chose London as its new regional headquarters and announced that it will open seven more stores in the United Kingdom, after British Prime Minister Keir Starmer secured the investment on his trip to China.
Starmer’s four-day visit aims to inject growth into the British economy by strengthening ties between the countries through better market access, lower tariffs and investment deals such as Pop Mart.
The Labubu dolls, whose toothy smile and pointy ears are responsible for their intentionally imperfect ‘ugly-cute’ appeal, have become collectors’ items since going viral on social media 18 months ago.
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Starmer’s visit secured export deals worth 2.2 billion pounds ($3.02 billion), in addition to market access valued at 2.3 billion pounds over five years and hundreds of millions of pounds in investment, a statement from his office said on Friday.
Pop Mart will open in seven locations across the UK, including Birmingham, Cardiff and a new flagship store on Oxford Street in London. A further 20 stores are also planned across Europe.
The investment will create more than 150 jobs in the United Kingdom according to the statement.
“London is at the center of the global creative ecosystem and we’re excited to plant our European roots here,” said Grant Wang, founder and chief executive of Pop Mart, in a statement.
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Pop Mart is part of a group of Chinese consumer-facing companies, including fashion retailer Urban Revivo and coffee shop chain Luckin, that are turning to international markets to try to combat weakening domestic spending linked to a prolonged housing crisis and concerns about wage security.
Starmer’s office also said that Chinese energy storage company HiTHIUM will invest £200 million in the UK, creating 300 jobs, and that biotechnology group Asymchem will create 150 jobs by expanding its operations in the UK.
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(Reporting by Andrew MacAskill)
