Shares of Pop Mart International Group, the company famous for its Labubu dolls, dropped on November 7 after a live-streaming mishap.
Media outlets reported that the dip occurred when a Pop Mart employee was filmed during a live stream on November 6, implying that the company’s ‘blindbox’ was overpriced.
“The company is looking into the matter,” a Pop Mart spokesperson informed Bloomberg News.
Stay informed with the latest updates. Follow KT on WhatsApp Channels.
Pop Mart’s dolls, loved for their eerie yet charming appearance, have driven global shoppers to queue for hours to purchase Labubus before they sell out.
A blindbox offers an element of surprise; when purchasing a Labubu doll, the box conceals the design and color. You don’t pick the Labubu; it picks you.
Limited edition Labubus can fetch over Dh1,000 and have inspired a variety of merchandise, from cakes to keychains. Following their social media success, shoppers rushed to find the nearest Labubu outlet.
The excitement extended beyond just buying; unboxing, collecting, and even dressing up Labubus became part of the trend. Earlier this year, a TikToker gained fame for claiming to possess the only 24k gold Labubu in the world.
The monster-like doll was crafted in 2015 by Kasing Lung, a Hong Kong-born, Netherlands-raised illustrator, who drew from folklore to create a Nordic fairy tale book series titled The Monsters.
