Pop Mart saw its latest LABUBU mini figurine collection sell out within 60 seconds of launch on August 28, crashing payment systems and drawing nearly 1.5 million viewers to livestreams as demand for the collectible toys reached fever pitch.

The "Mini LABUBU" release from THE MONSTERS series triggered system overloads across major Chinese e-commerce platforms including JD.com, Tmall, and Douyin, with payment pages displaying extended wait times due to overwhelming traffic. Pop Mart's own mini-program showed "too popular, please try again later" messages as more than 580,000 users added the products to their shopping carts.

The frenzy underscores Pop Mart's transformation into a collectibles powerhouse. The company’s stock rose 0.87% to HK$324.4 on August 28 following the launch. Pop Mart’s market capitalization has now surpassed HK$400 billion after reporting first-half revenues of RMB 13.88 billion ($1.9 billion), already exceeding its full-year 2024 performance.

Secondary market prices for the figurines, officially priced at RMB 79 ($11) each or RMB 1,106 ($152) for complete sets, have surged to over RMB 2,000 ($275) per set on resale platforms, with rare "hidden" variants commanding prices exceeding RMB 1,100 ($151) each.

Overwhelming Demand Crashes E-Commerce Systems

The 22:00 Beijing time launch of Mini LABUBU overwhelmed China's major online retail infrastructure. Pop Mart's Tmall flagship store livestream attracted 2.37 million viewers in the ten minutes before the official sale began, jumping to 3.86 million viewers immediately after launch. The company's WeChat mini-program livestream drew over 840,000 viewers pre-launch, rising to 1.26 million afterward.

Tmall data showed the collection generated over RMB 23.7 million ($3.3 million) in sales within minutes, based on single-unit calculations of 300,000+ items sold at RMB 79 each. All major platforms including JD.com, Taobao, and Douyin reported complete sellouts across their Pop Mart stores.

The Mini LABUBU collection features two series of 14 regular figures plus one hidden variant each, standing approximately 10.5 centimeters tall. The products became the top trending topic on Weibo during the launch.

Secondary Market Speculation Drives Prices Sky-High

Resale markets have seen explosive price appreciation for the collectibles. On specialized toy trading platforms, over 700 Mini LABUBU items were listed for sale with 251 transactions completed at an average price of RMB 1,920.77 ($264), nearly double the official retail price for complete sets.

Hidden variants have commanded premium prices, with the lowest-priced "Hidden款-爱心" selling for RMB 679.5 ($93.5) compared to its RMB 79 retail price. Two transactions on August 25 reached RMB 1,188 ($164) and RMB 1,100 ($151) for single hidden figures, which have odds of just 1:168 across the A/B series format.

Scalpers had offered pre-purchase services for up to RMB 2,699 ($371) for complete sets before the official launch, though market volatility makes secondary pricing unpredictable. Many listings included "price fluctuation accepted" disclaimers, acknowledging the speculative nature of the market.

LABUBU Phenomenon Drives Record Financial Performance

The LABUBU character has become a global cultural phenomenon, recently appearing with tennis champion Naomi Osaka at the US Open, where she displayed a diamond-encrusted version named "Billie Jean Bling" during her first-round match on August 27.

Pop Mart's THE MONSTERS IP series, which includes LABUBU, generated RMB 4.81 billion ($662 million) in first-half revenue, surging 668% year-over-year and representing 34.7% of total company revenue. The character's success has elevated Pop Mart's gross margin to a record 70.3% in the first half of 2025, exceeding luxury conglomerate LVMH's 67% margin and approaching Hermès levels.

CEO Wang Ning indicated on the company's earnings call that annual revenue could reach RMB 30 billion ($4.1 billion) in 2025, up from his earlier target of RMB 20 billion. The company’s first-half performance of RMB 13.88 billion already surpassed its full-year 2024 revenue of RMB 13 billion, with adjusted net profit jumping 362% to RMB 4.65 billion ($649 million).