Latest news with #LABUBU
Business Times
a day ago
- Entertainment
- Business Times
How Pop Mart's Labubu became a monster of a business
LABUBU is a little doll in fleecy, bunny-eared onesies whose coffee-bean eyes hover above a serrated row of smiling teeth. Ostensibly an elf, the creature is either cute or creepy, depending on whom you ask. But one thing is clear – it has become a monster of a business. The dolls have been caught on camera with celebrities such as Rihanna and K-pop superstar Lisa, typically dangling from the strap of a designer bag. Their popularity has propelled the stock of its owner, trendy toy retailer Pop Mart International, more than 180 per cent higher this year. Pop Mart's market value of over HK$350 billion (S$57.4 billion) makes it the world's third most valuable intellectual property (IP) company, behind only The Walt Disney Company and Nintendo. The toy reached a cultural milestone on June 10, when a Labubu figure was sold at an auction for more than 1.2 million yuan (S$214,960), including commission, setting a new record for the brand. The auction followed several successful sales of Labubu items, including one that fetched more than HK$200,000 at Sotheby's Hong Kong in late May. Labubu has been crucial to Pop Mart's success, with the toy line it belongs to accounting for nearly a quarter of the company's total revenue last year. The toy has spawned bidding wars, unruly lines outside stores, and a minor controversy at a Chinese bank. Its rise serves as a case study in how to turn a character no one had heard of 10 years ago into the must-have toy of the year. Pop Mart's strategy employed a shrewd mix of cultivating exclusive IP, creating scarcity, leveraging social media, and introducing a bit of gamble into the purchasing of its products. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The phenomenon shows China's growing potential to produce global money spinners from its cultural creations. Labubu's success echoes that of Black Myth: Wukong, the Chinese-made video game released in 2024 that became one of the fastest-selling titles of all time. 'The rise of China's trendy toy IP reflects the same trend as the global breakout of Chinese entertainment content in recent years. This phenomenon underscores China's growing national strength, particularly the rising competitiveness of its cultural industries,' said Fan Junhao, chief analyst for consumer discretionary at Huatai Securities. The making of a monster Labubu is the creation of Hong Kong artist Kasing Lung, who came up with the creatures in 2015 for his book series 'The Monsters'. Lung gave them a simple backstory. Labubu are forest-dwelling elves whose existence dates back millions of years, at least to the time of the dinosaurs. They number about 100 and are all female. In 2019, the artist signed an agreement with Pop Mart, granting the company exclusive rights to produce and sell toy versions of the storybook sprites, launching Labubu under its 'The Monsters' series. Much like there is more than one Labubu in Lung's story, there are a variety of Labubu toys on Pop Mart's shelves. The main difference is in the colouring, with different Labubu sporting a different colour of bunny-eared onesie, though the eyes, nose and teeth can also be colored differently. A Labubu figure and Labubu stickers are seen at a Pop Mart shop in Beijing. A Beijing auction house sold a Labubu figure for over US$150,000, as global demand for the dolls reaches fever pitch. PHOTO: AFP Some Labubu are rarer than others. One particularly sought-after version sports a charcoal grey onesie and a distinctive set of rainbow-colored teeth. Pop Mart sells the Labubu in 'blind boxes', so that buyers don't know which one they are getting until they tear open the packaging. This drives sales as it leaves particularly fanatical Labubu fans with no other choice than to keep buying the toy until they get the Labubu in their preferred colour of onesie. The toy was not an overnight hit. The dolls were originally made of hard vinyl, but sales started to pick up once Pop Mart started selling Labubu plush toys on key rings and as larger dolls in 2023. The watershed moment came the following year, when Lisa, the Thai member of the K-pop girl group Blackpink, repeatedly showcased her collection of Labubu plushies on social media. A buying frenzy began across South-east Asia. The impact was immediate. Pop Mart's revenue from 'The Monsters' series grew more than eightfold in 2024, making up 23.3 per cent of its total revenue, according to the company's financial report. Its plushie sales, spearheaded by Labubu, skyrocketed 1,289 per cent. South-east Asia emerged as Pop Mart's largest international market, contributing nearly half of total overseas revenue, which surged 375 per cent to nearly 5.1 billion yuan. Labubu's popularity is especially evident in Thailand. Outside Pop Mart's three-storey flagship store in Bangkok's bustling Siam Square, security guards watched over lines of customers on June 6. 'Around 500 tourists come each day just for Labubu, mostly Thais and Chinese', said a store employee. The employee said that Labubu plushies were sold out at every brick-and-mortar Pop Mart in the country. The unmet demand has created a grey market of unauthorized Labubu dealers. Just 50 meters from the official store, a tiny, unnamed shop stocks nearly every kind of Labubu – some priced at more than twice the official retail price. At the shop, one Chinese customer dropped more than 9,000 baht (S$353) on Labubu in a matter of minutes. Another customer, a tourist in his 50s, said he had no choice but to pay scalper prices to secure a Labubu for his daughter. 