Pudgy Penguins x Suplay Partnership is huge and its bigger than you think. I'm excited and here's why 🧵👇 (1/15)

First, let's understand what Suplay actually is (most missed this): Founded 2019 by Alex Huang (@suplay_alex), headquartered in Beijing's Zaha Hadid-designed Wangjing Soho. Series A funding from Source Code Capital (manages $1.5B, backed ByteDance/Meituan). This isn't some random manufacturer. They're venture-backed infrastructure. (2/15)

Suplay's real business model (this is key): They call themselves a "trendy IP consumer goods company" with full industry chain control. Translation: they don't just make toys, they control IP → Design → Manufacturing → Distribution → Cultural positioning. That's why Disney, Marvel, and Warner Bros chose them. (3/15)

The numbers everyone's missing: > China's designer toys: CNY 57.4B ($8.9B) in 2023 > Projected CNY 110B ($15.4B) by 2026 = 24% CAGR > 30M active collectors → 49M by 2030 > Average spend: CNY 20,000 ($2,800) annually per enthusiast > Top spenders: CNY 1M+ ($140K+) annually This isn't casual hobby money. (4/15)

Here's the cultural insight most Westerners miss: China's "chaowan" (潮玩) culture isn't about toys, it's about identity. Post-95 consumers use collectibles to signal taste, status, and cultural alignment. Pop Mart's success (24.5% market share, $1.8B revenue) proves this isn't a short lived thing. (5/15)

Suplay's competitive positioning is genius: While Pop Mart focuses on original IP, Suplay built the licensing infrastructure for global brands. Their @kakawow_global subsidiary produces premium trading cards for Disney, Marvel, Star Wars. Result: instant credibility + proven execution + global IP relationships. (6/15)