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

Robin Liu, Miniso's marketing chief, said there's a recipe for cooking up a golden IP like Labubu. Miniso A major Chinese toy executive said there is a formula for developing a successful IP like Labubu. Miniso's operating chief said that for a character to be popular, it has to look recognizable. "Molly's pout, Labubu's nine teeth, Cry Baby's big tears, all have clear characteristics," Robin Liu said. An executive of one of Pop Mart's biggest competitors said there is a recipe for making a...