PARALLELS WITH POP MART AND LABUBU
In many ways, there are parallels between Samyang and China’s Pop Mart, the maker of Labubu, an elf-like plush toy that has become a global sensation. With US$45 billion market cap, the toy maker is worth more than twice as much as Sanrio and Mattel combined, owners of long-time favourites Hello Kitty and Barbie.
These products are not for everyone. With pointy ears and nine serrated teeth, Labubu has a weird look, which only some consumers find cute, while others scratch their head and puzzle over its stardom. Existing outside the mainstream, both generate conversation and attract eyeballs. They are designed to go viral.
Investors are also betting that unlike older generations, young Americans have the adventurous spirit for something different. These days, people are getting hooked on Korean specialty grocery chain H Mart, quite a cultural shift considering cucumbers were a new vegetable for the McDonald’s US menu just over a decade ago.
And the youth are friendlier to China than their parents. IShowSpeed, a streamer with 38 million followers, certainly enjoyed Chinese cars and robots during his two-week trip in the spring.
