The new mini Labubus unveiled by Chinese toymaker Pop Mart International Group Ltd. sold out almost instantly at home and major overseas markets, as the consumer fervor around the rabbit-eared plush dolls shows no sign of abating.
The toys were snapped up within minutes of release in Pop Mart’s key markets, including the US, Japan and South Korea when pre-sale began at around 10 a.m. Hong Kong time. In China, all available inventory was gone almost immediately after sales opened online at 10 p.m. local time Thursday, with the traffic surge causing Pop Mart’s WeChat store page to freeze.
“The popularity of the new series has already demonstrated that consumers’ enthusiasm for Labubu remains strong,” said Richard Lin, an analyst with SPDB International Holdings Ltd.
Pop Mart’s shares closed down 0.6% on Friday, after swinging between gains and losses. The market’s already priced in the clamor for the new mini Labubu, Lin said, with shares rising to a record after founder and Chief Executive Officer Wang Ning announced the new line last week.
Collectors as well as resellers tried to get their hands on the new release. Xiaolei Wang, a 26-year-old Beijing programmer and part-time Labubu re-seller, scored one 14-box set of the new minis on Pop Mart’s WeChat store, but was unable to buy more as they were sold out.
“I’m going to sell the whole package. I’m not keeping Labubus for myself,” said Wang, who’s made more than $7,000 buying and reselling Labubus and other Pop Mart toys over the past year.
The 28 standard edition mini Labubus, which stand about 10.5 centimeters (4.1 inches) tall and come in a variety of colors, were priced at 79 yuan ($11) apiece in China. Pop Mart said there’s a one-in-168 chance of pulling one of two special edition dolls from the unmarked boxes. The company also began sales of a larger, more premium version of the doll sold for 499 yuan and a Labubu-themed pendant.
Pop Mart has been riding a wave of demand for the plush dolls with a toothy-grinned vinyl face, posting soaring and stronger-than-expected first half earnings earlier this month. The stock has rallied 260% this year as of Friday’s close, taking its total market value to HK$433 billion ($55.6 billion) and making its founder one of China’s youngest billionaires.
“We do not have a specific estimate on the boost to Labubu’s sales yet, but this should be positive to the overall sales of Pop Mart, particularly overseas,” Morningstar Inc. analyst Jeff Zhang said. Pop Mart launched the mini version of the toy to attract customers that focus more on phone charms and tinier accessories, he said.
On Instagram-like Chinese social media Xiaohongshu, fans are showcasing the mini dolls they managed to get, as well swapping tips on how to trade them to get their preferred colors. Aside from the excitement, there were also voices of concern about craftsmanship of the new version, with some buyers complaining about their dolls having crooked heads and uneven legs or ears. Pop Mart declined to comment on the reaction on social media but said it proactively increased supply of these new mini dolls to make them more accessible for consumers during the launch.
The mania over Labubu dolls is reminiscent of the Beanie Baby craze in the US two decades ago. Resale prices of those colorful beanbag toys soared in the late 1990s — exacerbated by manufacturer Ty Inc.’s policy of retiring some versions — before the collecting fad ended and demand collapsed.
CEO Wang, speaking in a recent interview with Chinese state media, said that the hand-sewn complexity of the dolls limits production speed, giving rise to the scarcity that’s in part driving consumer frenzy.
Days before the official launch, resellers on second-hand trading platforms including Alibaba Group Holding Ltd.’s Xianyu, already offered pre-sales for the new mini Labubu products at a premium over the retail price. One reseller priced a full case of 14 mini Labubus at 2,600 yuan, promising expedited delivery on Friday. That’s more than double the official retail price of 1,106 yuan for a 14-box set.
On Dewu, China’s largest gray market platform, the two special editions of mini Labubu are priced at 859 yuan each.
Reseller Wang said she planned to sell her set for about 1,700 yuan, which will net a profit of around 600 yuan.
Demand is running so high that fake mini Labubus have started to appear, according to a statement from China’s General Administration of Customs, which recently seized hundreds of knockoffs.
Many of Pop Mart’s toys are priced higher in Western markets than they are at home in China. The mini Labubu will be offered at $22.99 in the US, according to Pop Mart’s American website, about double the price in China.
Pop Mart has carved out a dominant niche in the designer toy market through its blind-box model, which amplifies the thrill as buyers don’t know which character they’ll get. Influencer shout-outs and celebrity sightings, from BlackPink’s Lisa to David Beckham, have further boosted demand.
