The encyclopedia · Strategy & Leadership · Strategic decision · 2025
12Glow closed every store when China's anime-merchandise bubble burst
A once-funded anime-girl fashion chain closed all offline stores as the ACG merchandise bubble in China burst
十二光年 · 2025
What happened
十二光年 launched as a 'dimension girl store' (次元少女馆) targeting young women who loved anime, cosplay, and character merchandise. It raised 5 million yuan in angel funding and grew rapidly during the ACG merchandise boom, opening stores in shopping malls across Chinese cities. The brand sold Lolita dresses, Hanfu, cosplay accessories, and character merchandise to a passionate but niche customer base.
By 2025, the ACG merchandise bubble had burst. Dozens of 'gu-zi' (谷子) stores that had opened during the pandemic-era anime boom were closing as quickly as they had appeared. 十二光年 shut down all its offline stores, leaving only its online channels running clearance sales. The brand appeared to be on the brink of collapse.
The closure was part of a broader correction in China's ACG retail sector. Industry roundups reported multiple anime merchandise chains — including IPSTAR, 漫库, 暴蒙, and 乐漫优谷 — reducing store counts by 30-80% in 2025 alone. The sector's 'wild growth' phase had ended as overexpansion, product homogenization, and the shift of ACG fandom to online communities drained traffic from physical stores.
Why it happened
- The ACG merchandise sector grew too fast during the pandemic anime boom, leading to dozens of similar stores competing for the same niche audience in the same malls.
- Chinese ACG fans increasingly sourced merchandise through online communities and cross-border platforms, reducing the need for physical stores that carried the same products at higher prices.
- The brand's niche appeal limited its addressable market to a narrow demographic, making it vulnerable when consumer spending tightened and mall foot traffic declined.
- Without proprietary intellectual property or exclusive merchandise deals, 十二光年 could not differentiate itself from the wave of copycat stores selling the same imported character goods.
The lesson
A niche retail bubble grows fast and bursts faster — when every store in the mall sells the same imported character goods, none of them owns the customer.
Sources
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