As a phenomenon-level collectible toy IP that has captured attention worldwide, LABUBU is undoubtedly a success. However, in the wake of that success, Pop Mart may need to think about how to achieve sustainable development. Currently, the THE MONSTERS series, where LABUBU belongs, accounts for a significant share of Pop Mart’s revenue. The question then is: how should other IP product lines evolve?
On this point, Pop Mart’s founder Wang Ning publicly stated that he does not believe it is unhealthy for one IP to contribute a particularly large share of revenue. “We believe every IP has its own unique character.”
“LABUBU has been extremely successful, but the challenges that follow should also be noted. For instance, in the past, long-term shortages led to counterfeit goods flooding the market. Now that Pop Mart has boosted production capacity, we can also see consumer complaints about the quality of certain products, which needs improvement. The frenzy around the mini LABUBU continues to reflect the IP’s strong influence: every time a new version is released, it sparks a wave of demand. But over time, no single IP can dominate forever. Therefore, while developing new versions of LABUBU, it’s also essential to cultivate other promising IPs. And this is not only true for Pop Mart—other collectible toy companies also have the opportunity to create the next LABUBU. The market must keep evolving, and product iterations need to follow a deliberate rhythm,” said senior retail analyst Shen Jun.
Another analyst in the collectible toy industry told Yicai Global that the hype around the “Mini LABUBU” may not last as long as previous LABUBU series, because essentially it is not very different from earlier versions—only the size has changed. LABUBU’s earlier explosive popularity was largely due to its breakthrough from being just a display figure to becoming a portable keychain accessory.
So, who has the potential to become the next LABUBU? According to multiple sources consulted by Yicai Global, current market sales suggest that Pop Mart’s “Star Man” IP shows strong potential to become the next blockbuster.
In recent months, the popularity of Star Man has been rising, particularly with the release of the “Sweet Dreams Weather Bureau Series” in August. In Pop Mart’s live-streaming sessions for its mystery box vending machines, there has been a surge of comments asking when the Star Man Weather Bureau series would be restocked. The streamers’ responses were identical to those for inquiries about LABUBU restocks: “No restock notice yet—you’ll have to wait for a surprise drop.”
At some Pop Mart retail stores, Yicai reporters observed that Star Man blind boxes have also begun selling out. Store staff revealed that Star Man is now extremely popular, with some locations running out of stock. Just like with LABUBU’s vinyl plush toys, Star Man products are also shifting to online pre-orders.
Yicai also noticed on trading platforms like QianDao that the “Sweet Dreams Weather Bureau” series of Star Man saw secondary-market prices surge quickly before slipping back within a short time. Hidden editions briefly sold for over RMB 700, while non-hidden editions hovered around RMB 100+, leaving room for a premium compared with the official retail price of RMB 79.
Earlier, Yicai reported that more than a week ago, Pop Mart launched several new products simultaneously: the Star Man “Sweet Dreams Weather Bureau” plush keychains, the SKULLPANDA “Lazy Bear” plush keychains, and a vinyl plush doll collaboration with pop star Zhou Shen (“Anti-Pronoun”). These products all saw some degree of price markup in the secondary market. Remarkably, in less than a year, Star Man has already become a billion-yuan IP, with revenue reaching RMB 390 million in the first half of this year alone.
In terms of growth rate, aside from LABUBU, the fastest-growing IPs have been HACIPUPU and CRYBABY. In the first half of this year, their revenues grew by 249.6% and 248.7%, respectively. Both IPs began collaborating with Pop Mart in 2022, and have since shown explosive growth momentum.
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