Why Blind Box Stores Want You to Get Duplicates

What is the Pop Mart business model? Duplicates. The economics of blind box stores run on a closed lid: sealed boxes of about 27 dollars carry a gross margin of about 72 percent, and every duplicate is one more sale on the way to a set most buyers never finish. This is how a blind box store makes money, by selling the few seconds before the lid comes off. This year its own shops in the Americas kept growing, yet revenue there still fell 16.5 percent, which shows the money was never in the shelf. That is the real economics of blind box stores, and why collectible toys are only the packaging. Subscribe for more money breakdowns. ⏱️ CHAPTERS 0:00 What is the Pop Mart business model? The 16.5 percent paradox 0:58 What is really sealed inside the box 4:06 The economics of blind box stores: where one 27 dollar box goes 8:12 The machine behind a closed lid 13:42 Who really pays: the duplicates and the unpaid sales team 19:55 The twist: when the jackpot stops paying 22:23 Back to the wall of sealed boxes 📄 Source: the company's FY2025 annual results and 2026 interim results (HKEX filings) · the company's 2020 Hong Kong listing document · China Labor Watch factory report · Deutsche Bank research note · Frontiers in Psychology blind box buyer study (2022) · Chinese business press and local news reports. ▶️ More "How Industries Actually Make Money" breakdowns:    • How Things Pay — How Industries Actually M...   ⚠️ For educational purposes only. Not financial advice. #blindbox #collectibles #businessexplained #economics