A C-Suite executive at Pop Mart's biggest Chinese competitor explains what goes into making a hit toy like Labubu

""To win many fans or achieve commercial success, an IP must have strong recognizability and uniqueness not look generic," Liu told Business Insider."

""Strong recognizability from the start is crucial, like a singer's voice being memorable," Liu said."

""We won't overproduce just because sales are hot. We may wait for the next generation with new themes and designs to keep products fresh.""

""Conducting physical pop-ups was important to get the word out about the product and let customers see it.""

Miniso's Top Toy emphasizes the importance of strong recognizability and uniqueness in creating successful IP characters like Labubu. Robin Liu notes that memorable characteristics drive interest in collectibles. IPs typically have short life cycles, but maintaining scarcity and frequent new launches can extend relevance. Miniso's strategy includes holding back on overproduction to maintain demand and conducting physical pop-ups to enhance visibility. Top Toy has seen significant growth, with recent sales reaching $80.7 million, reflecting a 111% increase.

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