Shares of labubu maker Pop Mart have more than quadrupled in the past year, giving it a market capitalization of $46.63 billion, more than double that of Kering.
Priced like a BIRKIN bag: 14 limited-edition Sacai x Seventeen Labubu plush toys sold for a whopping $31,250 each after a week of open online bidding on Pharrell Williams’ auction platform Joopiter.
The Labubus is an acid green version of Pop Mart x How2work’s Monsters collection by Hong Kong artist Kasing Lung, and part of Joopiter’s latest project
The project is a joint effort between Japanese fashion brand Sacai and K-pop label Seventeen to auction and launch limited-edition capsule collections.
Sold as a blind box, meaning the final bidder won’t know in advance which one they’ll get, the lot includes 13 Labubus dressed in a custom beige Sacai x Carhartt WIP look and a secret version adorned with an undisclosed unique colorway.
Final sales for the Labubu ranged from $31,250 to $18,750, excluding the 25% buyer’s premium collected by Joopiter.
The online auction, which coincides with the release of the group’s fifth studio album, Happy Burstday, celebrates Seventeen’s relationship with Sacai and includes items worn, signed and inspired by the group.
In addition to the custom Labubus, the sale also includes a Sacai-designed jacket that was featured in Seventeen’s “Bad Influence” music video, which Williams produced and a T-shirt signed by all 11 members of the band. The two T-shirts sold for $9,500 and $4,500, respectively.
Net proceeds from the sale will be donated to UNESCO, the United Nations Educational, Scientific and Cultural Organization. Both Seventeen and Williams are goodwill ambassadors for the organization.
The rise of Labubu and other popular toys and plush toys based on IPs such as Jellycat has almost coincided with the end of a decade-long global luxury boom.
Less affluent, aspirational shoppers, largely ignored by large luxury companies, now find emotional satisfaction and social status in these hard-to-get but more affordable collectibles.
The phenomenon has brought strong growth to Labubu maker Pop Mart’s performance in 2024, with full-year revenue reaching 13.04 billion yuan, an increase of 106.9%.
Net profit soared 185.9% to 3.4 billion yuan during the period. Overseas revenue soared 375.2% to 5.07 billion yuan, accounting for 38.9% of total revenue.
The revenue of the “Labub and Monsters” series increased by a huge 726.6% year-on-year, becoming the company’s best-performing intellectual property.
Hong Kong-listed Pop Mart shares have risen more than fourfold in the past year, giving it a market value of more than HK$366 billion, or $46.63 billion, more than double that of Kering.
The art world has also begun to take a second look at Laboob.
Last week, a life-size Laboob doll sold in Beijing for 1.08 million yuan, or $150,275, setting an auction record for the toothy plush doll.