From Obscure Illustration to Global Icon
Labubu began as a background character in the children’s book *The Story of Puca*. The author, Kasing Lung, created the creature after discovering that the name was unclaimed online. Early collaborations with Hong Kong toy studio How2Work produced a handful of hand‑painted figurines that sold out at a 2015 Taipei toy convention. Pop Mart later signed an exclusive contract with Lung in 2019, transforming Labubu from niche collector’s items into a mass‑produced line of toys, stationery and accessories.
Blind‑Box Strategy and Viral Products
Pop Mart built its reputation on the blind‑box model, where customers purchase identical boxes without knowing which figure they will receive. The company cultivated a unique jargon—"leikuan" for unwanted items, "rekuan" for hot items, and "yincangkuan" for rare hidden items—fueling a culture of anticipation and secondary‑market trading. In 2023 the company introduced plush‑and‑vinyl keychains featuring Labubu, a product that quickly attracted high‑profile fans such as Lisa from Blackpink, Rihanna, Kim Kardashian and Marc Jacobs. The keychains sparked a resale boom, with some items selling for many times their original price.
Retail Expansion and Consumer Experience
Pop Mart now operates hundreds of stores across China and flagship locations worldwide, including a two‑level store in Bangkok that generates the highest per‑store revenue for the brand. The company also opened Pop Land, a 10‑acre theme park in Beijing that features Labubu Adventure Forest, a Molly’s Castle restaurant and life‑size Labubu suits for performances. These experiences reinforce the brand’s community‑building approach, encouraging fans to gather in stores, group chats and even coffee‑shop resale hubs.
Resale Market and “Huangniu” Scalpers
High demand and limited supply have given rise to a vigorous secondary market. In China, resellers—sometimes referred to as “huangniu” or “yellow ox”—use bots and exclusive group chats to secure restock alerts and purchase items the instant they become available. Some collectors, like the Shanghai buyer Dong, combine fandom with resale, acquiring most Labubu releases and selling new drops for profit. Similar dynamics appear in Thailand, where a Starbucks near a Pop Mart store serves as an informal trading floor for hurried transactions.
Production Scale‑Up and Future Outlook
To address the demand gap, Pop Mart increased its plush‑toy manufacturing capacity from three million units per month in 2024 to over thirty million, with a target of fifty million by the end of the year. Pre‑sales of upcoming Labubu plushies aim to smooth the supply curve and reduce resale premiums. Company founder Wang Ning, described by Forbes as one of China’s wealthiest individuals, argues that the brand’s longevity depends on continual product innovation and geographic expansion, likening the strategy to that of Disney and K‑pop labels.
Industry Perspective
Goldman Sachs analysts compare Labubu’s trajectory to established entertainment franchises, noting that a two‑to‑three‑year popularity cycle can be extended through steady new releases and market entry. Observers also see the phenomenon as a marker of Chinese soft power, with Labubu becoming a recognizable cultural export that resonates even in Western markets despite geopolitical tensions.
Cet article a été rédigé avec l'assistance de l'IA.
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