The resale price of the Pop Mart’s (9992) Labubu rare edition toys, which had been speculated to be over 10,000 yuan (HK$10,940), has dropped to 840 yuan due to “complete lack of buyers,” according to mainland media reports.
This came as shares of the Chinese toy giant slid by 4.5 percent on Wednesday afternoon in Hong Kong.
On August 28, Pop Mart launched the fourth generation of its mini Labubu series, priced at 79 yuan per blind box. A full set of 14 regular editions and one hidden edition was officially priced at 1,106 yuan, with the odds of obtaining the rare edition at 1 in 168.
Upon release, the series sparked a buying frenzy, driving up secondary market prices significantly. At the peak, a full set was resold for as much as 3,200 yuan.
However, just a week later, the market saw a sharp reversal. As of September 8, data from Chinese online marketplace Poizon shows that the average price for a full set has fallen to 1,446 yuan.
Many resellers have posted notices on social media suspending purchases, noting that the issue is not just the falling prices, but the complete lack of buyers, the report said.
Pop Mart has not issued an official response. Industry sources indicate that the company is considering adjusting production volumes and increasing product variety to better balance supply and demand.
STAFF REPORTER
