POP MART(HK:09992) 虎嗅APP·2025-06-21 02:57Core Viewpoint - The article discusses the explosive popularity of the Labubu doll and its associated clothing, highlighting the opportunities and challenges faced by businesses in the cross-border e-commerce market for these products [2][4][14]. Group 1: Market Dynamics - Labubu has gained significant traction in overseas markets, becoming a "social currency" in the fashion scene, particularly in Europe and the U.S., with celebrities like Beckham and Rihanna endorsing it [2][4]. - The demand for Labubu-related clothing has surged, with some businesses reporting a tenfold increase in prices when selling to foreign consumers, indicating a lucrative market for cross-border sales [2][6]. - The global expansion strategy of Pop Mart, the parent company of Labubu, has been crucial in establishing a strong market presence through localized marketing and participation in international toy fairs [5][14]. Group 2: Business Opportunities - The low cost of producing doll clothing (around 10-30 RMB) allows for high profit margins when sold internationally, with prices reaching 50-80 USD [6][15]. - Entrepreneurs like Xiaoguo have successfully tapped into this market by leveraging social media platforms like Xiaohongshu to reach both domestic and overseas customers, resulting in rapid sales growth [4][6]. - The trend of personalized and unique designs has proven to be a significant driver of sales, with Xiaoguo's custom designs seeing a substantial increase in demand [8][9]. Group 3: Consumer Behavior - There are notable differences in consumer preferences between domestic and international markets, with overseas consumers favoring more exaggerated and creative designs compared to the cute and delicate styles preferred by domestic buyers [11]. - The purchasing behavior also varies, with domestic customers showing high repeat purchase rates, while international customers tend to make single purchases influenced by social media trends [11][12]. Group 4: Challenges and Risks - The rapid growth in demand has led to production capacity concerns, as larger clients can overshadow smaller ones, causing delays in order fulfillment [14][15]. - The market is also facing challenges from counterfeit products, which can lead to customer dissatisfaction and complaints about sizing issues [12][14]. - Strict copyright protections from Pop Mart pose risks for businesses, as unauthorized use of Labubu's image can result in penalties, highlighting the importance of understanding intellectual property rights in this industry [16].