BEIJING, Aug 29 — The mini Labubu craze is showing no signs of slowing down as the latest series from Chinese toymaker Pop Mart sold out almost instantly worldwide.
The dolls vanished within minutes in key markets including the United States, Japan and South Korea when pre-sale began this morning, Bloomberg reported.
According to the newswire, demand so intense in China when the toys went on sale last night that Pop Mart’s WeChat store page froze.
“The popularity of the new series has already demonstrated that consumers’ enthusiasm for Labubu remains strong,” Richard Lin, an analyst with SPDB International Holdings Ltd was quoted as saying.
Pop Mart’s shares swung wildly in Hong Kong this morning when trading began, rising as much as 2.2 per cent before sliding 2 per cent, with analysts saying much of the frenzy had already been priced in.
Collectors and resellers scrambled to buy, including Beijing programmer Xiaolei Wang who secured one 14-box set but was shut out from more.
“I’m going to sell the whole package. I’m not keeping Labubus for myself,” Wang, who has made more than US$7,000 (RM29,526) reselling Pop Mart toys over the past year, told Bloomberg.
Each mini Labubu stands about 10.5cm tall and retails in China for 79 yuan (RM51), while a premium version sells for 499 yuan.
Scarcity is fueling demand, with Pop Mart noting just a one-in-168 chance of pulling one of two special edition dolls from its blind boxes.
CEO Wang Ning said the hand-sewn complexity of the toys slows production, adding to the scarcity that keeps the frenzy alive.
Resale prices have already soared, with one reseller listing a 14-box case for 2,600 yuan — more than double its 1,106 yuan retail price.
The craze has lifted Pop Mart’s stock 262 per cent this year, valuing the firm at HK$435.7 billion (RM269.8 billion) and making Wang one of China’s youngest billionaires.