country. It’s also sparked an entire cottage industry. Per The New York Times, creators have started to sell 'tiny outfits specifically designed for the dolls, car seats for them to sit in and even little handbags for them to carry,'" she added.

Will Pop Mart and Labubu Actually Show Lasting Longevity in the US Toy Market vs. Hasbro and Mattel?

The question remains, however: Despite its rapid ascension into global popular culture via toy collectors of all age groups, will Pop Mart — and by extension, its Labubu lineup — be able to hold its own in the American market more specifically, particularly when squaring off against established players such as Mattel and Hasbro?

With Mattel holding the rights to such lucrative properties as Barbie, Hot Wheels, Fisher-Price, American Girl, Mega Bloks, and more — and Hasbro helming Dungeons & Dragons, Magic: The Gathering, Nerf, Transformers, Peppa Pig, and a slew of iconic board games — it could be an uphill battle for Pop Mart in terms of gaining a foothold against entrenched positions.

But Mattel has recently suffered a significant shedding of its own stock valuation in the face of continuing tariffs instigated by President Donald Trump, losing 18% of its value since April 2, when Trump enacted his "Liberation Day" tariff plan in full. Hasbro's stock price, on the other hand, has largely recovered following an abrupt drop following the April 2 announcements.

In contrast, Pop Mart has been seeing booming business in the North American market, described as having "viral" appeal, as Vogue Business reported.

Rim noted that Pop Mart had seen revenues multiply ninefold during the first quarter of 2025 in the NA region and that the company is advantageously positioned regarding trade risks as compared to stateside competition. Further, given the fact that its product, primarily blind boxes, is priced higher than most offerings from Hasbro or Mattel, it is less susceptible to pricing pressures that may be affecting consumers more familiar with the other two brands.

Lucy Maguire, senior trends editor at Vogue Business, quoted Pop Mart managing director and head of Europe, Peter Shipman, on the key to the toymakers ongoing success story.

“With everything going on in the world right now and so much uncertainty, people are seeking out experiences and items that bring comfort, happiness and a sense of playfulness,” Shipman said.

“Labubu and the whole Pop Mart range offers a little pocket of escapism, something charming and reassuring to carry with you," he added.