Pop Mart: The History & Economics | Max Levchin, Jim Belosic

Overview

This episode dives into the meteoric rise of Pop Mart and its cultural phenomenon, Labubu, exploring its parallels with Beanie Babies and the broader collectible market. It also features interviews with Max Levchin, co-founder of PayPal and CEO of Affirm, discussing Affirm's growth and the future of consumer finance, and Jim Belosic, CEO of SendCutSend, on revolutionizing manufacturing. The hosts also react to the Cadillac Celestiq and its bold attempt to redefine luxury EVs.

Notable Quotes

- We built the company on the assumption that smarter consumers will demand better financial products. AI is just accelerating that. - Max Levchin, on Affirm's mission in the AI era.

- We treat everyone the same—whether you're building a Harley in your garage or launching rockets into space. - Jim Belosic, on SendCutSend's customer philosophy.

- The children yearn for the slots. - John Coogan, humorously summarizing the cultural obsession with collectible blind boxes like Labubu.

🧸 The Labubu Craze and Pop Mart's Rise

- Pop Mart's Labubu collectibles have become a global sensation, driven by TikTok, unboxing culture, and the appeal of blind boxes.

- Hosts compare Labubu's trajectory to Beanie Babies, noting how eBay revolutionized liquidity in the collectibles market.

- Pop Mart's innovative use of vending machines and exclusive artist collaborations has fueled its growth, with revenues doubling year-over-year.

- The discussion highlights the psychological appeal of gambling-like mechanics in collectibles and their integration into social media trends.

📈 Affirm's Growth and Consumer Finance Insights

- Max Levchin shares Affirm's 43% GMV growth and achieving GAAP profitability, emphasizing its transparent, no-late-fee model as a superior alternative to credit cards.

- Levchin predicts AI will empower consumers to make smarter financial decisions, reducing reliance on predatory financial products.

- Affirm's average transaction size has dropped to $300, reflecting its expansion into everyday purchases, not just big-ticket items.

🔧 SendCutSend: Democratizing Manufacturing

- Jim Belosic discusses scaling SendCutSend to nine-figure revenue by combining software and manufacturing to serve both hobbyists and Fortune 500 companies.

- The company’s software-driven approach optimizes efficiency, enabling it to compete with offshore manufacturers on cost and speed.

- Belosic emphasizes the importance of vertical integration and balancing automation with human expertise.

🚗 Cadillac Celestiq: Reinventing Luxury EVs

- Cadillac's Celestiq, a $400,000 electric limousine, aims to compete with Rolls-Royce and Bentley, featuring a striking design and cutting-edge technology.

- The car boasts a 217-inch length, adaptive suspension, and a luxurious interior, but skepticism remains about its resale value and brand perception.

- Hosts debate whether Cadillac can successfully reposition itself as an ultra-luxury brand.

🇺🇸 The Reindustrialization of America

- SendCutSend's success reflects a broader trend of reshoring manufacturing, driven by tariffs and supply chain challenges.

- Belosic notes a resurgence in domestic production of basic components like nuts and bolts, signaling a shift in the manufacturing landscape.

- The hosts celebrate the rise of American dynamism and the potential for startups to disrupt legacy industries.