ast week.  Analysts estimate that the company’s brand valuation has more than tripled since 2020, driven by explosive international demand and a fervent collector culture. The business of comfort Founded in 1999 by brothers Thomas and William Gatacre, Jellycat built its early reputation on its signature Bashful Bunny, a plush toy so soft it spawned a cult following.  Jellycat’s breakout moment came with the launch of its Amuseables range in 2008, a collection of inanimate objects with smiling faces and floppy limbs, including croissants, coffee mugs, avocados and even Christmas trees. These cheerful anthropomorphic creations became the visual DNA of Jellycat’s brand – witty, cosy and instantly recognisable. The company sells through 8000 retailers in 80 countries. However, behind the scenes, the company has been overhauling its wholesale model. The move, which saw the removal of roughly 100 independent stockists across the UK, sparked a social media backlash with shop owners taking to Instagram and Facebook to share their frustration.  The company is also strengthening partnerships with luxury department stores, including Selfridges, Harrods and Galeries Lafayette, and has largely avoided direct-to-consumer saturation. “The brand has elevated its niche to near-luxury status. Their products are priced significantly higher than competitors’, but this hasn’t slowed sales,” Ludovic Bacque, senior advisor at Daxue Consulting, said on LinkedIn. “In fact, scarcity and second-hand market demand are driving up their perceived values.” At Selfridges, the brand is now the fastest-selling toy label, with one sold every 15 seconds during last year’s holiday season. Its top line has tripled in three years, from under £100 million pre-pandemic to £333 million in 2023. Jellycat’s cultural footprint has expanded in tandem with its business. The brand boasts more than two million followers on both Instagram and TikTok.  Turning plushies into experiences Unlike most global brands, Jellycat operates with only a small network of self-run boutiques, relying instead on a carefully curated roster of authorised partners. The company has been rolling out experience-led activations to lure the young customers across its existing markets.  At Selfridges in London, the Jellycat Fish & Chips pop-up allows shoppers to order plush versions of classic British fare. Meanwhile, Galeries Lafayette in Paris hosts La Pâtisserie, where croissants, madeleines and macarons come in plush form. In New York, an interactive diner setup sees staff “cook” plush pizzas and burgers before serving them in realistic packaging.  Late last year, the brand debuted its first Jellycat Cafe in Shanghai’s Jing’an Kerry Centre, styled as a pastel bakery. Costumed staff “frosted” toy cupcakes and “fried” plush eggs in mock cooking skits, while visitors queued for hours to take photos. The cafe went viral, generating more than 100 million social media views and becoming one of the most talked-about pop-ups on Xiaohongshu, with celebrity appearances, such as (G) I-dle’s Song Yuqi, adding to the frenzy. Jellycat’s expansion into experiences has helped drive double-digit sales growth across key markets. According to Daxue Consulting, in China alone, sales on major e-commerce platforms surged 106 per cent year-on-year in 2024, surpassing RMB 830 million (USD 128 million). At the same time, the brand’s Tmall store exceeded RMB 100 million during last year’s Double 11 festival, outselling even plush toy lines from Disney. The kidult economy Jellycat sits at the heart of the growing ‘kidult’ phenomenon, where adults purchase toys as a source of emotional comfort, decor or collectable art. The trend, once considered niche, has surged amid post-pandemic stress and economic uncertainty. The movement extends beyond Jellycat. Similar to Japanese cult favourites like Sonny Angel and Labubu, whose limited-edition figurines sell out within minutes, Jellycat has tapped into a generation that finds joy in cute objects and is influenced by social media aesthetics.  Bacque said the brand’s success is tied to its ability to offer emotional value to adult consumers.  On TikTok, Gen Z and millennial creators showcase vast Jellycat collections, colour-coded displays of strawberries, ducks, dragons and baguettes, often racking up millions of views. The appeal lies in the ability to “buy comfort” in a form that’s playful yet design-conscious, aligning with the aesthetics of wellness and nostalgia. According to data from Circana, adults aged 18 and older now account for 30 per cent of global toy spending, representing a market worth more than $12 billion annually. In the US alone, adult toy spending grew 18 per cent year-on-year in early 2024, outpacing all other age groups. Further reading: Labubu, Jellycat and more: How retailers can connect with the kidult consumer.