E103: Behind the Labubu craze: PopMart business explained

In episode 103 of The Impulso Podcast, Sabrina and Jianggan host Phyllis to discuss the Pop Mart craze, focusing on the popularity of Labubu toys among Gen Z. The discussion covers the blind box business model, the "ugly cute" appeal of Labubu, and the influence of Blackpink's Lisa on its popularity. They delve into Pop Mart's financials, its founder Wang Ning, and the company's early investment history, highlighting the passion of the founding team. The hosts explore Pop Mart's reliance on both non-exclusive and exclusive IPs, including the designer Ka Sing Loong, and how Pop Mart manages its supply chain and distribution channels. They also touch on the gamification aspect of blind boxes, the resale market for Labubu, and the emerging ecosystem of related products like specialized keychains and clothing. The episode concludes by comparing Pop Mart's IP strategy to Disney's, discussing the potential for long-term popularity and the creation of lasting emotional connections with consumers.