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Analysts see upside for Pop Mart, but Labubu collectors think otherwise

Kwan Wei Kevin Tan
Kwan Wei Kevin Tan • 9 min read
Analysts see upside for Pop Mart, but Labubu collectors think otherwise
Ripple Sim, an event stylist, says she has spent over $3,000 collecting Labubu toys made by the Chinese toymaker Pop Mart. Photo: Ripple Sim
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Ripple Sim bought her first Labubu dolls in August 2024 and hasn’t stopped since. The event stylist reports spending over $3,000 on her collection, which includes more than 50 Labubu figures in various sizes and costumes.

That’s not including all the other toys she has bought from Pop Mart. The Hong Kong-listed toymaker is best known for selling collectible toys in blind boxes. The format is reminiscent of Gashapon vending machines in Japan, where customers cannot choose the toy they want and instead receive a random toy from a set.

Sim has spent thousands of dollars on her figures, and her full collection numbers in the hundreds.

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