The toy company Pop Mart, based in Beijing, launched its latest collection of Labubu dolls on April 25, increasing the price of the popular keychain-sized figures to $28, compared to $22 at their previous launch. Labubu dolls have gained significant popularity, with prices ranging from $15 to $960 depending on their size and specific features.
Pop Mart is known for offering different versions of its Labubu dolls in various sizes, colors, outfits, and poses, such as those with Coca-Cola vending machines or dressed in SpongeBob costumes. On platforms like TikTok, the hashtag #labubu has over a million posts, where users share experiences with the dolls, showcase their collections, and strategies to avoid theft.
Some buyers acquire Labubu dolls from official retailers and then resell them at two to three times higher prices, easily finding interested buyers. However, collectors have expressed concern about the recent price increases on these figures, which could impact long-term demand.
The Labubu brand has represented a significant portion of Pop Mart's sales, alongside other characters like Molly and Skullpanda. Despite tariffs imposed on Chinese imports, the company has experienced rapid growth, doubling its revenues in 2024 and expanding its presence in the United States.
Pop Mart strives to keep prices accessible for its products, despite the growing demand for Labubu dolls among "kidults," adults who enjoy toys. The brand's success was boosted by the popularity of Lalisa Manobal, a member of the K-pop group Blackpink, who has promoted the dolls on social media, resulting in increased sales in Thailand and other parts of Asia.
The obsession with Labubu collectibles has led to high demand, with most items from Pop Mart's online store sold out. Despite the challenges arising from tariffs and price increases, the company seeks to maintain customer satisfaction and continue expanding its presence in the toy market.
