Source: Pop Mart
When investors talk about “alternative” investments, they refer to private equity (PE), venture capital (VC) funds, precious metals, wine, watches, whiskey, or art. However, there are also “collectibles”, which can have an attractive resale value given the loyal followings that such niches attract.
One example of this is the phenomenon of the Labubu figures that are all the rage right now. These furry, plushy collectibles can be seen adorning items of fashion like the Hermes Birkin bags. The Labubu dolls were catapulted into the limelight, more recently, after Thai celebrity Lisa of K-pop group Blackpink posted an Instagram story of her clutching a large Labubu figurine and another of her with a Labubu keychain.
But what is the origin of the Labubu figures and how did they become both so wildly popular and expensive?
Collaboration With Pop Mart
The Labubu doll traces its roots back to 2015 when it was first introduced by Kasing Lung, a Hong Kong artist who grew up in the Netherlands. He created the character as part of a larger group of dolls called “The Monsters”.
Labubu’s appearance, with its elf-like ears, mischievous smile and sharp teeth, was inspired by Nordic fairy tales. Labubu dolls are now sold worldwide in a wide array of colours, sizes and shapes from plush toys to vinyl figurines.
However, the Labubu figures hold a particular appeal in Asia. Labubu flew under the radar in the first few years of its existence. It wasn’t until Lung signed an exclusive license agreement with Chinese-based collectibles store Pop Mart – famous for its surprise blind box collectibles – in 2019 that the popularity of Labubu really started to gain momentum.
This may be attributed to Pop Mart’s frequent collaborations with luxury brands around the world to create collectible items featuring Labubu. An example of this would be the Labubu x Pronounce line of figurines, a special collaboration with high-end designer brand, Pronounce that’s based out of Milan and Shanghai.
The Labubu x Pronounce Be Fancy Now plush doll retails for S$140 on the Pop Mart site, but resellers have been spotted on Carousell selling it for up to S$765 each – close to a 450% markup.
How Did Labubu Get So Popular?
While Labubu figures certainly had a loyal following prior to 2024, it was only earlier this year that it exploded in popularity and was catapulted into a new stratosphere.
In April of this year, K-pop singer Lisa of the Blackpink group posted photos of herself on Instagram and her bags that were accessorised with Labubu charms. The post went viral and the Labubu figures became an online meme, making them wildly popular in the process.
Following the popularity of Labubu in Asia, a Pop Mart-inspired theme park featuring Labubu was launched late last year in China. Additionally, a café themed after the Labubu figure was opened in Bangkok, Thailand. Pop Mart has also recently hit the shores of Manila in the Philippines with the opening of its first store at the start of November.
With Christmas just around the corner, one could expect Pop Mart to have something in the pipeline involving the Labubu figures to further boost its popularity. However, only time will tell how long the global sensation of Labubu will continue on.
Read also: 5 Things To Consider Before Investing In A Hermes Handbag
The post Understanding Labubu Dolls, And Why They Are So Popular (And Expensive) appeared first on DollarsAndSense.sg.