'The official store had nothing left,' he said. The Labubu fever has spread beyond South-east Asia. After pop superstar Rihanna was spotted with a pink Labubu hanging from her designer bag at an Los Angeles airport in February, the US and the UK got caught up in the frenzy. The release of the third-generation Labubu plushies two months later led to viral reports of overnight lines and fights breaking out among desperate customers outside Pop Mart stores. The toy's popularity has even impacted the Chinese banking industry, of all places. Caixin learned that several branches of Ping An Bank had to suspend a promotion that offered free Labubu toys as rewards for opening new accounts following discussions that the giveaway might be a violation of banking rules. Financial institutions in southeastern China have recently received regulatory reminders about the ban on attracting deposits with gifts, sources told Caixin. However, it remains unclear whether these warnings were related to the Labubu promotions. The game plan Pop Mart follows a three-part business model employed by many Chinese toy retailers, which blends premium IP with gamified retail and social media dissemination, the analyst Fan said. Under the model, companies either create original IP or acquire and manage existing properties, ensuring their products meet premium quality standards, Fan said. With strong IP as the cornerstone, they then turn buying their products into a kind of game. The randomness of the blind boxes sparks online discussions and a desire among customers to keep buying so they can collect an entire series of products. This also generates a secondary market driven by scarcity and rising value of the products among collectors. The third component is social media amplification, Fan said, explaining that companies leverage celebrity endorsements and encourage user-generated content such as memes to create a trend with mass-market appeal. An auctioneer congratulates the buyer who won the bid for a Labubu figurine, during an auction by Yongle International Auction in Beijing on June 10. PHOTO: REUTERS 'Lisa played a significant role in propelling Labubu into the mainstream,' said a designer specialising in trendy toy IP. 'Celebrity endorsements remain the most effective breakthrough strategy – a tried-and-tested approach drawn from the luxury sector.' In addition, unlike hard vinyl figures, the plush versions of Labubu possess a more inherent 'social' quality, and added straps make it easier for celebrities to wear and display them, the designer said, noting that, like Pop Mart, many toy companies are now developing their own 'fuzzy' collectible lines to leverage celebrity influence and drive sales. While Chinese brands have only recently perfected this approach, it has a long track record of success for global toy brands such as Kaws, Bearbrick and Jellycat, said Fan, who emphasised the model allows customers to be more than mere buyers, but content creators as well. Toy companies ought to evolve beyond being simple manufacturers or distributors, Fan said. Rather, they should become IP operating platforms, or even content creation companies. Chen Chufang, a former IP specialist for a toy company, believes that for an IP to become popular globally, it needs more than celebrity endorsements. It's just as important to have high-profile retail stores abroad. 'Opening a standout collectible toy store overseas makes a far bigger impact than doing so in China,' he said. By the end of 2024, Pop Mart had opened 130 stores overseas, locating most of them in prominent spots like Oxford Street in London and the Louvre in Paris, making it the first Chinese toy brand to enter the iconic museum. 'Previously, overseas IP derivatives were expensive. But now, Chinese companies are reaching overseas customers with relatively reasonable pricing and the novelty of blind boxes, while putting stores in core local commercial districts. They are becoming disruptors,' Chen said. CAIXIN GLOBAL
Hypebeast
2 days ago
- Entertainment
- Hypebeast
JOOPITER's sacai x SEVENTEEN Auction Sets Record for Highest-Selling LABUBU
Summary JOOPITERhas officially announced the success of itssacaixSEVENTEENauction, which closed with a white glove sale — all lots sold. At the heart of the auction were 14 exclusive, customizableLABUBUcollectibles dressed in sacai-designed outfits. The 14 LABUBU figures — customized POP MART x How2work Green Edition plush toys fromKasing Lung's The Monsters series — generated a total of $337,500 USD. 13 were styled in tan onesies with distinctive gold and silver accessories around the neck, representing each member of SEVENTEEN. The 14th, a special edition in a secret colorway inspired by one ofPharrell Williams' favorite sacai pieces. The top lot sold for $31,250 USD, setting a new record for the highest-selling LABUBU plush toy at auction. Additional auction highlights included a J-17-S T-shirt signed by SEVENTEEN and a custom sacai leather jacket worn in the group's 'Bad Influence' music video. All proceeds from the auction will go towards UNESCO, supported by SEVENTEEN in their role as UNESCO Goodwill Ambassadors for Youth and Pharrell Williams as UNESCO Goodwill Ambassador for Arts Education and Entrepreneurship.
