Labubus out of the blind box as resale scalpers join hunt

Pop Mart's pop-up stores, opened on Friday in Shanghai, Beijing, Guangzhou and Chengdu, have sparked another Labubu craze, with fans scrambling to buy the toys and many left angry at resale scalpers.

Labubu, a fuzzy toy sporting nine teeth and a devilish grin, has become a worldwide phenomenon over the past year.

Often seen dangling from Hermès bags or gracing the social media feeds of A-listers like Rihanna and David Beckham, this quirky plush has reached stratospheric heights. Just last week, a rare first-edition figure fetched 1.08 million yuan (US$150,000) at a Chinese auction – proof of its cult status.

So what has turned this sharp-toothed plushie into a global obsession?

Mischievous charm

"I was lightning-fast yesterday!" said Helen Zhu, standing outside the pop-up "The Monsters Convenience Store."

She flashed her haul to Shanghai Daily reporters: a seafood balls plush pendant and a Labubu-branded water bottle.

The pop-up store in Shanghai is running through July 30. Visitors need to make an online reservation one day ahead. Two new releases – the seafood-ball pendant and the vinyl plush blister pack – were available for pre-order online, with in-store pickup at the pop-up. Slots were snatched up within seconds of the online booking going live.

Labubu is a character from "The Monsters" series by Chinese toy conglomerate Pop Mart. Beyond its home turf, the recent Labubu drops have been flying off shelves in minutes across the US and UK. In Bangkok, a themed store reportedly raked in more than 10 million yuan on opening day, while in London and Bali, shoppers have even gotten into scuffles at Pop Mart locations.

The Monsters series first debuted in 2015 through three picture books by Hong Kong illustrator Kasing Lung.

Drawing inspiration from Nordic mythology, Lung crafted a fairy-tale universe in the books, peopling it with magical beings, both virtuous and villainous, whom he dubbed "the Monsters." Its prominent figure Labubu is a diminutive creature with tall pointed ears and jagged teeth.

"Despite a mischievous look, Labubu is kind-hearted and always wants to help, but often accidentally achieves the opposite," reads the description on Pop Mart's website.

In 2018, Pop Mart acquired exclusive licensing for the characters and began marketing them as blind-box collectibles. Labubu quickly emerged as the standout star of the line-up.

Unlike traditional toys designed for cuteness, Labubu leans into a quirky "ugly-cute" vibe with a devilish edge – and that's precisely its appeal.

"I like its rebellious vibe," said Shanghai collector Ge, who's been hooked on the toys since 2022.

Business strategist Liu Run views the toy as an emotional escape for today's youth. In a recent blog, he noted that against a backdrop of global stresses, from trade tensions to daily pressures, young people are finding comfort in toys like Labubu, which embody harmless rebellion in a playful package.

"Adults need their playthings too," Zhu concurred. "Labubu figures are affordable, and the craftsmanship is top-notch."

Skyrocketing to red-hot craze

For the first several years, Labubu didn't stand out as a best-seller in Pop Mart's line-up. Up till 2023, the Labubu-led "The Monsters" series accounted for less than 10 percent of the company's annual revenue, according to Life Week magazine. But by 2024, the series had exploded into Pop Mart's highest-grossing IP, with annual sales hitting 3.04 billion yuan, a staggering 726.6 percent year-on-year increase.

The tide turned in April 2024 when Thai pop icon Lisa shared snaps with her Labubu collection. Rihanna, Dua Lipa, and Thailand's Princess Sirivannavari soon jumped on the bandwagon, catapulting Labubu into the global spotlight.

But celebrity hype is just part of the story. Pop Mart's blind-box formula deserves credit too. In January, a TikTokker's Labubu unboxing video went viral almost overnight, clocking up 2 million views and 200,000 likes.

"You're basically gambling to get a specific figure. If you miss out this time, you'll keep trying," Zhu said, noting that as Pop Mart adds more variations to each series, the odds of snagging a favorite drop drives collectors to buy even more.

Even after snagging their target figures, collectors often get hooked on "completing a set," a compulsion that keeps them coming back. As tech media outlet Guokr.com notes, assembling a full collection gives people a rush of fulfillment and emotional reassurance.

Pop Mart has also developed accessories such as hats and clothes to keep the fans buying, explained Zhu.

Profit and pushback

According to business media 36Kr.com, Pop Mart's total revenue surged 165 to 170 percent year-on-year in the first quarter of 2025, with overseas markets emerging as the primary growth driver. International revenues skyrocketed 475 to 480 percent during this period, led by explosive performance in the Americas and Europe.

Since the start of 2025, Pop Mart's shares have surged 180 percent, driven by robust earnings and the Labubu doll craze.

Founder Wang Ning's net worth has reached US$20.8 billion, catapulting him to 10th place on Forbes' China Rich List and making him the richest individual in his hometown Henan Province.

But as Labubu goes global, long-time fans are feeling left in the dust.

A woman surnamed Zhang, who started her Labubu collection in 2020, remembers when they were easy pickings, sometimes even cheaper than retail on the second-hand market. Now, the products sell out in a blink, with scalpers scooping up inventory before casual fans can even hit "add to cart."

"We can't match scalpers when it comes to stamina or tech tricks," said Zhang, who cut her business trip short just to snag Labubu at the pop-up. "These days, you can only rely on luck."

The scalping phenomenon surrounding Pop Mart's Labubu figures has reached industrialized proportions, fueled by sophisticated tools and astronomical resale margins.

According to IT Times, scalpers deploy specialized inventory monitoring bots and automated purchasing scripts to instantly sweep up new releases.

The profit incentives are staggering. On second-hand platforms, Labubu figures often resell for at least two to three times of retail. Rare editions can go for 40 times or more. On June 10, a one-of-a-kind mint green Labubu was sold for 1.08 million yuan at an auction in Beijing. Its first owner reportedly bought it in 2020 for a five-figure sum.

At the Shanghai pop-up, onlookers saw people approaching exiting buyers to make resale offers right outside the store. Mere minutes after the shop opened, a 199-yuan item was being flipped for 1,800 yuan. Within an hour, the price skyrocketed to 2,800 yuan – 14 times its original tag.

"It's ridiculous," said Zhu. "I don't mind paying 50 yuan more if I love the design, but four or five times the price? That's no longer about toys. It seems like manipulating the market to me."

Labubu isn't the only toy swept up in market mania. In 2021, Shanghai Disneyland faced similar outrage when the Duffy & Friends character LinaBell vanished from retail stores, sparking accusations of "artificial scarcity."

Si De, Pop Mart's COO, said in March that demand for plush toys had exceeded their normal supply rate and pledged to ramp up Labubu production, according to ThePaper.

But for die-hard fans outside the Shanghai pop-up on Friday, the frustration was already palpable.

"I've been collecting since 2019, but now, with all these scalpers around, it's nearly impossible to get a Labubu," said a woman surnamed Zhou, who was lucky enough to purchase the seafood-ball hanging ornament online this time. "As for the most popular ones, don't even think about it – you have no chance at all!

"I'm extremely angry. I don't feel that Pop Mart is taking any measures to address this issue," she added.

Most long-time fans interviewed by Shanghai Daily outside the store said they refuse to pay scalped prices for their beloved toys.

Zhu believes the craze is cresting.

Zhang agreed: "Toy fads are like that – here today, gone tomorrow."