Mini-Labubu Fever, Sold Out In A Second Time In Various Countries

Mini Cryptatory To Monster Labubu (Photo: VOI/Adelia)

JAKARTA - The latest mini-labu is Pop Mart International Group Ltd., a toy company from China sold out in just a matter of minutes in various major markets around the world. The enthusiasm for the hairy doll with rabbits' ears seems far from a sign of easing.

In the United States, Japan, to South Korea, this toy was invaded by buyers once pre-sale opened around 10 am Hong Kong time. Meanwhile in China, stock sold online on Thursday night immediately ran out in an instant, causing the Pop Mart WeChat store website to experience disruption.

"The popularity of this latest series has proven that consumer enthusiasm for Labubu is still very strong," said Richard Lin, an analyst at SPDB International Holdings Ltd., quoted from the Bloomberg page.

The latest mini series consists of 28 standard models, each as high as about 10.5 centimeters. In China, the price per fruit is set at 79 yuan or IDR 181 thousand. Pop Mart also added two special editions that can only be obtained with the opportunity of 1 in 168 from unsigned mysterious boxes. In addition, there is a larger premium version at a price of 499 yuan (IDR 1.1 million) and a Labubu design hanger.

A collector and seller again (reseller), Wang Xiaolei (26), managed to get a set containing 14 boxes.

"I will sell everything. I don't keep Labubu for myself," Wang said.

Wang admitted that he had earned more than 7,000 US dollars or Rp. 114 million over the past year from buying and selling Pop Mart toys.

Enthusiasm Of Collectors And Dark Markets

Ahead of the official launch, several resellers have opened pre-orders on buying and selling platforms, such as Alibaba's Xianyu. A full box containing 14 mini-Labubu is sold for 2,600 yuan or IDR 5.9 million, more than double the official price of 1,106 yuan or IDR 2.5 million.

On the Dewu platform, two special mini-Labubu editions are priced at up to 859 yuan or IDR 1.9 million per piece.

"I plan to sell this set for around 1,700 yuan (IDR 3.9 million). The profit is 600 yuan (IDR 1.3 million)," added Wang.

High demand triggered the circulation of counterfeit products. China's Customs Administration reports it has seized hundreds of fake Labubu in recent times.

The Increase In Pop Mart Pamor

Pop Mart himself is enjoying a jump in profits. The company reported a higher first-half performance than expected, with stocks already up 260% throughout the year.

Pop Mart's market capitalization now reaches 55.6 billion US dollars or Rp912 trillion. This makes the founder, Wang Ning, one of the youngest billionaires in China.

"We don't have a definite estimate of the impact of mini-Labu sales, but obviously this will be positive for Pop Mart sales, especially overseas," said Jeff Zhang, analyst at Morningstar Inc.

On Xiaohongshu social media, fans show off Labubu's mini collection as well as exchanging tips on how to exchange favorite colors. However, there are also complaints about quality, such as a tilted doll's head or uneven feet and ears.

Pop Mart declined to comment on the criticism, but said it had added supplies to get more consumers at launch.

CEO Wang Ning admitted that the Labubu production process was complicated and some of it was hand sewn to limit production speed.

"This scarcity makes consumers even more hunting," he said in an interview with Chinese state media.

Pop Mart sells mini-Labu in the American market for $ 22.99 or IDR 377 thousand, almost double the price in China.

The blind-box strategy, where buyers don't know what character to get, remains the main attraction. Its popularity has also been boosted by celebrity promotions and influencers, from BLACKPINK's Lisa to David Beckham.