On November 27, Jacob, a New Yorker and parade-goer, joined the crowds lining Manhattan’s streets for the Macy’s Thanksgiving Day Parade. He had expected to see Labubu soaring overhead as a giant balloon, but to his surprise, the character’s “friends” from the Pop Mart portfolio also appeared on a themed float accompanying it.

Li Yue, a Chinese student studying in New York, was equally astonished. “When the Pop Mart and Disney floats passed by, the crowd roared. I thought Labubu was only known among Chinese people, but clearly, many Americans are into it too,” she said.

As a longtime tradition, the parade draws tens of millions of viewers worldwide each year. This year’s lineup featured iconic characters such as Mickey Mouse, SpongeBob, Super Mario, and Snoopy. But Labubu and its fellow Pop Mart characters marked a historic moment: the first time a Chinese-origin IP has ever been featured on a float in the event’s long history.

Labubu has been active globally throughout the year, though its popularity has sometimes been questioned. Whether it can sustain momentum remains to be seen, but its parade debut showed that Labubu has entered mainstream US culture. At just ten years old, it may be young beside century-old classics, yet its presence raises a larger question: has Pop Mart, the company behind Labubu, truly broken into the US?

A new face in the parade

Jacob recalled how spectators along the route shouted the names of Pop Mart’s characters—Labubu, Dimoo, and Molly—when the float rolled by. Many fans carried their own collectibles, while three massive Labubu figures waved to the crowd, sparking cheers with their playful, expressive designs. The float quickly went viral on social media.

Since 1924, Macy’s has hosted the parade every Thanksgiving morning, beginning at 9 a.m. and lasting about three hours. The route stretches from Central Park West through Manhattan to Macy’s flagship store in Herald Square, featuring massive balloons, floats, and performance troupes. Millions attend in person, while tens of millions more watch on television.

This year’s parade included 34 balloons and 28 floats. Pop Mart’s float, titled “Friendsgiving in Pop City,” featured a 16-foot-tall plush-style Labubu and Mokoko, joined by Skullpanda, Molly, Dimoo, Peach Riot, and Duckoo.

For any brand, appearing in the parade is a major cultural milestone. Most floats feature global icons with decades-long legacies, including Mickey Mouse, Super Mario, Snoopy, SpongeBob, Buzz Lightyear, and Pokemon. Against that backdrop, the presence of Labubu and its companions at the parade signals that Pop Mart’s cultural reach may now extend beyond commerce.

Has Pop Mart “made it?”

In 2024, Pop Mart’s popularity swept across Southeast Asia, where Labubu became a household name. Across the Pacific, the brand was gaining similar traction in North America.

In February last year, Rihanna was photographed at Los Angeles International Airport holding a pink Labubu figurine, sparking jokes online that the toy had “made it in the US.” Soon after, Brad Pitt and David Beckham were seen expressing their fondness for the character, amplifying its global buzz.

But in the US, lasting success depends on more than celebrity appeal. As one of the world’s most competitive creative markets, the US has always been central to Pop Mart’s international strategy.

Pop Mart made its US debut at DesignerCon in 2021 and launched its official app later that year. In June 2022, it opened its first pop-up store in California, introducing American shoppers to collectible toy culture. By mid-2023, the company had expanded to New York with another pop-up at the World Trade Center.

Years of groundwork began paying off in 2025. In April, Pop Mart released the third-generation Labubu vinyl plush keychain, “High Energy Ahead,” sparking a global buying frenzy. The Pop Mart app briefly topped the shopping category on US app stores.

According to its 2025 midyear financial report, Pop Mart’s revenue in the Americas reached RMB 2.26 billion (USD 316.4 million), up 1,142.3% year-on-year (YoY). The number of stores in the region rose from 22 at the end of 2024 to 41 by mid-2025. Online sales also surged, with revenue from the company’s US website and app reaching RMB 1.33 billion (USD 186.2 million), a YoY increase of 1,977.4%.

