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It is not an overstatement to say the Labubu frenzy when referring a kind of stuffed toys, which was made by Chinese toy-maker Pop Mart. The popularity of Labubu has been eye-popping, which also fuels investors enthusiasm around Labubu-maker Pop Mart, which has rapidly expanded overseas with online sales platforms and physical stores, including in the U.S. and U.K.
The Chinese toy-maker Pop Mart first gained popularity with its “blind box” concept, in which consumers buy unmarked boxes — which can cost from about $5 to $10 each — for a chance at getting a unique figurine and building a collection.
In the last few months, the company’s “Labubu” series of toys featuring an elf-like character have become a global phenomenon. Pop Mart has also released Labubu stuffed toys, pillows and related merchandise to capture demand. A 4-foot-tall Labubu sold for the equivalent of $170,000 at an auction in Beijing earlier this month. Many of the more affordable versions of the figurine subsequently went out of stock in mainland China.
The Labubu frenzy ignited investors enthusiasm. The investment bank Morgan Stanley on June 10 raised Pop Mart's price target to 302 Hong Kong dollars ($38.47), up from 224 HKD, based on expectations that Pop Mart still had room to grow in the long term.
Amid frenzy around Labubu and Pop Mart, Chinese state media People’s Daily on Friday throwed a cold water, criticizing the “blind box” phenomenon — pioneered by Pop Mart — and called for stricter regulation.
Under big pressure, Pop Mart’s Hong Kong-listed shares has also been impacted. The criticism put the high-flying stock on track for its first negative week since early May — with losses of more than 13% so far. Its year-to-date gains stand at over 160%. Morgan Stanley also made abrupt reversal, trimming the share of Pop Mart, citing that the market has fully factored in the Pop Mart’s exponential growth in 2025 but may not have strong conviction on the long-term outlook. Expecting the Labubu frenzy might fade gradually guided by the state media, as for the prospect of Pop Mart, it should be impacted heavily down the road.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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