Media365
Chinese toymaker Pop Mart said it plans to develop more of its Pop Land theme parks on the mainland and overseas, and is in talks with several cities to expand beyond its sole existing venue in Beijing.
Jeffrey Hu, head of Pop Land and vice-president of Pop Mart, said on Friday that the company had established solid park operations capabilities, and planned to replicate this model whenever suitable opportunities emerged.
“We also plan to develop an integrated resort blending theme park facilities, commercial spaces and hotels when the time is right,” Hu said.
Jeff Zhang, an equity analyst at Morningstar, said opening resorts and theme parks overseas was an optimal move to diversify revenue away from toy merchandising.
“We think the upgraded theme park will boost ticket income and cross-selling of toy products for Pop Mart, but increased investments could mildly weigh on the company’s near-term profitability,” Zhang said.
“For overseas expansion, we think the next Pop Land will likely be launched in Thailand, featuring Labubu, Crybaby and other [intellectual properties] with strong local popularity.”
