Everything can be plush, which not only pushed JELLYCAT to the top of the plush toy industry, but also led to a substantial growth in domestic plush toys: Pop Mart's Labubu became popular in Southeast Asia, "emptying" the wallets of Thai girls. In Pop Mart's 2024 semi-annual report, it divided plush into a sub-category of retail business for the first time. Among the businesses of figures, MEGA, plush toys, and derivatives, plush toys became the fastest growing category, with revenue increasing by 994% year-on-year to 446 million yuan. Local plush brands such as Wen Tongzi, Hangfook, Panda Factory, and Weivivi also ushered in new development opportunities.
Cultural and creative brands and museum cultural and creative products from all over the country have also joined in, launching "food plush" with local characteristics: Gansu Tianshui Malatang created a plush version of the casserole, which includes plush Q-version vegetables such as mushrooms, broccoli, and cabbage; Xi'an Cultural and Creative has reproduced the image of Roujiamo's "Plush Bun" doll; Wu King Fuchai's plush sword doll has become the "treasure of the town" of the Suzhou Museum.
In the plush industry, new player FUFUSOUL has entered a more niche market - scented plush. This brand, founded in April 2023, combines the healing elements of fragrance and plush. Relying on the original IP "Little Monster Fufu", the brand's sales exceeded 5 million in less than half a year. According to Yang Gaoxiao, the founder of FUFUSOULl, during the Tmall Double 11 period, the brand's sales exceeded the full-day transaction volume on the first day last year in 30 minutes, and the brand's overall revenue this year is about 40 million.
