Pop Mart’s Labubu balloons to debut at 99th Macy’s Thanksgiving Parade in New York

Two giant, furry Labubu balloons will debut next week at the annual Macy’s Thanksgiving Day Parade in New York.\nA brown Labubu and a pink Mokoko, both part of the Labubu family, will be the lead features on Chinese toymaker Pop Mart International’s “Friendsgiving in Pop City” float on Thursday at the 99th parade. They will appear alongside characters such as Skullpanda, Dimoo and Molly.\n“Our goal at Pop Mart is to light up passion and bring joy, and Macy’s Parade has been doing that for nearly a century,” said Larry Lu, president of Pop Mart for the Americas. “Bringing our characters to life at such a storied event represents a significant milestone for us as we kick off our 15th anniversary.”\nThe toymaker has achieved success by selling toys in so-called blind boxes that hide the content in opaque wrappings.\n\nThe company has come to embody what many describe as “emotional value”, a concept that has become increasingly popular in China in recent years, especially among younger generations facing uncertain job prospects and fierce competition. It is often compared with the rise of Kawaii culture centred around the concept of “cuteness” during Japan’s economic slowdown, especially during the 1990s.\nPop Mart’s Labubu dolls, elfin figures with a toothy grin, have won the endorsement of celebrities from Lisa of the girl band Blackpink to Kim Kardashian. This week, Oscar-winning Malaysian actress Michelle Yeoh told Jimmy Fallon on the Tonight Show that she has more than 100 Labubus.\nThe company is the most valuable toymaker in the world, with a market capitalisation of HK$261 billion (US$33.5 billion), more than the combined valuations of Transformer maker Hasbro, Barbie maker Mattel and Hello Kitty maker Sanrio.\nHowever, it faces fierce competition from rivals, and its toys are widely counterfeited. Its Hong Kong-listed shares have risen more than 110 per cent this year, though they have fallen 43 per cent from a peak at HK$339.80 in August after the company launched a new Labubu series.\nThe Thanksgiving parade is part of Pop Mart’s marketing push into the US. Costumed Labubus were also expected to appear on Tuesday at an NBA event and at NBC’s Today Show on Wednesday, according to the company.\nPop Mart launched international sales in 2018 via online channels. In 2020, it opened its first overseas store in Seoul.\nRevenue from its overseas operations might have surged between 365 and 370 per cent year on year in the third quarter, according to the firm’s earnings preview last month.\nSales from the Americas grew more than 13-fold from a year ago, while revenue from Europe jumped more than eight-fold. Sales in Asia more than doubled.\n