Japanese trading house Itochu is making a bold play in the character licensing market, targeting a 40 billion yen ($270 million) opportunity with the quirky “Opanchu Usagi” or “Panty Rabbit” character. The firm has secured licensing rights for Asian markets outside Japan and South Korea, banking on the character’s social media success to drive merchandise sales.
Itochu’s Hong Kong-based affiliate, Rights & Brands Asia (RBA), will spearhead the initiative, acting as a sublicensee for products ranging from dolls to stationery. The company plans to introduce Mandarin versions of the character’s content on Chinese platforms like Xiaohongshu.
This move aligns with the growing trend of social media-born characters rivaling traditional anime and manga in popularity and market potential. Hikaru Inadome, an Itochu executive, noted that markets for these individualized creations are becoming as substantial as those from established sources.
China, the world’s fourth-largest licensing market, presents a significant opportunity. The country’s licensed merchandise and services sector grew 9.6% to $13.77 billion in 2023, according to Licensing International.
However, experts caution that success in the Chinese market requires substantial investment and risk-taking, particularly in developing products and launching pop-up stores to generate buzz in a competitive landscape.
