The market enthusiasm for Mini-Labubu, the new toy line from Chinese company Pop Mart, has cooled, raising questions among collectors about its long-term value, Bloomberg reports.
Figures from resale platforms show that prices for the latest Mini-Labubu toys dropped by 24% in just two weeks. This stands in sharp contrast to their near-instant sell-out when sales opened at the end of August. Data from one Chinese online marketplace revealed that half of users now expect Mini-Labubu prices to fall further, compared with 38% who hold the same view about the original Labubu toys.
Pop Mart Remains Optimistic
Pop Mart attributed the reduced resale mark-up to higher production volumes, which have made the toys easier to obtain, and dismissed concerns about the future of the line.
«In the long term this will create favourable conditions for improving the company’s performance,» a company representative told Bloomberg.
Shares in Pop Mart have fallen 11% in recent days. Analysts at Morgan Stanley noted weaker company performance, pointing specifically to the subdued interest in Mini-Labubu.
Labubu are designer plush toys featuring rabbit-like ears and a wide toothy grin, created by Hong Kong illustrator Kasing Lung who drew inspiration from Scandinavian mythology. Pop Mart has been producing them since 2019, but their popularity surged in 2024 — first across Asia, and later internationally as global celebrities and viral social media trends propelled them to wider fame.
Kursiv also reports that Sergei Lavrov joked about the absence of popular toy monster Labubu while inspecting the décor at Putin’s meeting venue in Beijing.
