Labubu Craze Fuels Smuggling in China: Toys Seized
Beijing – May 9, 2024 – The allure of rare toys has led to a surge in smuggling cases, as customs officials seize sought-after plush toys. Authorities in China have confiscated numerous Labubu toys,highlighting the lengths people will go to obtain the popular collectible. Experts cite the difficulty of purchasing Labubus through official channels as the root cause, fueling a thriving resale market. For a deeper understanding of this market trend, read on.
Labubu Craze Fuels Smuggling in China: Plush Toys Seized by customs
Chinese customs officials recently made an unusual discovery: suitcases filled with Pop Mart Labubus, the highly sought-after plush toys. These “toothy, fluffy figurines” have become a global phenomenon, sparking intense demand adn even physical altercations among fans eager to acquire them.
The labubu Obsession
- High Demand: Labubus are notoriously difficult to purchase through official channels.
- Instant Sell-outs:
Labubus are typically sold out in seconds when released,
according to evelyn Lin, a longtime Pop Mart enthusiast. - Unofficial Markets: The scarcity has driven fans to seek alternative sources, including smugglers.
Did you know? Labubu was created by Hong Kong illustrator Kasing Lung in 2015. Its unique design, blending bunny-like features with an elf-like face, has captivated collectors worldwide.
Customs Crackdown
Since April, Chinese customs authorities have confiscated 462 Pop Mart toys. One seizure, detailed by China’s Customs Administration on social media, revealed that the toys were intended for profit by resale
and were seized in accordance with the law.
Celebrity Endorsements and Market Value
The popularity of Labubus has skyrocketed in recent months, fueled by endorsements from celebrities such as Rihanna, Dua Lipa, and Lisa from Blackpink. These stars have been seen sporting labubus as lucky charms, further amplifying the toy’s appeal.
According to Cover News, a blind box from the latest labubu 3.0 series, originally priced at 584 yuan ($81), now sells for between 1,000 yuan ($139) and 2,000 yuan ($278) on the second-hand market.
Pro Tip: Be cautious when buying Labubus from resellers. Counterfeit products are prevalent, and verifying authenticity can be challenging.
Pop Mart’s Financial Success
Pop Mart’s annual results indicate notable financial growth. the company’s global gross profit surged by over 125% last year, and its revenue in mainland China reached more than $1.09 billion, a 34% increase from 2023.
The risk of Counterfeits
the high demand and limited availability of Labubus have created a thriving market for counterfeit products.Kate Yang, a Beijing resident and Labubu enthusiast, shared her experience with CNN, stating that Because they are not available on official platforms, if you’re in a rush to get a gift for a friend, you just can’t manage to get the popular ones in time. You can only pay extra to buy from resale platforms.
She added that her two most recent purchases from resellers turned out to be fakes.
