Korean Media: Both Surpass 10 Trillion Won, Chinese Brands Become Highly Popular in Korea!

On May 21, the Korean newspaper *Korea Economic Daily* published an article stating that last year, China's representative food brand Haidilao and the pop culture merchandise company Pop Mart both achieved sales exceeding 100 billion KRW in South Korea. Analysis indicates that products such as Labubu and hot pot are becoming increasingly popular among Generation Z and Millennials (MZ generation).

Data released by the Financial Supervisory Service of Korea shows that Pop Mart Korea’s total sales reached 125.5 billion KRW last year, a 3.6-fold increase from 34.7 billion KRW in 2024. Meanwhile, operating profit surged from 3.6 billion KRW to 10.3 billion KRW during the same period—increasing threefold.

With its flagship character Labubu gaining massive popularity in South Korea, Pop Mart’s sales have soared dramatically. Following Labubu’s rising fame, major retailers including Hyundai Department Store, Shinsegae Department Store, and CJ Olive Young have rushed to collaborate with Pop Mart, opening pop-up stores. Pop Mart currently operates seven physical retail locations in Korea.

As South Korea’s leading creator of cartoon character merchandise, Pop Mart has significantly enhanced its visibility in the country. Its self-developed character Labubu began sweeping global markets starting in 2024. Notably, numerous celebrities—including the idol group Blackpink, Rihanna, and Dua Lipa—have purchased Labubu products, triggering widespread word-of-mouth promotion on social media platforms.

Last year, sales from Chinese food companies also saw substantial growth. Haidilao Korea recorded sales of 117.7 billion KRW last year, representing a 50.8% increase compared to 78 billion KRW in the previous year. During the same period, Haidilao’s operating profit doubled—from 10.9 billion KRW to 20.2 billion KRW. Despite meal prices ranging from 40,000 to 60,000 KRW per person, Haidilao continues to enjoy extraordinary popularity among the MZ generation.

The South Korean subsidiary of Chinese street food brand Tanghuo Gongfu achieved sales of 25.4 billion KRW last year, marking a 14.4% year-on-year increase. Meanwhile, Din Tai Fung’s Korean branch, specializing in steamed buns, saw sales rise by 21.7% to reach 23.2 billion KRW.

Chinese consumer goods companies are leveraging social media platforms like TikTok and Instagram for word-of-mouth marketing, targeting younger consumers. The Chinese tea brand "Bawang Chaji" plans to enter the Korean market. Another Chinese tea brand, "Heytea," opened its first store in Seoul in 2024 and has since expanded operations to areas such as Hongdae and Myeongdong.

Original Source: toutiao.com/article/1865760414289931/

Disclaimer: The views expressed in this article are solely those of the author.