LVMH's Wu Yue joins Pop Mart board, marking toy maker's latest move upmarket

MA Yue

Pop Mart, the Chinese toymaker behind the runaway Labubu craze, is bringing in one of the country's best-known luxury executives. The company said Wednsday that Wu Yue, president of LVMH Group China, has joined its board as a non-executive director.

Wu declined to comment when contacted by Jiemian News, saying he does not participate in media discussions. Pop Mart did not respond beyond the announcement.

Wu, 69, is a veteran of China's luxury market and has spent more than two decades overseeing LVMH's expansion on the mainland, including the rollout of 47 brands and the development of high-end retail spaces. As a non-executive director, he will focus on strategic oversight rather than daily operations.

Luxury groups placing senior executives on Chinese corporate boards is not unprecedented. In 2024, Kering's China president Cai Jingqing became an independent non-executive director at Xiaomi, and Haidilao appointed Chagee founder Zhang Junjie to its board.

For Pop Mart, Wu's arrival is widely seen as a step in its push to upgrade its brand image. Morgan Stanley wrote in a research note that the appointment indicates strong recognition of Pop Mart's intellectual property in fashion and entertainment, and could strengthen confidence in its marketing and product strategy.

Wang Ning, Pop Mart's founder, has long expressed interest in luxury retail. In a 2016 entrepreneurship program, he described a desire to open stores next to Louis Vuitton, saying such placements required approval from both the mall and the luxury house. At the time, Pop Mart had 31 stores, generated 88 million yuan in revenue and was still loss-making.

Since then, Pop Mart has built a global following around designer figurines such as Molly and Labubu. As Labubu gained traction among celebrities and fashion influencers, the brand began appearing at fashion weeks, in magazine shoots, and on high-end accessories. Apple CEO Tim Cook attended its 10th-anniversary exhibition this year, and the character appeared at New York's Thanksgiving parade.

LVMH-linked moments have already surfaced. In October, Labubu designer Kenny Wong posted a photo with LVMH chairman Bernard Arnault, who held a Labubu-themed MOYNAT handbag — the character's first collaboration with a luxury label.

The company is now expanding aggressively overseas. Pop Mart has opened stores in France, Germany, Italy, Denmark, the Netherlands, Spain and the United Kingdom, and plans locations on New York's Fifth Avenue and Times Square. Wang has said he aims to secure larger and more prominent stores in key global markets.

In mainland China, Pop Mart has entered prime shopping districts but is typically in the same mall rather than directly beside LV. Analysts say Wu's experience with "golden location" retail strategy could help the company advance its positioning.

Pop Mart is also leaning further into fashion partnerships. Labubu has collaborated with Uniqlo and Godiva; Dimoo with Chow Sang Sang and Chopard; Molly with Moncler and Balmain; and Skullpanda with Huawei. The push aligns with a luxury industry that is increasingly using cross-brand collaborations to reach younger consumers as core markets slow.

Wang has said Pop Mart should benchmark global brands such as Disney, Lego and Nike. "We shouldn't look downward. We should look upward and outward, and learn from the best," he said.