"How Many Times Has It Increased?" One Doll Sells for Over 200 Million KRW... The World Is Captivated by 'Labubu'

Lisa of Blackpink Sparks Craze on Social Media
Concerns Grow Over Resale Market and Counterfeit Products

The Chinese character doll Labubu has become a global sensation, recently making headlines after being sold at auction for about 200 million KRW.

On June 11, Chinese media outlets such as Daily Economic News and Jimu News reported, "At the auction held the previous day, the mint-colored Labubu was sold for 1.08 million yuan (approximately 204.27 million KRW), while the brown Labubu fetched 820,000 yuan (about 155.11 million KRW)."

A life-sized Labubu doll sold at an auction held in Beijing, China, for about 200 million KRW. Photo by Reuters Yonhap News.

The mint-colored Labubu measures 131 cm, while the brown Labubu is 160 cm tall. According to reports, a total of 48 Labubu pieces appeared at the auction, with total sales reaching 3.73 million yuan (about 705.79 million KRW).

Cheng Luo, the original owner of the high-priced Labubu dolls, told Daily Economic News, "I bought two of them for 100,000 yuan each (about 18.909 million KRW) in 2020, and I never imagined they would be worth a combined 1.9 million yuan." Cheng said collecting trendy toys is his hobby. He added, "Over the past few years, I've spent millions of yuan on toys," explaining that he decided to stop collecting Labubu and put them up for auction because there were simply too many limited editions.

The surging popularity of Labubu has also raised concerns about the resale market. Xiao Yang, who identified as a Labubu fan, said in an interview with Daxiang News, "To buy Labubu offline, you first have to get purchase verification online the day before, which is not easy," adding, "If you want to get the product you want, you have no choice but to buy it through resellers." Daxiang News pointed out, "Such practices are causing an imbalance between supply and demand in the market."

Daxiang News also reported that Labubu prices have multiplied on secondhand trading platforms. The Simkung Macaron series, which used to cost 99 yuan (about 18,000 KRW), has risen to 200 yuan (about 37,000 KRW). A limited edition that was 499 yuan (about 95,000 KRW) is now being resold for 7,000 yuan (about 1.32 million KRW), earning Labubu the nickname "the Bitcoin of toys." Daxiang News, citing industry experts, noted, "The toy market is changing so rapidly that there are doubts about the sustainability of Labubu's popularity," and added, "As it becomes harder to find genuine products, similar counterfeits are also emerging, raising concerns among some observers."

Labubu at a Chinese auction house. Weibo.

The BBC in the United Kingdom also covered Labubu's soaring popularity. The BBC reported, "Labubu sparked a global buying craze after Lisa of the group Blackpink posted about it on social media," adding that "Rihanna, Dua Lipa, and David Beckham have also been seen with Labubu."

Labubu comes in blind boxes, so the design is only revealed when the package is opened. Thanks to Labubu's popularity, Pop Mart's sales last year exceeded 13 billion yuan (about 2.4581 trillion KRW), more than doubling from the previous year. Last year, the company also opened new stores in five countries, including Italy and Spain.