Yahoo
5 days ago
- Business
- Yahoo
A Global Beach Paradise Welcomes a New Landmark - POP MART's First Bali Store Officially Opens
BALI, Indonesia, June 16, 2025 /PRNewswire/ -- On June 6, POP MART officially opened its first store in Bali, located beside the iconic Kuta Beach. This marks not only the brand's Bali debut, but also the island's first LABUBU-themed store. Bali, known as the "Island of the Gods," attracts millions of international tourists annually. The grand opening featured vibrant, culturally inspired events that drew large crowds. POP MART's Bali store brings fresh lifestyle energy to this tropical paradise. By blending with local culture, it has quickly become a new landmark for pop culture lovers. It is POP MART's seventh store in Indonesia and reflects the brand's rapid expansion in the region. A Tropical Art Space to Treasure Your Trendy Bali Memories As Bali's first LABUBU-themed store, the ever-popular character LABUBU has taken on a new role as the island's adorable "ambassador," debuting in a lively beach look. Inside the store, special photo spots have been set up, where LABUBU lounges on the beach with sunglasses and a straw hat, sipping and enjoying peaceful yoga moments — inviting global visitors to embark on an imaginative and art-filled "treasure hunt." With a prime location facing Kuta Beach, the store design is infused with tropical aesthetics and local natural elements. The warm, rustic wooden interiors are complemented by flooring that mimics sandy textures and ocean waves. Tree-like pillars, arched shapes from Balinese architecture, and textured stone walls recreate the laid-back, cozy vibe of a beachside resort, forming a truly unique island-style retail space. To celebrate the grand opening, POP MART hosted a meaningful local blessing ceremony. Offerings such as flowers and fruit were used to convey wishes of love and positivity. During the ribbon-cutting ceremony, guests wore traditional Balinese sarongs and shawls. The legendary Barong lion also joined as a mystical dancer, celebrating with the crowd and drawing many curious tourists to stop and enjoy the cultural performance. Bali Welcomes Nearly 10 Million Tourists Annually – POP MART Hopes to Become the Island's Trendy Souvenir of Choice. "Bali is one of the world's top tourist destinations, and we're thrilled to open a culturally immersive retail space here," said a POP MART spokesperson. "We hope POP MART becomes the go-to souvenir brand for tourists visiting Bali, bringing joyful IP experiences to both travelers and local consumers alike." Elevating and UP: POP MART as a New Cultural Landmark in Iconic Tourist Cities As Southeast Asia's largest economy, Indonesia offers massive potential in the retail market. Trend-driven and lifestyle-focused products are especially appealing to its young consumer base. Indonesia is a key market for POP MART in the region. In July last year, POP MART opened its first Indonesian store in Gandaria City, Jakarta — which was also the brand's 100th overseas store. With the steady progress of its globalization strategy, POP MART is becoming a new cultural symbol and cross-cultural language. Its IP collectibles are increasingly embraced as must-buy souvenirs in many of the world's top tourist cities. Flagship locations such as Shanghai, Ba Na Hills in Vietnam, and key transportation hubs like Singapore Changi Airport have drawn huge interest — with expansion plans targeting Japan's Narita Airport and more in the near future. POP MART stores in major tourist cities and landmarks continue to attract global visitors and are transforming into trendy new destinations themselves. "Looking ahead, we will stay committed to building our brand in key travel destinations through unique themed stores," said the spokesperson. "We aim to provide diverse shopping experiences and share global pop culture with even more consumers around the world." View original content to download multimedia: SOURCE POP MART Sign in to access your portfolio
Business Insider
5 days ago
- Entertainment
- Business Insider
K-pop's biggest stars are showing off their blind box pulls and fueling the Labubu frenzy that's taking over South Korea
