Human-Sized Doll Sets Record
A rare human-sized mint green Labubu doll fetched an astonishing 1.08 million yuan ($50,000) at a Beijing auction, underscoring the fervent demand for the collectible toy. The event, hosted by Yongle Auction House, highlighted the global craze for the quirky monster character designed by Hong Kong artist Kasing Lung.
Auction Draws Huge Crowds
Multiple Labubu Items Sold
The auction featured 47 Labubu collectibles, with a limited-edition brown version selling for 820,000 yuan, contributing to a total of 3.73 million yuan in sales. Thousands of bidders, both in-person and online, participated, showcasing the widespread popularity of the Pop Mart-created figurines.
Pop Mart’s Market Surge
Celebrity Endorsements Boost Sales
Pop Mart, the Beijing-based company behind Labubu, has seen its stock soar by over 180% in 2025, fueled by endorsements from stars like Rihanna and Blackpink’s Lisa. Fans eagerly queue for the dolls, often paying premium prices, driving significant revenue for the toymaker.
Unexpected Auction Bidders
Infant Buyer Makes Headlines
A nine-month-old infant, registered by their family, became the youngest bidder, securing a co-branded Labubu for 32,000 yuan. This unusual participation reflects the broad appeal of the dolls, captivating collectors across all age groups at the high-profile auction.
Financial Sector Takes Notice
Banks and Brokers React
The Labubu frenzy prompted a Chinese bank to offer the dolls as incentives for depositors, a move later banned by regulators. Meanwhile, Deutsche Bank and Morgan Stanley raised Pop Mart’s share price targets to around HK$302-303, citing strong global growth and comparing it to brands like Sanrio.
Labubu’s Revenue Power
Blind-Box Series Dominates Sales
Pop Mart’s MONSTERS blind-box series, led by Labubu, generated over 3 billion yuan in 2024, accounting for nearly a quarter of the company’s revenue. The sustained demand for these collectibles continues to solidify Pop Mart’s position in the competitive toy market.
