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3d ago

Pop Mart’s Life-Size Labubu Doll Sells for $150,000 as Company Pauses Store Releases

The auction record underscores mounting investor interest that is driving Pop Mart to expand into jewellery with a concept store.

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

  • A one-of-a-kind, 131 cm life-size Labubu figure fetched 1.08 million yuan (about $150,000) at Beijing’s Yongle International Auction, marking a new high for the collectible.
  • Soaring demand has led Pop Mart to temporarily halt in-store and robotic blind box releases in several markets due to safety concerns and long queues.
  • On June 13, Pop Mart opened Popop in Shanghai, its first jewellery concept store featuring charms and accessories based on Labubu, Molly and other characters.
  • The company’s blind box model and high-profile endorsements from Rihanna, BLACKPINK’s Lisa and Dua Lipa continue to drive intense resale competition for rare Labubu editions.
  • Founder Wang Ning’s stake in Pop Mart saw his net worth surpass $22.7 billion, making him China’s youngest billionaire amid the brand’s rapid growth.