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14h ago

Pop Mart Leverages Labubu Mania with Record-Setting Sale and Shanghai Jewellery Debut

Pop Mart's push into grocery-themed blind-box collectibles alongside a new jewellery boutique has buoyed shares even as counterfeit Labubus flood resale markets.

A Labubu doll purchased at Dolphin Mall in Miami, believed to be a counterfeit Labubu.
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Overview

  • A human-sized first-generation Labubu figure sold for 1.08 million yuan ($150,325) at a Beijing auction, the highest price ever paid for a blind-box toy.
  • Pop Mart’s Hong Kong-listed shares have more than tripled this year, lifting founder Wang Ning’s net worth to $22.7 billion and making him China’s youngest billionaire.
  • The company launched its "The Monsters Wacky Mart" series on June 12, featuring grocery-inspired blind-box figures along with themed earphone cases and display containers.
  • On June 13, Pop Mart opened its first Popop jewellery concept store in Shanghai, offering Labubu-, Molly- and Skullpanda-adorned charms, rings and necklaces priced from 350 to 2,699 yuan.
  • Persistent counterfeit Labubu dolls known as “Lafufu” led regulators to bar Ping An Bank from offering free toy promotions and prompted renewed warnings to buy only from authorized outlets.