Labubu Four-Piece Set Auctioned for 4.15 Million Won
Hidden Edition Sees Over 300% Average Annual Return
Blackpink's Ros? and Lisa, Rihanna Among Celebrity Fans
The character doll "Labubu" from the Chinese toy company Pop Mart has become a hot topic as it is being traded at premiums reaching several times its original price.
According to Chinese local media such as Qiemian News and Jiefang Daily on June 9, a set of four Labubu dolls with a retail price of 9,000 yuan (about 1.7 million won) was recently sold at auction for 22,403 yuan (about 4.15 million won). Some limited editions are being traded on the resale market at prices up to 20 to 30 times their original retail price. It has also been reported that the hidden edition of Labubu, released last year, recorded an average annual return of over 300%, far surpassing the returns from gold investments.
Labubu is a character known for its rabbit-like long ears, large eyes, and a big mouth with nine sharp teeth. On social networking services (SNS), a variety of related content is continuously being uploaded, including Labubu unboxing videos and Labubu dress-up clips.
Some people refer to Labubu as the "Plastic Maotai" (塑料茅台). Maotai is a luxury liquor in China, known for its high price and collectible value, and is often used by the wealthy as a symbol of status.
The popularity of Labubu is spreading not only in China but also worldwide. In Los Angeles, USA, and Tokyo, Japan, people have been lining up as early as 3 a.m. At a new store in Bali, Indonesia, crowds became so large that physical altercations broke out. In London, UK, a rush for the dolls led to a temporary suspension of sales due to safety concerns.
J.P. Morgan, the largest bank in the United States, recently described Labubu as the "next-generation Hello Kitty" in a report. In fact, according to Google Trends, Labubu's search popularity surpassed that of Hello Kitty in May 2025. The popularity has risen even further as celebrities such as Blackpink's Lisa and Ros?, as well as Rihanna, have been seen using Labubu products on SNS.
Meanwhile, Pop Mart has experienced rapid growth through the sale of Labubu products using a blind box system. According to analysis of the Pop Mart app, consumers need to purchase an average of 7.2 blind boxes to obtain the doll they want. As a result of this strategy, Pop Mart announced in its first-quarter earnings release last month that overseas sales surged by 480% compared to the first quarter of last year. In particular, sales increased by 900% in the United States and 600% in Europe.
Pop Mart founder Wang Ning's net worth has reached $20.3 billion (about 27.5 trillion won), making him the richest person in Henan Province, China. Born in 1987, Wang Ning graduated from Zhengzhou University and opened the first Pop Mart store in Beijing in 2010 at the age of 23. At that time, it was a general store selling a variety of products including toys, but since 2016, the company has started selling its own character art toys.
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