Labubu Meets LVMH: Pop Mart Opens Flagship Store in Paris

Chinese collectible designer-toy maker Pop Mart International is continuing its aggressive global expansion despite some cooling in overseas sales. The company has announced the opening of its first European flagship store in Paris, on the prestigious Boulevard Haussmann, next door to the iconic department stores Galeries Lafayette and Printemps, according to the South China Morning Post.

Ahead of the opening, Pop Mart founder and CEO Wang Ning personally visited Paris. During the trip, he met Bernard Arnault, chairman and CEO of luxury conglomerate LVMH, and presented him with a collectible Labubu figure.

The meeting was also attended by Dior CEO Delphine Arnault, Bernard Arnault’s eldest daughter, as well as Louis Vuitton CEO Pietro Beccari.

The visit followed another high-profile meeting. In July, Wang Ning traveled to Apple’s headquarters in Cupertino, where he met CEO Tim Cook and incoming CEO John Ternus to discuss digital ecosystems and global consumer trends.

“We believe the business ties between Pop Mart and LVMH are underpinned by potential collaboration around Pop Mart’s key intellectual properties (IPs),” said Jeff Zhang, an equity analyst at Morningstar.

According to the analyst, after Labubu collaborated with luxury brand Moynat last year, the latest high-profile visits are aimed at elevating Pop Mart’s brand status. While premium collaborations are unlikely to immediately deliver a dramatic boost to the company’s overseas revenue, they could pave the way for Pop Mart characters to enter the world of high fashion.

The relationship between the two companies is also strengthening at the board level. Last December, Wu Yue, LVMH’s president for Greater China, joined Pop Mart’s board as an independent non-executive director.

“Wu Yue’s experience in the luxury industry gives Pop Mart opportunities to diversify beyond toy manufacturing, similar to what giants such as Disney and Sanrio have done,” Zhang explained.

A Year of “Adjustment” and the Push Overseas

Meanwhile, after releasing its interim financial results in August, Pop Mart management acknowledged that the company is unlikely to hit its 20% revenue-growth target this year, citing the high comparison base from last year.

International expansion remains a key priority for the brand, but first-half 2026 results showed a decline:

• Overseas revenue: 4.97 billion yuan (approximately $740.1 million), down 11.1% year-on-year.
• Share of overseas sales: fell to 29% of total revenue, compared with 40.3% a year earlier.

Calling 2026 a “year of adjustment” following last year’s boom fueled by Labubu’s explosive popularity, Wang Ning stressed that the company is focusing on strengthening its fundamentals and optimizing its global retail network rather than chasing rapid expansion for its own sake.

As of June, Pop Mart operated 676 physical stores worldwide.