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3d ago

Pop Mart Pauses Labubu Sales as Auctions Fetch Over $150,000

Pop Mart is channeling Labubu’s craze into a Shanghai jewellery concept store

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

  • A 4-foot Labubu figurine recently sold for about 1.08 million yuan ($150,000) at Beijing’s Yongle Auction, underscoring its rise as a high-end collectible.
  • Long queues, scuffles and safety concerns in China and UK Pop Mart outlets prompted a temporary halt to blind-box drops both in stores and at vending-machine ‘Robo Shops.’
  • Pop Mart opened Popop, its first jewellery concept store in Shanghai, offering rings, bracelets and necklaces adorned with Labubu, Molly and other character charms.
  • Driven by Labubu sales, Pop Mart’s revenue more than doubled in 2024 to 13.04 billion yuan ($1.81 billion), and its Hong Kong–listed shares have climbed over 200% this year.
  • The craze has fueled a booming resale market and a surge in counterfeit “Lafufu” knockoffs on third-party platforms, challenging Pop Mart’s brand integrity.