Benzinga | Nov 24, 2021 08:08AM EST

Pop Culture Group Co., Ltd Wins Tender For Hanfu Cultural Festival

Pop Culture Group Co., Ltd ("Pop Culture" or the "Company") (NASDAQ:CPOP), a hip-pop culture company in China, announced today that the Company had won the tender for Hanfu Cultural Festival (the "Festival") put out by Migu Comic Co., Ltd ("Migu Comic"), a digital content provider that operates the app Migu Quanquan. Migu Quanquan promotes Hanfu (traditional styles of clothing worn by the Han people in China) culture and provides Hanfu fans with a one-stop service of various Hanfu culture related activities. The Company expects to provide customized services for the Festival, including online and offline special event planning, event execution, and app promotion.

According to a report by iiMedia Research, the sales of Hanfu in China surged from RMB190 million (approximately US$29.7 million) in 2015 to RMB6.36 billion in 2020 (approximately US$1 billion). The Hanfu market is projected by iiMedia Research to grow significantly, as the sales are expected to exceed RMB10 billion (approximately US$1.6 billion) in 2021. As of the end of 2020, the number of Hanfu merchandizers had grown to over 1,500 in China, despite the impact of the COVID-19 pandameic. The "2020 Hanfu Consumer Trend Insight Report" released by CBNData and Tmall.com shows that the number of consumers who had purchased Hanfu on Tmall.com reached 18 million and the number of potential consumers of Hanfu reached 415 million. For more information about the reports by iiMedia, CBNDate and Tmall.com, please visit the website at https://www.iimedia.cn/c460/79715.html and https://www.cbndata.com/report/2218/detail?isReading=report&page=1.

Mr. Zhuoqin Huang, Chairman and Chief Executive Officer of Pop Culture, commented, "As a long-term partner of Migu Comic with extensive event planning experience and execution capabilities, we are a good match for undertaking the Festival. Both Migu Comic and Pop Culture focus on street dance and trendy culture content operations, so this undertaking is anticipated to establish a solid foundation for the strategical cooperation. Through our extensive experience in producing content, leveraging media resources, and planning events, we believe that Pop Culture has the capability to provide an in-depth analysis of market demand and strategical cross-industry cooperation, as well as expanding the user pool to improve the brand awareness of Migu Comic's app, Migu Quanquan, a mobile social entertainment platform that integrates trendy and creative short videos, live broadcasts, animation works, and e-commerce."