Chinese artists and toy companies are scrambling to replicate the runaway success of Labubu, the ugly-cute doll that parent company Pop Mart says will help it hit over $4 billion in revenue this year.

Shanghai

The success of Popmart's Labubu collectible figure has sparked a surge of interest in China's art toy industry, with artists and companies racing to develop the next global sensation. Labubu's popularity has propelled Popmart's revenue and market value, surpassing major international toy brands. 

Industry experts note that China's combination of a robust supply chain, creative talent, and digital platforms positions it well to produce future global hits. New entrants like artist Ren Yu and firms such as Sigiworks are leveraging these strengths, aiming to compete with and even surpass Popmart in creativity and brand appeal.

'Labubu' craze fuels Chinese race to find next hit toy

24-year-old Chinese artist Ren Yu was initially planning to pursue a career in design in Thailand. But with the rise of the toy industry in China, he decided to return home, pinning his hopes on his first toy character, Akidu, which he describes as a shy introvert boy. So I want to do my own toy brand, my own video games. I want to travel the world. I want to do my own jewelry brands, everything related to design. And most of them need money. So I see art toys as my starting point to do all other future businesses. Ren Yu is one of the many artists and toy companies in a race to replicate the success of Popmart's 2D monster, Labubu. They are part of a boom for so-called art toys, or collectible figures created and designed for display. And a Hong Kong-listed company says the ugly cute doll will help it hit over $4 billion in revenue this year. Its global success has sent Popmart's shares up almost 200% so far this year, and the firm is now worth more than big names Hasbro, Mattel, and Japan's Sanrio combined. I think it could definitely happen again, but with something else. Is it going to be you? Hopefully. I hope. I pray. Zhao Junyu is the co-founder and head of intellectual property, or IP, at art toy firm Sigiworks. He says Popmart has blazed the trail for Chinese competitors. I think our goal is that at least at some IP level, we can surpass Popmart. Because back when we were playing with art toys, there was no Popmart. So in my opinion, even though our scale isn't as big as theirs, I think we can actually compete at the same level in terms of creativity and the quality of our IPs. Popmart says it's borrowed from Disney's playbook to create success for Lebubu, and it's planning to build a whole range of other brands. Analysts say it's the first firm to create a global market for a Chinese product based on emotional appeal and not value for money. Louis Houdart is China Managing Partner at consulting firm MADD. He thinks the country has a chance to create the next global toy sensation. For many years, China had the supply chain. Now China has the supply chain, plus the creativity, plus the speed to market. On the top of this, we've got all the digital platform who are getting all the data that the Chinese brands have been very good at masterizing. And I think for this reason, the next Lebubu could definitely come from China.

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