1
Move: The drop in Labubu.
Yes, like many others, I have to talk about it. (And honestly, I may never get the chance again to put one in an email).
From a rapid rise, selling at speed with queues forming, resale climbing, a character with no function captured both the imagination and wallets of people around the world. And then, 6 days ago, Pop Mart owner saw its stock fall by 30%. What happened?
Signal: Our desire to signal identity.
Labubu was never about function. It was ALL SIGNAL. Playfulness, collectability and kawaii culture. She (yes, apparently the tribe is all girls) was a a form of social currency and an expression of mood. A way of saying something, without saying anything. Everyone wants to belong, and Labubu was a tribe. However, signal is not depth. Depth gives something the ability to hold, a glue between brands and clients, a resilience beyond the hype. Labubu needs to build depth.
Is this really about falling demand?
Whilst investors have been quick to pin falling resale prices on demand, it could simply be a case of over-supply. There has been a x10 increase of supply over the past 12 months. As we know, demand is shaped by scarcity.

2
Move: Zara x Galliano.
This one is different. The high street giant has signed a two year partnership - not a one-off collaboration - with John Galliano. Galliano is not just another designer, he is a couture legend. The first British designer to head a French haute couture house, he has set the world record for the most expensive Dior couture gown ever sold, and his influence is still felt.
Signal: The High Street becomes aspirational.
We are seeing already the rise of “zebra striping” (the mixing of high street with couture) but this partnership is something else. It’s not just mixing, it’s a blend… a new level. Consumers are looking for luxury at more accessible price points, where curation becomes the unlock. This move signals that the high street is no longer just about scale and Zara is stretching to the luxury extreme to gain new territory.
Could Zara ever be considered luxury?
Perhaps, for some, it already is depending on the collaboration. With this move however, something could again be shifting culturally. It’s certainly a new kind of competitive advantage.

3
Move: Apple turns 50.
This garage start up celebrated its anniversary, and $3.6 trillion worth, with a letter thanking the crazy ones. Over the past decades, it has introduced innovation, reshaped behaviour, led the charge on privacy and become equally known for saying no to anything that eroded trust (such as monetising client data). The question everyone is asking now is simply, what’s next?
Signal: Stretching what already exists.
At the top, Apple is pushing the ceiling with Ultra. At the bottom, lowering the floor through entry level products like Neo. It’s going after new clients who will hopefully become lifetime lovers, while continuing to build desirability at the top end. Like Zara x Galliano, it’s no longer content to serve the middle, it’s stretching to the extremes.
Who else turned 50?
Jelly Belly jelly beans. Remember them? Very Cherry, Buttered Popcorn (my favourite). These cult favourites have stood the test of time - not through depth, but through familiarity. Labubu, take note.

If this made you think, please share it.
Noorin

Image reference: PopMart
Sources: Reuters Labubu resale price falls may be more about supply than demand, Dissecting the Genius of John Galliano, Apple 50 Years of Thinking Different