Merodi debut in Hong Kong shows Pop Mart’s struggle beyond IP darling Labubu

At Pop Mart’s shop in Hong Kong’s bustling Causeway Bay shopping district, a display of the toymaker’s newly launched character, Merodi, drew little attention on Friday morning.

“A few people are buying it,” a salesperson said. “It’s not very well known yet.”

The new series, Merodi After School, features a mischievous little girl with the magical ability to talk to animals. It was created by Taiwanese artist Will Chen Wei-hua.

The launch came two months after Pop Mart’s previous debut, Supertutu, and is part of the company’s efforts to speed up the roll-out of new intellectual properties (IPs) beyond its most successful character, Labubu. Like Supertutu, however, Merodi’s launch has so far drawn an underwhelming response.

The new IP was released online at 10pm on Thursday night and was still available on Friday, unlike many of the toymaker’s more popular characters, which often sold out shortly after debut, including Twinkle Twinkle. Last August, mini Labubus sold out in 60 seconds.

Investors, however, seem confident. On Friday, Pop Mart’s shares closed more than 2 per cent higher at HK$229.80.

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