Labubu dolls, the cute monster-like plush toys with big eyes have sparked worldwide obsession.
Pop Mart's newly release mini Labubu toys which are rabbit-eared plush dolls were sold out quickly both in China and in major international markets.
The company launched 28 small Labubu dolls, each about 10.5 cm tall and available in different colours, priced at 79 yuan (about $11) each in China.
Since they come in unmarked boxes, buyers have only a one-in 168 chance of finding one of the two rare special editions.
As per Bloomberg, when pre-sales for the toys started, they sold out within minutes in major markets like the US, Japan and South Korea.
In China, the rush was so intense that the online store froze due to too many people trying to buy at the same time.
People, especially Gen Z are using these “ugly-cute” Labubu dolls not just as toys but as fashion accessories, attaching them to luxury bags, coats, phones or jeans.
“The popularity of the new series has already demonstrated that consumers’ enthusiasm for Labubu remains strong,” said Richard Lin, an analyst with SPDB International Holdings Ltd.
Lin further noted that the excitement over the new mini Labubu toys was already reflected in the stock price.
Along with the release of mini Labubu dolls, the company also released a larger, premium version of the doll for 499 yuan, along with a Labubu-themed pendant.
