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Friday, July 12, 2024

Art Toy Culture Elevated: Minor & POP MART

Minor International Pcl., one of the world’s largest hospitality, restaurant, and lifestyle companies and POP MART, a leading pop culture and entertainment company based in China, have joined forces to establish a groundbreaking joint venture aimed at promoting the art toy culture in Thailand.

The joint venture, formed through Minor International’s retail business division, known as Minor Lifestyle and POP MART, marks a strategic alliance between two industry leaders. This alliance will leverage their combined resources and expertise to propel the growth of art toys in Thailand. It also lays the foundation for a seamless expansion of their collaboration on a global scale by bringing together Minor International’s extensive retail and market presence in 63 countries and POP MART’s renowned IPs.

Minor International’s strong establishment in the Thai retail market stems from various competitive strengths. These range from its expansive network of over 250 fashion & lifestyle outlets strategically spread across the country, to its capabilities in efficient logistics, warehousing, and operations. These strengths synergize seamlessly with POP MART’s expertise. The partnership is positioned to create exciting avenues for local artists, while enabling both companies to successfully drive further co-branding and marketing efforts.

“Minor International is committed to delivering exceptional experiences that resonate with customers and positively impact all stakeholders” said Micah Tamthai, COO of Minor Lifestyle. “This joint venture with POP MART aligns with our vision to broaden our collection of lifestyle brands, catering to the evolving preferences of Thailand’s dynamic and young lifestyle segment.”

Thailand, as the second-largest economy in Southeast Asia, boasts a vibrant consumer market and continues experiencing the growth in affluent middle-class population. The country’s toy and game industry market size already ranks eighth in the Asia-Pacific region, surpassing that of Hong Kong and Singapore. With the per capita GDP surpassing the key indicator of “US$10,000 per capita”, there is a shift in consumer preferences towards emotional and cultural needs, creating an opportune moment for the development of the art toys market.

Mr. Moon Duk il, Head of POP MART’s overseas business, unveiled the joint venture’s ambitious near-term goals in Thailand. “We envision opening close to 20 retail locations and pop-up stores, accompanied by approximately 50 roboshop vending machines throughout Thailand. The first flagship store is scheduled to open this September, followed by a second store in December. We are confident that this strategic roadmap will enable us to address the demands of the discerning Thai market.”

Since 2018, POP MART has been actively expanding its global reach, with a strong focus on Southeast Asia. Having already established a significant presence in Singapore and Malaysia, the joint venture in Thailand represents a pivotal advancement in the company’s strategic growth.

In addition to bolstering sales channel constructions, POP MART remains dedicated to promoting art toys culture. The company has hosted fashion-themed exhibitions in Singapore to resonate with the local consumers’ cultural identity. The upcoming PTS International Art Toy Show in Singapore, slated for September, is yet another milestone for POP MART, marking its first large-scale art toy show in an overseas market.

This strategic collaboration between Minor International and POP MART epitomizes the companies’ shared commitment to global expansion and cultural enrichment. The partnership is set to redefine the art toy landscape in Thailand and beyond, empowering artists, engaging consumers, and cultivating a vibrant art toy culture in the region.

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