伯恩斯坦-中国消费品牌：从实体店铺到盲盒：玩具行业巨头的品牌经验-20250912【34页】

Branded: From Bricks to Blindboxes: Branding lessons from ToyIndustry Titans This report is part of our global series examining how brands create or destroy companyvalue, guiding investment decisions today.The toy industry offers a unique lens onbranding's evolution - brands in this space don't just sell products; they createworlds and dreams.Think of the imaginative universes built around action figures, dolls,or collectible figurines. We dive into three toy industry titans: LEGO (private), Sanrio (HelloKitty, not covered), and Pop Mart (not covered) - each a master of brand building in its ownright. These companies have transformed plastic into cultural icons by mastering whatwe identify as the 4Es marketing framework: Experience, Engagement, Exclusivity, andEmotion, a departure from traditional marketing's 4Ps (Product, Price, Place, Promotion),reflecting a deeper understanding of contemporary consumer behavior, particularly amongGen Z who value meaning and connection as much as the merchandise itself. Melinda Hu+852 2123 2643melinda.hu@bernsteinsg.com Ran Yang+852 2123 2658ran.yang@bernsteinsg.com Ethan Xu+852 2123 2634ethan.xu@bernsteinsg.com The 4E model functions as a self-reinforcing cycle where each element amplifiesthe others.Pop Mart creates memorable unboxing Experiences (#LabubuUnboxing)that drive social media Engagement, fuel character Emotional connections, and generatedesire for Exclusive rare variants. LEGO similarly delivers building Experiences with setslike the Porsche 911, connects fans to YouTube creator communities sharing buildingtechniques, forms emotional bonds to both craftsmanship and licensed brands, and createsExclusivity through discontinued sets. Sanrio uses Hello Kitty's blank expression as anEmotional canvas for fans, drives Engagement through character popularity contests andimmersive Sanrio Puroland Experiences, builds connections through personal expressionand gift-giving traditions, and balances everyday products with designer collaborations forsustained Exclusivity across five decades. Data-driven analytics now empowers the execution of the 4E marketing model. Modern toy companies ultimately sell dreams and experiences to adults while competingfor consumer attention for their next "hit" product. Leading brands implement data-drivenframeworks that systematically identify potential hits while maintaining creative integrity.Pop Mart collects customer feedback to refine their IP designs, while LEGO encouragesconsumers to post their own ideas in community forums where popular concepts mayeventually reach production (link). Hello Kitty's annual Character Ranking encourages fansto campaign for favorite characters online, creating social currency. The financial implications of successful 4E implementation are compelling for investors.Companies mastering this framework have outperformed market expectations,with LEGO maintaining resilience through economic downturns with ~22% EBITDAmargins, Sanrio generating sustainable licensing revenue streams across five decades, andPop Mart achieving 43.6% operating profit margins. This performance stems from reducedcustomer acquisition costs through organic growth, pricing power enabled by emotionalconnections, and predictable revenue. Beyond toys, we're seeing early adoption of 4Eprinciples in adjacent sectors - beauty brands creating unboxing rituals, fashion housesleveraging drop culture, and sports brands building memorable experiences. For investors,identifying companies pivoting from product-centric to experience-centricity businessmodels represents an opportunity to anticipate future market leaders. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS The financial implications of successful 4E implementation are compelling for investors. Companies mastering this frameworkhave outperformed market expectations. Beyond toys, we're seeing early adoption of 4E principles in adjacent sectors - beautybrands creating unboxing rituals, fashion houses leveraging drop culture, and sports brands building memorable experiences.For investors, identifying companies pivoting from product-centric to experience-centricity business models represents anopportunity to anticipate future market leaders. Within our coverage, Amer’s Arc’teryx has achieved success by integratingconsumer experience and emotion into its brand through community marketing initiatives. Arc’teryx goes beyond simply sellingoutdoor gear, creating a loyal community and a powerful brand identity that sets it apart from competitors who focus only ontransactional marketing. Table Of Contents INTRODUCTION: WHAT IS BRANDING?.........................................................................................................................................................................3BRANDING IN THE TOY INDUSTRY.....................................................................................................................................................................