A “very ordinary” bear was the first iteration of the company’s now-booming plush charms, sharing a market with Chinese toymaker Pop Mart’s wildly popular Labubus.
“We dressed it in a football kit and it sold really well,” said CEO Luo Bin.
“We sold tens of thousands as soon as it came out, so very quickly we felt that this category was very popular.”
Luo admitted that the plush pendants had little practical use.
“Perhaps now because of the economic environment… people’s choices are no longer practical ones,” he said.
“People now care a lot about emotional value. That is, ‘I want to buy something that I really love. That, when I look at it, makes me really happy.'”
“EMOTIONAL EXITS”
On a weekday at a nearby All Star Partner storefront, shoppers trickled in to browse racks of jerseys and plush bag charms, along with display tables scattered with key chains, pet toys and inflatable neck pillows stored in a silicone horse.
“Right now young people are under a lot of pressure and they need some emotional and economic exits,” said Fang Tian, a football fan since the 2014 World Cup.
The 79 yuan (US$11.60) Messi goats – which appear closer to lambs – were probably the most popular products in the store, added influencer Zhu Hui.
“I’ve found that Chinese people are actually highly enthusiastic about football stars, and (their enthusiasm) lasts a long time,” the 28-year-old said.
“My friends are all willing to fight to stay up to watch the games.”
During the Qatar 2022 World Cup, despite their team not playing, China accounted for half of all viewing on digital and social platforms, according to FIFA.
