On January 17, it was reported that Chinese toymaker POP MART has entered the jewellery market with the launch of its new jewellery line under the POPOP moniker. Pop-up shops were opened the day before in Shanghai and Shenzhen, creating immediate buzz across the web, especially given POP MART’s recent performance and growing brand recognition.
POPOP aims to position itself as a high-street-to-premium fashion jewellery brand, offering pieces made predominantly from 92.5% sterling silver, cubic zirconia, and artificial pearls. It targets a market similar to brands like Swarovski and Pandora, with the key distinction being its use of POP MART’s beloved IPs, such as MOLLY, LABUBU, and HIRONO, which feature prominently in POPOP’s designs. This unique blend of fashion jewellery and iconic characters is the brand’s main differentiator in a crowded market.
This isn’t POP MART’s first attempt to break into the jewellery space. Last year, the company launched limited-edition pieces and pop-up shops to test the waters, but the latest full-scale launch has sparked some controversy. The pricing of the collection, especially the limited-edition SKULLPANDA necklace priced at 2,699 RMB (368.25 USD), has caught the attention of netizens, with many joking that POP MART is aiming to become a luxury brand. Some have also drawn parallels between POPOP buyers and those purchasing high-end luxury items, noting that celebrity endorsements and the “emotional value” tied to POP MART’s original IPs may be attracting a middle-class crowd.
Interestingly, brands like Swarovski and Hong Kong-based Chow Tai Fook have long collaborated with popular IPs like Pokémon and Sanrio Characters, creating a precedent for jewellery collections tied to beloved characters. POP MART itself has teamed up with Hong Kong jeweller Chow Sang Sang for a co-branded collection, reinforcing the growing intersection between high fashion and IP-inspired jewellery.
The rising prices of gold in 2024, which have continued into 2025, have significantly impacted traditional “gold shop” jewellers, leading to sharp declines in revenue and profits. Chow Tai Fook, for example, reported a 20.4% year-on-year drop in revenue and a staggering 44.4% decrease in profit for H1 FY2025. Given these challenges, it’s possible that consumers will seek alternatives to traditional gold and luxury jewellery, making POPOP’s entry into the market with affordable, IP-centric designs all the more timely.
Whether POPOP can leverage the “emotional value” of its IPs to fill the void left by high-end gold jewellery remains to be seen. The success of this strategy will be one to watch closely as the market continues to evolve.
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