They're a bit like monkeys, but instead of a cute smile, they have a creepy look on their lips. Still, almost everyone wants them, and people are willing to pay hundreds of thousands of dollars for some of them. We are talking about Labubu toys, which not only social network users but also celebrities like to take pictures with, such as Rihanna, Kim Kardashian, Dua Lipa or David Beckham.
Labubu were created in 2015 as part of the art series The Monsters. Their creator, Hong Kong artist Kasing Lung, was reportedly inspired by Nordic folklore when creating them. Under the guidance of the manufacturer - Chinese company Pop Mart - the figures have gradually moved from their original location to collector's toys, which are released in a variety of collections and also in so-called blind boxes - opaque boxes where shoppers only find out what they have actually bought after unpacking.
It is the moment of surprise and a certain step into the unknown that helped Labub to succeed. Limited editions, such as the one in collaboration with the Louvre, also contribute to this. Each collection contains several different designs, and the odds of getting a particular figure are usually one in six. In addition, selected series include the extremely rare Swan, which has a 1 in 72 chance of appearing. This encourages the FOMO effect among collectors and creates a very loyal community around the brand.
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Swan has managed to make toys that people love to take pictures of and share on social media. The aforementioned world famous faces or the collaboration with the LVHM group, for example, help. This year alone, the brand managed to generate a media impact four times bigger than the world-famous Met Gala event.
Last but not least, a very strong market for pre-owned original toyshas also emerged, which only supports consumers' willingness to invest in Labub. With this also comes a large number of imitations looking to feed on the success. According to the Chinese customs authorities, they seize well over 70,000 of their fakes per week.
Today, Labubu costs between $13 and $16, or 280 to 340 crowns, in their native Asia, but they are being resold on the internet for as much as $700 (15,000 crowns). In June this year, even one of the toys, 131 cm tall, was auctioned for more than $172,000 (3.7 million crowns).
The increase in sales is greatly helped by the manufacturing company Pop Mart, whose turnover last year reached about 1.81 billion dollars (almost 39 billion crowns) and whose market capitalisation is close to 40 billion dollars, surpassing even such toy giants as Hasbro or Mattel.
Originally a Chinese phenomenon, it first spread to Southeast Asia, where it was made famous by Thai singer Lisa of the band Blackpink, and later to the rest of the world. In the Czech Republic, Labubu is offered by the Bubblify chain, which belongs to the Twistcafe Group. "The Monsters Labubu are currently available at most of our branches within Prague. The assortment is continuously replenished and renewed according to current availability and customer interest," Andrea Fenn, CMO of Twistcafe Group and co-founder of Bubblify, tells MediaGuru.
Each week, Bubblify runs a competition to win one Labuba, which customers are automatically entered into through their purchase. Each receipt serves as one raffle ticket. In addition, the character can be purchased at select stores outside of the contest as part of the gradual launch of various collections. "The interest in The Monsters Swan never ceases to surprise us. Every day we receive a number of inquiries on our social media, with people asking about availability, wanting to know when we are planning our next releases or which branches the figures will be heading to. Often they also ask for a reservation option to make sure they don't miss out on their favourite piece. Labubu simply continues to be a phenomenon," says Fenn, adding that the toys can also bring new customers to Bubblify branches from fans of designer toys and pop culture.
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"Customers can be sure that they can buy the original Labuba in a brick-and-mortar store, which is not so common in the Czech Republic. This exclusivity sets us apart from the competition and contributes significantly to higher footfall. Customers often come for Labuba, but they also leave with bubble tea. It's a great way for us to organically grow the community around Bubblify and strengthen our brand," adds Andrea Fenn.
Source: mediaguru.cz