Labubu and the new chapter of Singapore-China collaboration in South-east Asia
The win-win path forward is clear – to create growth that is shared, inclusive and grounded in regional collaboration
Add BT as a preferred source
WHO would have thought Labubu, a furry figurine from China, would become a pop culture icon across South-east Asia – capturing the hearts of celebrities and non-celebrities alike, sparking buying frenzies and commanding hefty resale prices?
Its creator, Chinese toy maker Pop Mart, has tripled its profits in the past year. But more importantly, the company is a part of a growing wave of new-generation Chinese companies expanding into South-east Asia, not with bulldozers and megaprojects, but with emotional resonance, consumer appeal and cultural savvy.
The impending signing of the China-Asean Free Trade Area 3.0 upgrade by the end of year will further clear the path for broader collaboration between mainland China and Asean.
TRENDING NOW
Singapore Kitchen CEO, senior manager charged with alleged fraud, falsifying accounts; both to stay in jobs for now
Profit with purpose: Kim Choo Kueh Chang’s pivot from public listing to protecting heritage
HSBC, AIA, Prudential shares slide after report of Hong Kong bank account curbs
How the ultra-rich buy property
