First, Labubu came for our purses and backpacks. Now, it’s coming for our phones. Pop Mart CEO Wang Ning announced in a Hong Kong press conference on Wednesday that a miniature version of the highly collectable Labubu doll will be launched as an attachable charm for mobile phones as soon as this week.
Not much other information has been released about the new product yet, but Wang was pictured holding an example of the mobile phone accessory at the press conference in Hong Kong. Keen observers have noted that the mini ugly-cute doll resembles the first-generation Labubu figurine from the Exciting Macaron line, just in a much smaller size.
If the new mini version for mobile phones is set to follow the same blind-box philosophy as many other Labubu hero products, we expect there will be a flurry of sales and a frenzy of unboxing activities among collectors hunting for their favourite colours.
Unsurprisingly, Pop Mart’s stock shares catapulted 12.5 percent following the announcement of the new product line, a record for the company since it went public in December 2020. Wang also shared in the post-earnings conference that Pop Mart is on track to surpass its annual sales projections, citing the company’s original goal of $21.7 billion as easily achievable, and even forecasting that $32.6 billion is on the cards.
Pop Mart is also aggressively pursuing global expansion, targeting emerging markets such as the Middle East, Central Europe, and Central and South America, on top of plans for a rapid slate of store openings in the US, where it currently already operates 40 locations.
Well, we guess that should put questions about Labubu’s possibly waning popularity to bed. We’re not getting rid of these pointy teethed little guys anytime soon.
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