Labubus have totally taken over the world (well, it feels that way sometimes), and it appears that they could be taking another BIG step forward to remain in the spotlight.
In case you’re not familiar with them, labubus are small doll-like creatures from China’s Pop-Mart store that are supposed to be kinda creepy. They’ve got sharp teeth and big eyes, but are wrapped in a cute, fuzzy bunny outfit. There are lots of knockoffs on the market (called “lafufus” by some people), but the real deal has totally taken over, and people of all ages want them all, especially since we’ve now seen Disney Labubus hit the market. However, it’s looking like their popularity could get even BIGGER if this plan plays out.
According to Reuters, Pop-Mart’s executive director and co-chief operating officer, Si De, is looking to expand Labubu’s blockbuster sales into long-term success, and taking a note out of Disney’s playbook to do so. In a recent interview, Si De said, “We have learned from Disney for a long time. In fact, Disney’s great value lies in its ability to operate IP [intellectual property] over the long term, even up to 100 years.”
While some analysts are concerned about this, seeing demand for a toy like this can cool relatively quickly, the company feels they still have plenty of room to develop content, theme parks, entertainment, and more around these popular characters, which is what Disney often does with their most popular IP.
No timeline was given as to these additional marketing opportunities, as Si De did say that the company doesn’t want to find the next big hit as soon as possible. Instead, they want to focus on making “better products, finding better collaborations, developing content, theme parks, store displays” to eventually have ten IPs with similar long-term potential success as Labubus.
But how successful is the company right now? Can they actually pull this off? Well, Pop Mart is now worth more than Hasbro, Mattel and Sanrio combined, which is wildly impressive. Labubus are also impressive because they were the first Chinese products to win a global audience for emotional and creative appeal, rather than because they are a good value. The success of the product has also opened up the opportunity for more artists and creatives in China to feel there’s a way for them to break into the industry a little bit easier, as everyone seems to be looking for the next toy that will break the market right open.
We’ll be sure to keep you updated on all the latest news about this potential development, so stay tuned to DFB.
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