This summer, the Monster Toy Labubu game enchanted the world through its gentle and chaotic capacity, as it requires signs of resale that will make merchants today or Rolex Zanf. The Secret Blind Box version has been sold for more than 2000 % higher than retail prices, according to Nomura. last monthCalifornia thieves stole $ 30,000.
Now, there are signs that the secondary market loses steam-heads selling panic, and watching prices a hole by half or more. but Pop MartThe Chinese company, behind this phenomenon, said that the accident was what they wanted.
“Our products are made for people who really communicate with the art and joy they bring – and we love seeing this passion. If this art is available, it is essential to us,” Bob Mart said in a statement sent via e -mail to CNBC.
The company added: “If the purchases are only to” make profit “, this model will be disrupted in the end,” the company added.
Ashley Dudinoc, founder of the Chinese research company, Chuzan, said that Pop Mart has previously allowed re -sale prices to promote to encourage desire, but is now a pivotal model for a more stable and more sustainable model.
“The LaPobo market has greatly reinforced the popularity of the game,” said Dudinoc. “At the same time, it is not very healthy in the long run, because it alienates your real customers, and your customers in the long run. And Pop Mart does not want to be one wonder.”
Shanghai, China – June 09: Lapopo’s personalities and tears were seen at the Bob Mart Store on June 9, 2025 in Shanghai, China. From Southeast Asia and Europe to the United States and the Middle East, Labubu – the beloved character of the Chinese Games Pop Mart – takes the world through the storm. (VCG/VCG photography via Getty Images)
VCG | China Visual Group Gety pictures
Secondary market scale
The company told CNBC, following complaints about the first place.
The Beijing-based company said that Pop Mart is now wandering about 30 million luxury games per month-10 times the level of production last year.
But analysts refer to cooling request, especially in China, the main righteousness and old versions, as another factor.
“I think project owners are launching inventory because they are afraid that if they store a lot, they will not be able to sell,” said Haw Hong, chief investment official at Lotus Asset Assets.
Pop Mart shares decreased by 22 % last month.
Jeff Chang, the stockpile stock analyst, believes that the secondary market is a scale for the most hot Pop Mart products. When the demand for the offer exceeds, re -sales platforms become a place for transactions – and a major scale for the place where attention is directed.
Pop Mart shares decreased by 16 % over the past month, but they still rise more than 200 % on an annual basis, according to LSEG data.
Beyond the bubble
Pop Mart does not benefit from the secondary market; The profits come when shoppers buy directly. However, the noise helped and visualize the resulting scarcity.
A golden watch will last forever. I think Hermes will continue for a long time … the doll will not do it.
Haw Hong
Senior Investment officials, Asset Management Lotus
Labubu to the ground may be necessary, because the games produced by the mass are not luxurious elements by nature.
“A golden watch will last forever. I think Hermes will continue for a long time … the doll will not last,” said Hong.
Currently, analysts expect the largest songs of Pop Mart like a strong Labubu during the next year, and to help expand abroad, especially in North America, Asia and the Pacific.
Pop Mart already works park It cooperates with international brands like UNIQLO, Disney and Coca-Cola. She said that the company is also investing in the original animation, to clarify the characters and background backgrounds.
Zhang of Mooringstar said that due to the age of the limited product, companies need to take advantage of the duct while continuing. Pop Mart also expands beyond the Blind Box strategy, which gave consumers a dopamine blow that helped fuel madness, but attracted warnings from government media in China about the destructive effects of children.
Next strike
The real test of Pop Mart is not whether Labubu remains hot – it is whether it can hit again.
Dudarenok compared Pop Mart team to “contemporary anthropologists”, as they wander around the hopes and conflicts of specialized consumer groups to create characters that resonate.
“The Pop Mart is constantly digging and looking at coordination. Once again, it took it to Abo a few years. It was not the case, and after three months it became an international feeling,” Durainock said.
“I think they will continue to surprise us with something great in the coming years.”
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