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Pop Mart & Blind Boxes

From Labubu to Skullpanda — the complete collector’s guide to the biggest blind box brand on the planet.

What is Pop Mart?

Pop Mart is the company behind Labubu, Molly, Dimoo, Skullpanda, and dozens of other designer toy IPs. Founded in 2010 in Beijing, they’ve grown into a global empire with 800+ stores, $5B+ in annual revenue, and a cultural footprint that rivals Disney in the collectibles space.

Pop Mart Care Bears Cheer BearPop Mart Instinctoy Crystal PinkPop Mart Care Bears Bedtime Bear

Their figures are sold primarily as blind boxes — sealed packages where you don’t know which design you’ll get until you open it. That element of surprise is the core of the experience. It’s collecting meets gambling meets unboxing theater.

How blind boxes work

You buy a sealed box from a series. Each series has 12 designs, usually 10 regular and 2 rare variants. You don’t know which one you’re getting.

ILLUSTRATION \u2014 Blind box opening flow: buy \u2192 shake \u2192 open \u2192 reveal \u2192 collect or trade

The thrill is the reveal. Some people buy one box at a time. Some buy full cases of 12 to guarantee they get most of the set. And then there are the secret figures — the chase pieces with odds as low as 1 in 144.

The shake method

Experienced collectors shake, weigh, and listen to blind boxes before buying. Heavier boxes or ones that rattle differently can indicate rare figures with extra accessories. Some stores now sell from behind the counter to prevent this. It’s part of the culture.

The major IPs

Pop Mart has dozens of IP lines, but these are the ones that matter most to collectors.

Labubu

Kasing Lung (Hong Kong)

The monster with the grin that launched an empire. Over 600 designs across vinyl, plush, and mega formats. The first Pop Mart IP to hit 10 billion RMB in revenue. Labubu is to Pop Mart what Mickey is to Disney.

Molly

Kenny Wong (Hong Kong)

The original Pop Mart icon. A blonde girl with a permanent pout, created in 2006. Molly put Pop Mart on the map and remains one of the most recognized designer toy characters globally.

Dimoo

Ayan

A dreamy boy with a cloud on his head. Launched 2019, surpassed Molly in sales by 2021. Known for fairy tale and fantasy-themed series with ethereal color palettes.

Skullpanda

Xiong Miao

Dark gothic aesthetic meets time travel. Launched 2020. Appeals to collectors who want something edgier and more artistic than the cute mainstream. Strong resale market.

Hirono

Lang

A stubborn boy confronting the world. Coming-of-age narrative. Launched 2021. Popular with collectors who connect with emotional storytelling over pure cuteness.

Pucky

Pucky

Cute meets dark since 2018. Baby-like characters with an undercurrent of weirdness. Think cherubs designed by someone who watched too much Junji Ito.

Crybaby

Molly (not the IP)

Rising star of 2025-2026. Emotional, vulnerable characters with tear-streaked faces. The ‘quirky-cute’ aesthetic that’s challenging Labubu’s dominance among younger collectors.

Care Bears Always There BearInstinctoy Dream WhiteCare Bears Funshine Bear

Rarity tiers and odds

Every blind box series has a rarity structure. Knowing the odds helps you understand why some figures are worth 100x retail.

70%

Common / Regular

The standard designs in the series. Easy to pull, trade value is close to retail. These are the base of every collection.

25%

Rare

Better designs, often with more detail or special colorways. You’ll usually get 2-3 per full case of 12 boxes.

1-3%

Secret

The chase figures. 1 in 72 or 1 in 144 odds depending on the series. These are the ones that make collectors scream when they pull them. Resale value: 5-20x retail.

<1%

Ultra Secret

The mythical pulls. 1 in 288 or 1 in 720 odds. Glow variants, metallic finishes, one-of-a-kind colorways. Some sell for $1,000-2,000+ on the aftermarket.

Pop Mart Secret figure — Care Bears Work of Heart Bear

Aftermarket value

The Pop Mart secondary market is massive. Secret and ultra-secret figures command serious premiums. Even common figures from discontinued series can appreciate over time.

CHART \u2014 Secret Labubu resale prices: Wings of Fantasy ($1,700), Macaron Secret ($800), etc.
  • Rarity tier — secret and ultra-secret command 5-20x retail
  • Series popularity — Labubu and Skullpanda hold value best
  • Condition — sealed with card vs opened makes a big difference
  • Celebrity endorsement — when Lisa from BLACKPINK wore a Labubu, prices doubled overnight
  • Collaboration releases — KAWS, Sanrio, Disney collabs are aftermarket gold
  • Regional exclusives — Japan-only or event-only releases are inherently scarce

The hype trap

Prices spike on release day and often correct within weeks. If you’re buying for value, don’t buy at peak hype. Wait for the initial rush to settle. The TFM price chart shows you exactly where a figure sits in its price lifecycle.

Pop Mart on Tokyofishmarket

Every Pop Mart product in our catalog comes with rarity data, aftermarket pricing, and community reviews. You can track your collection, see what your secret pulls are worth, and list them on the marketplace when you’re ready.

We index every series, every design, every rarity tier. If it exists, it’s in our database. And if it’s not yet, our community will add it.