Labubu Figurines Spark Buying Frenzy as Auction Raises 3.37m Yuan
A recent auction dedicated entirely to Labubu figurines has raised a total of 3.37m yuan, with 48 items put on sale and around 200 people in attendance. According to a report by the BBC, the auction house confirmed that the event was a huge success, with the figurines sparking a global buying frenzy after frequently appearing in social media posts by Lisa from the K-pop group Blackpink.
The Labubu toys have become a viral sensation, with celebrities such as Rihanna and Dua Lipa showcasing them on social media platforms like TikTok. Former England football captain David Beckham also posted a photo on Instagram of a Labubu attached to his bag, further fuelling the craze. As the BBC reports, “The soft toys became a viral TikTok trend after being worn by other celebrities including Rihanna and Dua Lipa.”
The popularity of Labubu toys has contributed significantly to the success of Pop Mart, the Chinese retailer behind the figurines. The firm’s revenue was 13m yuan for 2024, more than double the figure seen the previous year. As the BBC notes, “The popularity of Labubu toys has contributed to the success of Pop Mart.” The company has also expanded its global presence, opening new stores in five countries including Italy and Spain last year.
Pop Mart often sells the collectable toys in mystery “blind boxes”, which are popular with customers who only find out the design of the figurine once they have opened the packaging. The BBC reports that earlier this year, Pop Mart pulled the dolls from all UK stores following reports of customers fighting over them. This move was likely aimed at calming the frenzy surrounding the toys and ensuring customer safety.
The Labubu figurines have become highly sought after, with fans and collectors eager to get their hands on them. As the BBC states, “The figurines have sparked a global buying frenzy after frequently appearing in social media posts by Lisa from the K-pop group Blackpink.” This trend shows no signs of slowing down, with the auction result demonstrating the enduring popularity of the Labubu toys.
In conclusion, the Labubu figurines have become a cultural phenomenon, with their popularity showing no signs of waning. As the BBC reports, the auction result is a testament to the enduring appeal of these collectable toys. With Pop Mart continuing to expand its global presence and release new products, it will be interesting to see how the trend evolves in the coming months.
(Source: BBC)
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