Labubu Rules 2025 — The Strongest IP of the Year!

Pop Mart is the Chinese collectible toy company famous for its “blind box” designer toys—vibrant mini-figures from characters like Molly, Skullpanda and most notably Labubu, a creature inspired by Nordic folklore.

Yongle Auction, Beijing, held its first special Labubu (First Edition Collectible) auction during its spring sale on June 10, 2025. The highlight of the auction was a 131 cm (4.3 feet) mint green Labubu made of PVC—the only one of its kind in the world. The collectible was sold for RMB 1.08 million (approximately US $150,000 or €131,600), generating a significant buzz and headlines on Bloomberg.

Celebrity boost: The open display of Labubu by international celebrities, like Lisa from the South Korean girl group Blackpink and David Beckham, has strengthened its trendy and collectible appeal.

Blind box + limited IP model: The Labubu series utilizes a blind box mechanism combined with a “cute but ugly” design language and Nordic elf style. This method has quickly attracted the attention of a wide range of fans beyond its young consumer market, fuelling hunger marketing and emotional consumption.

Pop Mart’s Labubu journey, from a 99 yuan blind box to a 1.08 million yuan auction, is not only the success story of trendy intellectual property (IP) but is also an indication of the rise of the blind box economy. It reveals a profound transformation in consumer culture and provides us with insights on the market, consumer and investment. As the market advances into the future, the blind box economy may embrace a more diversified and standardized development model.

The era of superstar IP has arrived—people are pay­ing for the IP, content, emotional value and social value it brings. The ability to create strong IP and compelling content has become a core skill for each of us to attain in this era.

What do you value most in a product when shopping?

1. Functional value
2. Emotional value
3. Social value.

All IMV team members are welcome to leave comments in the comments section.

There is currently a POP Mart event taking place at Crescent Mall near our office. Location here