K-pop band Seventeen is going all in on the Labubu craze. Its vocalist posted a picture kissing his pink Labubu, and the band is touting their custom dolls. Pop Mart South Korea has halted physical Labubu sales, citing "potential safety incidents." K-pop's biggest names are fueling the Labubu craze in South Korea. Members of the boy band Seventeen, which is one of K-pop's biggest acts of the moment, posted pictures on social media showing off their Labubu dolls. Labubu, a furry doll made by the Chinese toymaker Pop Mart, went viral this year, causing snaking queues to form outside outlets around the world. Seventeen's vocalist Joshua Hong posted a picture on Instagram on Sunday showing him posing in a park and kissing his bright pink Labubu's head. View this post on Instagram A post shared by Joshua Hong (@joshu_acoustic) Seventeen's rappers Hoshi and Vernon also showed off the Labubu that Seventeen created in collaboration with Pharrell Williams' auction site Joopiter, fashion brand Carhartt, and Japanese luxury brand Sacai. And another of the band's vocalists, Seungkwan, showed the doll off at an event in Seoul, commenting offhand that the doll shared a last name with him — Boo. The 6.7-inch dolls in the Seventeen collaboration are clad in gray onesies by Carhartt and feature neon green fur, a color not seen on a Labubu until now. Labubu's ties with K-pop run deep. The toy got immensely popular in Asia after Lisa, one of the four singers from the hit K-pop band Blackpink, posted an image of it on her Instagram last April. K-pop stars showing off their blind box pulls may be one reason South Koreans are going crazy over Labubus, to the point that Pop Mart has halted physical sales in the country. "Due to concerns raised over potential safety incidents at offline sales locations, and with the safety of our customers as our top priority, we have decided to temporarily suspend the offline sales of all LABUBU plush dolls and LABUBU plush keyring series," Pop Mart Korea said in an Instagram story on Sunday. Videos on social media show Pop Mart stores in Seoul packed with fans of the dolls. In May, Pop Mart similarly suspended physical sales of Labubus in the UK, citing a "significant rise in customer turnout on restock days." The toymaker announced last week on its UK Instagram that it would continue sales of "The Monsters" series, which Labubu is a part of, at the end of June. On June 13, Pop Mart launched a new series of The Monsters called Wacky Mart. The series is food-inspired, and includes Labubus modeled after tempura shrimp, cup noodles, and corn.
Indianapolis Star
13-06-2025
- Entertainment
- Indianapolis Star
New Labubu toys releasing at Pop Mart: See the grocery store-inspired series
Labubu lovers can rejoice as they will get the opportunity to add to their collections when Pop Mart releases a new collection featuring fan-favorite characters from the story series "The Monsters." The Monsters Wacky Mart Series is dropping on Pop Mart's website on Thursday, June 12, at 10 p.m. ET, according to the toy company's website. The series features designs inspired by grocery stores and food, such as an earphone case modeled after a Labubu shrimp tempura. The "collection reimagines everyday convenience store moments through the eyes of LABUBU and friends," said Emily Brough, head of IP licensing at Pop Mart, in a statement emailed to USA TODAY. "Complete with unexpected food mashups and quirky details, there is no doubt fans will fall in love." The eight-product series includes several different blind boxes, plushes, a purse and a display case. The series will be available to buy on Pop Mart's website on Thursday, June 12, at 10 p.m. ET. The Monsters Wacky Mart Series can be purchased from Pop Mart's website. Eight products make up the series, including the following listed on Pop Mart's website: The blindboxes in the Wacky Mart series include: Blind boxes can contain toys or figurines from different properties, from well-known characters like Hello Kitty and Winnie the Pooh and their friends, to popular manga characters like Monkey D. Luffy from "One Piece." Some of the blind boxes' contents may be rarer than others, which can increase their value and the amount collectors are willing to pay for them if they're resold online. Labubu blind boxes are currently being sold worldwide by the Beijing-based toy-maker Pop Mart as a part of their "The Monsters" line. The Labubu dolls have become so popular that they've attracted the attention of resellers. To ensure you are purchasing authentic Labubu or "The Monsters" merchandise, purchase the dolls directly from Pop Mart, its Amazon store or other major retailers. Labubu is a creepy-looking doll with a big head, sharp teeth and big eyes who wears fuzzy pajamas. Although it comes with pajamas, consumers can purchase other clothes to dress their Labubu dolls in. The monsters were designed by Hong Kong artist Kasing Lung in 2015, according to Pop Mart. Lung is a Hong Kong-born artist, illustrator and toy designer, Business Insider reported.