By the third quarter, Pop Mart’s presence in the US had strengthened further. Recognizing the cultural power of sports, the company tapped into that space for visibility. In October, LeBron James appeared on streamer Kai Cenat’s live broadcast wearing a Labubu keychain. The stream drew more than a million viewers. Around the same time, Naomi Osaka brought a customized Labubu onto the court at the US Open, while the character made a surprise appearance during a Knicks-Nets game.

Pop Mart’s float theme, “Friendsgiving in Pop City,” also reflected a broader social trend. “Friendsgiving,” which means to celebrate Thanksgiving with friends instead of family, has become popular among younger generations, and Pop Mart leveraged the concept to connect emotionally with US audiences.

Labubu later appeared at other New York landmarks, including The Mark Hotel and the Today show, where it interacted with hosts on-air, delighting fans nationwide.

The business of people

Once doubted and dismissed, Pop Mart has achieved what few expected: breaking into the Western cultural mainstream. What made it work?

At its core, Pop Mart’s business revolves around emotional fulfillment: selling joy, nostalgia, and connection. Like Disney or Bandai, it taps into universal human needs for comfort and play.

The company’s mission is to offer fun, affordable, and emotionally resonant products for adult fans, especially in uncertain times. Collecting art toys delivers both delight and a sense of control.

He Yu, an early investor from BA Capital, once attributed Pop Mart’s success to “its care for people.” This people-centric approach may explain why a Chinese IP company has managed to resonate so deeply across Asia, Europe, and now the US.

Founder and chairman Wang Ning has likened Pop Mart to a record label, with designers as “artists.” The company scouts creative talent worldwide, including local creators in North America.

One standout is Libby Frame, a Los Angeles-based illustrator who designed Peach Riot, a punk trio of girl characters that quickly became a fan favorite, topping Pop Mart’s US sales charts after debuting in late 2023.

To manage growth, Pop Mart assembled a localized North American team after two years of experimentation. At its midyear earnings call in August, management said it had found the right talent and was learning how to succeed in the US market.

In US stores, Pop Mart tailors its merchandising strategy. While IPs like Molly and Skullpanda dominate shelves in China, they often yield space in the US to collaborations with familiar franchises such as Disney. Shoppers drawn by recognizable characters are then introduced to Pop Mart’s original creations, sparking curiosity among new collectors.

“Regional differences in bestsellers aren’t that big,” one company insider told 36Kr. “Cultural backgrounds may differ, but the desire for beauty is universal.”

At the starting line

Pop Mart’s influence in the US is still growing, and its progress remains gradual but steady.

Its global success rests on four key pillars: addressing universal emotional needs, building a diverse IP portfolio, investing in storytelling, and balancing global consistency with local adaptation.

In 2025, Pop Mart restructured its global operations, establishing regional headquarters in the Americas and Europe to improve localization. It also opened a new factory in Vietnam to strengthen its supply chain and improve cost efficiency.

For Pop Mart, Western markets—and particularly the US—represent enormous potential. As the world’s largest consumer and IP market, the US remains strategically vital.

In many ways, Pop Mart’s moment echoes Japan’s in the 1960s, when Astro Boy became the first Japanese animated series exported to the US, marking the start of Japan’s global animation era. Now, after decades of urbanization and generational change, China is developing fertile ground for original IP creation. Companies like Pop Mart are leading that charge.

In its third-quarter 2025 report, Pop Mart recorded over 1,200% YoY growth in the Americas. A Morgan Stanley survey that same September found that five out of six Pop Mart stores visited in the US saw higher traffic and sales than neighboring retailers, second only to Apple.

Today, Pop Mart operates more than 60 stores across the US. The company plans to prioritize flagship locations in major cities, focusing on quality over quantity.

“Strategically,” Pop Mart said, “the US market will take up most of our focus.”

KrASIA Connection features translated and adapted content that was originally published by 36Kr. This article was written by 36Kr Caijing for 36Kr.