Payden & Rygel: Pop Mart, Hasbro and Mattel
Payden & Rygel: Pop Mart, Hasbro and Mattel
In a calm week before the storm - next week's data docket features the quadruple whammy of a Fed meeting and U.S. growth, inflation, and labor market data - we take the opportunity to highlight an interesting trend that may be unfolding below your radar: Labubus.
For the uninitiated, Labubus are plush keychain creatures that have become the most sought-after accessory for kidults (adults who enjoy traditionally kid-targeted products) as well as a few more trend-attuned members of our office. You might see these furry friends adorning the purses and back[acks of friends and hip family members. We've seen the hype build, and Pop Mart, the maker and seller of Labubus, saw its stock soar 1,221% over the past 18 months.
In the share price surge, Pop Mart, a Chinese company, has surpassed the valuations of two major U.S. toy giants, Mattel and Hasbro, which own iconic brands such as Barbie, Hot Wheels, Nerf, and Play-Doh. But what makes Pop Mart different from these brands, besides the hype? Or is this just Gen Z's version of Beanie Babies, a Labubble? we report, you decide.