Pop Mart Taps LVMH China Chief for Board as Toymaker Eyes High-End Push

Pop Mart International has appointed Andrew Wu, the Greater China president of LVMH, to its board as a non-executive director. The move signals the toy maker's intent to deepen its luxury strategy amid significant stock volatility.

Wu, 69, has overseen LVMH’s business in the region since 2005. His initial three-year term includes an annual remuneration of HK1.2 million in fixed cash and HK1.8 million in share incentives, according to a company filing released on the 10th.

The appointment comes as Pop Mart shares face selling pressure. After peaking at HK330 in August 2025, the stock closed yesterday at HK190.4. The company has seen a 44% decline in its share price this year, erasing more than HK200 billion (US25.7 billion) in market capitalization.

Despite the market valuation pullback, operational growth remains strong. Third-quarter revenue in 2025 surged between 245% and 250% year-on-year, fueled by the international success of its Labubu character. The company reported a gross profit margin of 70.3%, approaching levels seen in the luxury sector.

Management has explicitly signaled a shift toward premium positioning. Founder Wang Ning noted during a March 2025 earnings call that the company studies luxury models to maintain product scarcity. Wu’s background is expected to bolster this strategic direction.

Collaboration between the entities predates the board appointment. In October 2025, LVMH brand Moynat launched a collection with Pop Mart designers, with LVMH Chairman Bernard Arnault attending the launch event.

The deepening ties have generated mixed reactions online, with social media discussions focusing on whether the mass-market "blind box" model will pivot toward luxury pricing structures.