Beijing-based renowned collectible toy manufacturer, Pop Mart, has officially diversified its business into the culinary sector. This strategic move is marked by the opening of its first international bakery outlet in Singapore, serving various desserts based on their iconic characters such as Labubu and Molly.
Strategically located opposite Universal Studios Singapore, the two-story bakery offers at least 45 unique menu variants. Visitors can enjoy creative treats ranging from black sesame-flavored Labubu popsicles to Molly cheesecakes, with prices ranging from 5 to 32 Singapore dollars per product.
Singapore serves as the gateway for Pop Mart's global expansion in the F&B sector. The company is also targeting other Southeast Asian markets such as Indonesia, Thailand, and Malaysia, and is currently exploring opportunities to expand into Europe and the United States as their local supply chains mature.
Before expanding into the global market, Pop Mart tested this sweet treat business concept through more than 30 pop-up trucks in China, as well as opening its first bakery outlet in the city of Qinhuangdao last April. This diversification is carried out amid the challenges of rising production costs and a slowdown in profit growth that has recently fallen short of market expectations.
Business observers view this move as a smart strategy to maximize the utilization of the company's intellectual property (IP) beyond the designer toy industry. By presenting characters in fully edible three-dimensional forms, Pop Mart aims to replicate Disney's success in maintaining long-term brand relevance.
