On 17 January, it was reported that Chinese toymaker POP MART had launched its jewellery line under the POPOP moniker. Pop-up shops were opened on the previous day in both Shanghai and Shenzhen. With POP MART’s recent results, it was natural that the new category extension from the brand would quickly make headlines across the web.
As a brand, POPOP is mostly a high-street-to-premium fashion jewellery brand with predominantly sterling silver (92.5% silver), cubic zirconia and artificial pearl items. It is positioned akin to Swarovski or Pandora, apart from one key element, which is, of course, the original POP MART IPs. Popular IPs such as MOLLY, LABUBU and HIRONO are all present in the designs of POPOP, which is the main draw and differentiation between the brand and other similarly priced products.
This is not the first time the blind box maker has attempted to expand into the jewellery market. Limited editions and pop-ups were launched last year to test the waters. However, the latest launch of POPOP seems to be met with controversies over its pricing, especially the limited-edition sterling silver SKULLPANDA necklace that will set you back 2,699 RMB (368.25 USD). Netizens jokingly say that POP MART is aiming to become a luxury brand. However, there has been a saying online that the people who buy LABUBU are the same crowd buying Hermès because of the celebrity endorsements and “emotional value” that has lured middle-class consumers away from luxury.
In fact, brands such as Swarovski and Hong Kong-based Chow Tai Fook often launch collaborations with international IPs such as Pokémon and Sanrio Characters. POP MART also teamed up with Hong Kong-based jeweller Chow Sang Sang for a co-branded jewellery collection.
Gold Prices grew significantly in 2024 and remain high in 2025. This has caused traditional “gold shop” jewellers to see huge decreases in revenue and profit. Take Chow Tai Fook as an example, in H1 FY2025 (6 months ending 30 September), the brand saw a 20.4% year-on-year (YoY) drop in revenue to 39.41 billion HKD (5.06 billion USD), and a whopping 44.4% decrease in profit. With high gold prices, aspiring customers will likely move away from gold and luxury jewellery for the time being. Whether POPOP can plug the vacuum with the “emotional value” it provides with original IPs is worth monitoring.
