The character doll 'LABUBU' from Chinese toy company Pop Mart, popularized by BLACKPINK's Lisa and singer Rihanna, is generating buzz as it trades for premiums, sometimes reaching up to dozens of times its original price inside and outside China.
According to local Chinese media such as Jiemian News and Guo Fa News on the 9th, a set of four LABUBU dolls, originally priced at 9,000 yuan (about 1.7 million won), was auctioned for 22,403 yuan (about 4.15 million won) on a Chinese auction site. Additionally, a LABUBU doll auctioned alongside the luxury bag Hermès Birkin was traded for 203,428 yuan (about 38.45 million won).
Media outlets reported that the average annual revenue from the LABUBU hidden edition released in 2024 surpassed 300%, outpacing gold investment returns. Last year, the average price of gold increased by 23%. Designed by art toy artist Lung Ka-sing (53) from Hong Kong and residing in the Netherlands, LABUBU features long ears like a rabbit, large eyes, and a big mouth with nine sharp teeth.
JP Morgan noted in a report that LABUBU has been described as 'the next-generation Hello Kitty.' According to Google Trends, the search popularity of LABUBU surpassed that of Hello Kitty last May.
Pop Mart has rapidly grown through product sales using a blind box method. Critics have raised concerns that it induces gambling psychology and overspending, as consumers cannot know which doll they purchased until opening the box.
According to analysis from the Pop Mart app, consumers need to buy an average of 7.2 blind boxes to obtain the doll they desire.