Chinese toy maker Pop Mart’s hot IP, LABUBU, is once again at the center of a frenzied collectibles market. The latest LABUBU 3.0 series — designed by Hong Kong-based artist Kasing Lung and inspired by Nordic forest elves — has triggered strong consumer demand since its release, with products selling out almost instantly online. While offline flagship stores display the new 3.0 figurines, they are not available for immediate purchase. Staff confirm the series is available only through online preorders, where inventory often sells out within minutes. Pop Mart’s official online store has marked the product as sold out, with restocks offered on a rolling basis. As fans scramble to secure the latest drops, a secondary market has sprung up. On Chinese resale platform Goofish, individual boxes, originally priced at RMB 99 ($13), are selling for RMB 200 to RMB 600 ($28 to $83), with rare “hidden” editions commanding more than RMB 3,000 ($417) apiece. In parallel, a niche trade has also emerged for the empty boxes, which collectors and resellers are buying as long as they carry the official anti-counterfeit labels — suggesting new monetization schemes tied to authenticity and rare editions. Pop Mart, founded in 2010, reported strong financials in 2024. Annual revenue hit RMB 13.04 billion ($1.8 billion), up 106.9% year over year. Adjusted net profit reached RMB 3.4 billion ($470 million), up 185.9%. Mainland China contributed RMB 7.97 billion, a 52.3% increase, while overseas and Greater China regions — including Hong Kong, Macau and Taiwan — surged 375.2% to RMB 5.07 billion, now accounting for nearly 39% of the company’s total revenue. [Economic Information Daily, in Chinese]
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