Core Viewpoint - LABUBU, a toy character created by Hong Kong artist Long Jiasheng, has gained immense popularity, leading to a buying frenzy and significant price premiums in the market [1][4]. Group 1: Market Demand and Consumer Behavior - LABUBU has become a top-selling IP for Pop Mart, with a new store in Hangzhou selling out within two hours due to high demand [1][2]. - Consumers are experiencing difficulties purchasing LABUBU due to the presence of scalpers who buy entire boxes of products, leaving regular customers unable to buy [2]. - The limited edition VAS collaboration version of LABUBU is being resold for as high as 15,200 yuan, reflecting a significant markup [4]. Group 2: Sales and Distribution - Pop Mart has opened over 500 stores globally and reached over 90 countries through various e-commerce platforms by the end of 2024 [17]. - The company has temporarily halted the offline sales of LABUBU plush toys in South Korea due to safety concerns arising from overcrowding at stores [13]. Group 3: Brand and Cultural Impact - LABUBU's design and quality have contributed to its popularity, with the character's unique features making it memorable and appealing to consumers [17]. - The rise of LABUBU reflects a broader trend where collectible toys serve as a form of emotional expression and social currency among consumers [17]. - The brand has engaged in cultural collaborations, such as limited editions that resonate with local cultures in different countries, enhancing its global appeal [18].

Core Insights - The popularity of the Labubu toy has surged on social media, transforming from a niche product to a mainstream cultural icon, driven by its artistic roots and collaboration with Pop Mart [1][2] - Labubu's appeal lies in its combination of artistic, collectible, and commercial value, with limited editions and unique versions enhancing its desirability among consumers [1][2] - The rise of Labubu reflects a broader trend where collectible toys serve as a form of emotional expression and social currency in modern society [1] Industry Development - The quality of collectible toys is foundational, supported by a robust manufacturing industry in China, which has evolved from simple production to cultural innovation [2] - Labubu's success is attributed to effective long-term IP management, creating immersive consumer experiences through various channels, including online and offline interactions [2] - The international expansion of Labubu includes cultural adaptations and collaborations with well-known brands, enhancing its global appeal and market reach [2] Strategic Recommendations - Companies in the collectible toy industry should focus on building their own IP reserves and promoting value transformation to sustain growth [3] - The industry must leverage market insights and diverse operational strategies to cultivate self-owned IP that resonates with consumers [3] - Continuous exploration of both domestic and international markets is essential for the development of the collectible toy sector [3]

Core Viewpoint - The article discusses the transformation of Pop Mart from a blind box retailer to a potential luxury brand, highlighting the success of its IP LABUBU and the strategies employed to create desire and exclusivity in the market [5][41][61]. Group 1: Company Overview - Pop Mart's LABUBU contributed 3.04 billion yuan in revenue, marking a year-on-year growth of over 700% [5]. - The stock price of Pop Mart has increased approximately ninefold since early 2024, and nearly twentyfold since the lowest point in October 2022 [6]. Group 2: Product and Market Strategy - Pop Mart has redefined its business model, moving from a blind box retailer to a comprehensive IP operator, building a full industry chain covering design, production, channels, and community [17]. - The company has established a flexible supply chain model, reducing inventory turnover days from 159 to 100 days through data-driven sales predictions [13]. Group 3: Marketing and Brand Positioning - Pop Mart's marketing strategy includes a membership system and social media engagement, resulting in a 50% online repurchase rate [16]. - The collaboration with international designers and participation in fashion events, such as Milan Fashion Week, has significantly boosted LABUBU's visibility and desirability [39][41]. Group 4: Comparison with Luxury Brands - The article draws parallels between Pop Mart's strategies and those of luxury brands, emphasizing the importance of creating desire and exclusivity [60][63]. - Pop Mart's potential to become a luxury brand is supported by its ability to generate scarcity and community engagement, similar to established luxury brands [64][65].