Remember The Record $150K Labubu Auction? Pop Mart Now Launches Jewelry Line

Pop Mart, the "blind box" toy company behind the viral Labubu character, opened its first jewelry store in Shanghai on Friday, just days after a life-sized Labubu sold at auction for a record $150,000.

The new concept store, branded Popop, offers character-themed jewelry featuring Pop Mart’s top-selling figures, including Labubu, Molly, and Skullpanda. 

The move signals the company’s intent to expand beyond toys and deepen consumer engagement amid China’s sluggish economic recovery.

Pop Mart has defied the broader downturn in Chinese consumption. Despite ongoing weakness in the property market and consumer sentiment, demand for its affordable, stylized figurines remains strong at home and abroad, according to Reuters. 

Labubu, in particular, has become a breakout success. The character is based on “The Monsters,” a 2015 book series by Hong Kong-born artist Kasing Lung, who envisioned the elf-like creature from Nordic fairy tales. 

The design, licensed and popularized by Pop Mart, has moved from niche fandom into mainstream collectibles.

Pop Mart’s auction of a life-sized Labubu for RMB1.08 million, which is around $150,000, was a new record for a "blind box" toy. 

Alongside characters from Disney, anime, and video games, Pop Mart’s lineup has become part of a growing category known as “emotional consumption,” driven by young buyers who spend on small luxuries that deliver personal joy.

The iShares MSCI China ETF (MCHI) and the SPDR S&P China ETF (GXC) trended lower in afternoon trade on Friday. MCHI’s stock was down nearly 2%, while GXC’s stock slipped 1.3%. 

(Exchange rate: RMB1 = $0.14)

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