Global Strategy of China Pop Mart That Became a 45 Trillion KRW Company and What Korea Should Learn: Chinese figure brand Pop Mart is changing the landscape of the global toy market. According to global listed company market cap platform CompaniesMarketCap, Pop Mart market capitalization is 32.74 billion USD (approximately 45.7 trillion KRW) -- higher than the combined value of Mattel, Hasbro, Sanrio, and other Western toy giants. This demonstrates how a character IP-centered business model works and can capture consumers worldwide. The blind box model: Pop Mart sells collectible figures in sealed packaging where the buyer does not know which specific figure they will receive -- the random element creates excitement, repeat purchasing, and secondary market trading; the model borrows from gacha games (random reward mechanics) but applies it to physical collectibles; consumers who want to complete a set must purchase multiple times, creating high average revenue per collector. The global expansion strategy: Pop Mart has opened retail stores in Singapore, London, Los Angeles, New York, and dozens of other cities targeting overseas Chinese communities as the initial customer base and expanding to local collectors; the Labubu character collaboration with Lisa (BLACKPINK) dramatically increased Western brand awareness; the IP development model creates multiple revenue streams from a single character across figures, plush, fashion collaborations, and digital content. What Korea should learn: Korea has strong IP assets (BTS, webtoon characters, gaming IPs) but lacks the systematic commercialization infrastructure for physical collectibles that Pop Mart has built; the blind box retail model could be applied to Korean character IP with the right manufacturing and retail partner strategy.