Pop Mart comes with a cool idea for red-hot Labubu: mini-fridges

Chinese toymaker Pop Mart continues to leverage the popularity of its collectibles as it launches two limited-edition Labubu-themed mini-refrigerators on Thursday. Capped at 999 units for each design, the appliances are in high demand, with second-hand resale prices on online platforms up to 80 per cent higher than the original retail price. The two designs, both from The Monsters series, were priced at 5,999 yuan (US$878) each, and they would be available for sale at 10pm on April 30 on e-commerce platforms such as JD.com, Tmall, Douyin and RedNote, according to Pop Mart’s announcement on Chinese social media platforms Weibo and RedNote on Friday. On JD.com, the red version of the fridge had netted over 15,000 reservations, while the white one had attracted more than 12,000 preregistrations. Only consumers with valid reservations would be eligible to take part in the flash sale, Pop Mart said. “We think Pop Mart plans to pilot test the market’s acceptance of home appliance products with limited supply,” said Jeff Zhang, an equity analyst at Morningstar. “The 5,999 yuan selling price of cold-storage boxes is affordable to most consumers, and the intricate Labubu sketches on the door appeal to loyal fans. “Given cold boxes’ high popularity, we expect Pop Mart to launch similar home appliance products for other [toys], such as Twinkle Twinkle and Crybaby, over the next few months. Despite a minimal presence in earnings currently, home appliances should more meaningfully contribute to Pop Mart’s profit starting in 2027, in our view.” The buying frenzy has pushed the prices of the mini-fridges on Xianyu, China’s largest consumer-to-consumer marketplace for second-hand goods, to between 8,500 yuan and 10,999 yuan, 40 to 80 per cent higher than the original retail price. While the posts on the platform warned buyers that they would not be able to return the products once they were sold, that did not dissuade people from expressing their interest. Labubu plush toys and keychains became popular globally in 2024, after Lisa of the K-pop group Blackpink shared photos with the character on Instagram. The creepy-cute monster character has since been embraced by celebrities worldwide, further fuelling its popularity. Pop Mart continues to cash in on Labubu’s popularity in different formats. It announced in March a partnership with Sony Pictures Entertainment to produce a film starring Labubu, with the script currently in development. Wang Ning, chairman and CEO of Pop Mart, said during the annual results briefing on March 25 that the company believed intellectual-property-centred development was its top strategic priority. Over the past few years, the company has been exploring new business lines, many of which have exceeded expectations. Labubu’s next big appearance would be at the Fifa World Cup in Canada, Mexico and the US in June, followed by the launch of its 4.0 series in the second half of the year, according to the company.