Pop Mart’s new mini Labubus sells out instantly worldwide

The new mini Labubus unveiled by Chinese toymaker Pop Mart International Group Ltd. sold out almost instantly at home and major overseas markets, in evidence of the enduring demand for the rabbit-eared plush dolls.

The toys sold out within minutes after their 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 taken almost immediately after being opened for sale online at 10 p.m. local time Thursday, with the traffic causing Pop Mart’s WeChat store page to freeze.

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“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 witnessed choppy trading Friday morning, swinging from gains of 2.2 percent at one point to losses of 2 percent at another.

“The market has already priced in the popularity of mini Labubu and the stock prices have priced in the great demand,” said Lin.

Shares had risen to a record after the company’s founder and Chief Executive Officer Wang Ning announced the new line of Labubu dolls 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. Shares of the company rose to a record after its founder and chief executive officer, Wang Ning, announced the new line of Labubu dolls last week.

The stock has rallied 262 percent this year as of Thursday close, taking its total market value to HK$435.7 billion ($55.9 billion) and making its founder one of China’s youngest billionaires.

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.

Pop Mart CEO Wang, speaking in a recent interview with Chinese state media, explained the slow and staggered release of Labubu dolls as a function of their hand-sewn complexity that limits production speed.

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.

Reseller Wang said she planned to sell her set for about 1,700 yuan, netting 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 which goes on sale this week 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.

Read more:

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Labubu not the first toy craze, and certainly won’t be the last