Core Viewpoint - The article discusses the rapid rise of the new IP "Star People" under Pop Mart, highlighting its successful collaboration with Heytea and the overwhelming consumer demand for related products, indicating a strong market presence and potential for future growth [4][5][7]. Group 1: Product Launch and Market Response - On December 22, the collaboration products between "Star People" and Heytea were launched, leading to immediate sellouts, particularly for the popular tea bowl priced over 78 yuan [4]. - The products achieved the highest popularity on Meituan, surpassing other notable collaborations, indicating strong consumer interest [5]. - A store employee noted that "Star People" and LABUBU are currently the best-selling IPs, with many products frequently out of stock [6]. Group 2: Financial Performance and Projections - By the first half of 2025, 13 artist IPs under Pop Mart are expected to generate over 100 million yuan in revenue, with "Star People" contributing approximately 400 million yuan, making it the fastest-growing new IP [7]. - Morgan Stanley predicts that "Star People" will account for 8% of the company's total sales by 2027, up from 2.8% in the first half of 2025 [7]. Group 3: Market Dynamics and Pricing - The article highlights the high demand for "Star People" products, with significant price premiums in the secondary market, such as a plush accessory priced at 929 yuan, reflecting a 16-fold increase before its release [10]. - The resale prices for blind boxes have also surged, indicating strong market speculation and consumer interest [10][11]. Group 4: Marketing and Brand Strategy - Pop Mart's marketing strategy includes placing "Star People" prominently in stores and developing a dedicated theme song to enhance brand visibility and consumer engagement [15]. - The company has effectively utilized celebrity endorsements to boost the IP's popularity, with various stars promoting "Star People" [15]. Group 5: Operational Strategy - Pop Mart employs a testing approach for IPs, assessing their performance across different regions and stores, which allows for rapid feedback and scaling of successful products [20][21]. - The company's extensive network of direct stores enables it to minimize costs and receive timely market insights, facilitating the growth of successful IPs like "Star People" [20].

Core Insights - The effectiveness of live streaming in driving sales during overseas promotional events has been preliminarily validated, particularly during Black Friday [4][6][10] Group 1: Live Streaming Impact - Live streaming has significantly boosted sales during this year's overseas promotional season, with notable success for brands like Pop Mart in the UK, where sales surged by 1500% year-on-year in October [4][6] - The collaboration between AliExpress and UK influencers for Pop Mart's live streaming event resulted in rapid sell-outs of products within just two hours [3][4] - The live streaming event by Youmeng Technology in North America exceeded expectations, achieving a GMV of $630,000 in 12 hours, surpassing the initial target of $500,000 [4][8] Group 2: Market Trends and Brand Opportunities - Chinese brands are leveraging content platforms like TikTok to expand overseas, with significant potential in the US and European markets [5][10] - The UK retail brand Marks & Spencer has entered TikTok Shop, indicating a growing trend among foreign brands to engage in live streaming and content-driven e-commerce [6][10] - The overseas live streaming market is still in its early stages, but the integration of content and e-commerce is gaining traction, especially during major promotional events [6][9] Group 3: Market Maturity and Growth - Compared to last year's Black Friday, this year's live streaming efforts have shown marked improvement in terms of the number of live sessions and partnerships with influencers [7][8] - The number of influencers collaborating with Youmeng Technology has nearly doubled, indicating a growing influencer network in the North American market [8] - The increasing acceptance of live streaming as a commercial model among brands is attributed to market education and platform policies [8][9] Group 4: Consumer Behavior and Engagement - A significant portion of Gen Z and Millennials utilize platforms like TikTok for gift inspiration, with 43% of US Gen Z consumers shopping directly through TikTok Shop [9][10] - The third quarter GMV for TikTok Shop reached $19 billion, with US consumers contributing $4 to $4.5 billion, highlighting the platform's growing market presence [10] - The competitive landscape in the US live streaming market favors Chinese players, who possess advantages in supply chain and content marketing strategies [10]

Summary of Labubu IP Development and Market Insights Industry and Company Overview - The document discusses the development of the Labubu IP, created by artist Long Jiasheng, which has gained popularity among contemporary youth due to its unique characteristics and emotional resonance [1][2]. Key Points and Arguments - **Labubu's Unique Appeal**: The IP differentiates itself from traditional cute IPs by embodying a blend of dark innocence and rebellion, appealing to modern youth emotions [1][2]. - **Product Launches and Market Impact**: The release of the "Heartfelt Macaron" plush keychain in September 2023 marked a significant breakthrough, utilizing a blind box format that enhanced social sharing and product visibility [1][3]. - **Celebrity Influence**: In April 2024, Thai star Lisa's social media exposure significantly boosted Labubu's popularity, similar to the success paths of other brands like Bearbrick and Cos [1][4]. - **Diverse Product Line**: Labubu has expanded its product offerings through various versions, sub-brands, and limited editions, enhancing consumer interaction and brand storytelling [1][5]. - **Supply Strategy**: The company employs a "70% full" supply strategy to maintain market excitement, but actual demand often exceeds expectations, leading to high resale market premiums [1][8]. - **Pre-sale and Market Control**: To manage excessive premiums, the company uses pre-sales to regulate supply and demand, extending the IP's lifecycle while maintaining brand value [1][10]. - **Auction Market Performance**: Labubu's presence in high-end auctions, with items selling for up to 1.08 million yuan, underscores its status as a collectible and artistic product [1][7][10]. Additional Important Insights - **Social Media Impact**: Platforms like Xiaohongshu and Douyin have amplified discussions around Labubu, further enhancing its status as a trendy identity symbol [1][6][7]. - **Global Market Expansion**: The company has over 400 stores in mainland China and around 150 overseas, indicating potential for further growth in international markets [1][16]. - **Future Growth Potential**: The domestic market still has significant room for growth, particularly among the 18-35 age demographic and in lower-tier cities [1][17]. - **Upcoming Developments**: The company plans to launch new products, short films, and derivative items in the latter half of 2025, indicating a strong market momentum [1][19]. This comprehensive overview highlights the strategic initiatives and market dynamics surrounding the Labubu IP, showcasing its potential for continued growth and influence in the global market.