The toys were snapped up within minutes of release in Pop Mart’s key markets, including the US, Japan and South Korea when pre-sale began at around 10 a.m. Hong Kong time. In China, all available inventory was gone almost immediately after sales opened online at 10 p.m. local time Thursday, with the traffic surge causing Pop Mart’s WeChat store page to freeze.
“The popularity of the new series has already demonstrated that consumers’ enthusiasm for Labubu remains strong,” said Richard Lin, an analyst with SPDB International Holdings Ltd.
Pop Mart’s shares closed down 0.6% on Friday, after swinging between gains and losses. The market’s already priced in the clamor for the new mini Labubu, Lin said, with shares rising to a record after founder and Chief Executive Officer Wang Ning announced the new line last week.
Collectors as well as resellers tried to get their hands on the new release. Xiaolei Wang, a 26-year-old Beijing programmer and part-time Labubu re-seller, scored one 14-box set of the new minis on Pop Mart’s WeChat store, but was unable to buy more as they were sold out.
“I’m going to sell the whole package. I’m not keeping Labubus for myself,” said Wang, who’s made more than $7,000 buying and reselling Labubus and other Pop Mart toys over the past year.
The 28 standard edition mini Labubus, which stand about 10.5 centimeters (4.1 inches) tall and come in a variety of colors, were priced at 79 yuan ($11) apiece in China. Pop Mart said there’s a one-in-168 chance of pulling one of two special edition dolls from the unmarked boxes. The company also began sales of a larger, more premium version of the doll sold for 499 yuan and a Labubu-themed pendant.
Pop Mart has been riding a wave of demand for the plush dolls with a toothy-grinned vinyl face, posting soaring and stronger-than-expected first half earnings earlier this month. The stock has rallied 260% this year as of Friday’s close, taking its total market value to HK$433 billion ($55.6 billion) and making its founder one of China’s youngest billionaires.
“We do not have a specific estimate on the boost to Labubu’s sales yet, but this should be positive to the overall sales of Pop Mart, particularly overseas,” Morningstar Inc. analyst Jeff Zhang said. Pop Mart launched the mini version of the toy to attract customers that focus more on phone charms and tinier accessories, he said.
On Instagram-like Chinese social media Xiaohongshu, fans are showcasing the mini dolls they managed to get, as well swapping tips on how to trade them to get their preferred colors. Aside from the excitement, there were also voices of concern about craftsmanship of the new version, with some buyers complaining about their dolls having crooked heads and uneven legs or ears. Pop Mart declined to comment on the reaction on social media but said it proactively increased supply of these new mini dolls to make them more accessible for consumers during the launch.
The mania over Labubu dolls is reminiscent of the Beanie Baby craze in the US two decades ago. Resale prices of those colorful beanbag toys soared in the late 1990s — exacerbated by manufacturer Ty Inc.’s policy of retiring some versions — before the collecting fad ended and demand collapsed.
CEO Wang, speaking in a recent interview with Chinese state media, said that the hand-sewn complexity of the dolls limits production speed, giving rise to the scarcity that’s in part driving consumer frenzy.
Days before the official launch, resellers on second-hand trading platforms including Alibaba Group Holding Ltd.’s Xianyu, already offered pre-sales for the new mini Labubu products at a premium over the retail price. One reseller priced a full case of 14 mini Labubus at 2,600 yuan, promising expedited delivery on Friday. That’s more than double the official retail price of 1,106 yuan for a 14-box set.
On Dewu, China’s largest gray market platform, the two special editions of mini Labubu are priced at 859 yuan each.
Reseller Wang said she planned to sell her set for about 1,700 yuan, which will net a profit of around 600 yuan.
Demand is running so high that fake mini Labubus have started to appear, according to a statement from China’s General Administration of Customs, which recently seized hundreds of knockoffs.
Many of Pop Mart’s toys are priced higher in Western markets than they are at home in China. The mini Labubu will be offered at $22.99 in the US, according to Pop Mart’s American website, about double the price in China.
Pop Mart has carved out a dominant niche in the designer toy market through its blind-box model, which amplifies the thrill as buyers don’t know which character they’ll get. Influencer shout-outs and celebrity sightings, from BlackPink’s Lisa to David Beckham, have further boosted demand.
You may also like
SCO Summit 2025 in China: Meet humanoid robot Xiao He; here's what it can do
BREAKING: Benidorm horror as British tourist found dead on Levante Beach
Man Utd 'accept loan offer' from European giants for Rasmus Hojlund transfer with key clause
Heart Attack Risk: Why the Chances Are Higher in the Morning Than at Night
"Feudal Mentality": Assam CM Sarma condemns 'abuses' against PM Modi
