Chinese toy retailer 52Toys prepares for expansion7. April 2022
Specializing in collectible toys, retailer 52Toys recently closed a Series C investment round of $62.8 million. This quite remarkable success helps the company innovate and expand its store network, according to a senior executive at 52Toys. Considered the main customers, Generation Z, young adults born between 1995 and 2009, are affluent, pay more for emotional purchases and are active on social networks. As a result, customer demand is shifting from purely consumer items to personal items, Chen Wei, general manager of 52Toys told China Daily. Toys and similar products must be awarded a CCC certificate in order for the products to be exported to China or manufactured locally.
Since the company was founded in 2015, the Beijing-based company has developed as a brand name for collectible toys and invested heavily in research and development to provide a broad product portfolio. Within more than six years of growth, 52Toys rose to become a major collectible toy brand in China. During this time, 52Toys has built a large store network with more than 10,000 retail stores across China. It also opened its own stores in Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu and other major Chinese cities by the end of 2021 to provide a comprehensive shopping experience for the younger generation.
The company said there are plans to open new stores overseas after the end of the Covid 19 pandemic, as it expects high demand and good growth opportunities there. Prior to the pandemic, 52Toys showcased its goods at numerous trade shows in New York, San Diego, Los Angeles and Tokyo. Guo Xin, a professor of marketing at Beijing Technology and Business University, also sees stable demand for 52Toys’ products in the domestic market. In addition to buying collectible figures, so-called “blind boxes” are currently the most popular. With a “blind box”, the buyer only knows the name of the toy series, but not the exact contents. Due to the low purchase price and high purchase frequency, customers of these products are considered to be very keen consumers. The toy market in China experienced the fastest growth in the world and, according to Bloomberg Intelligence, will become the largest global sales market towards the end of 2022, ahead of the USA with a market volume of 25 billion.
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