# Global Expansion

The Labubu Paradox: Why China’s Pop Mart is Winning the Long Game in IP Evolution

Despite market fears regarding over-reliance on the Labubu IP, Pop Mart’s 2025 financial results reveal a robust, multi-tiered IP ecosystem that is successfully diversifying into global markets and new product categories. The company is transitioning from a blind-box retailer into a comprehensive entertainment group akin to Disney or Sanrio.