The popularity of Labubu has resulted in counterfeits of the famous figurines popping up in Chinese cities such as Yiwu, Dongguan and Guangzhou. Chinese regulatory authorities have responded with crackdowns on counterfeit sales, media reports say.
The prices of the counterfeit figurines have also surged, with reports indicating that a high-quality Labubu replica can sell for as much as 700 yuan, which exceeds the official retail price of 594 yuan. It has also become increasingly difficult to distinguish real from fake, with new replicas deemed able to pass authenticity verification at such online resellers as StockX.
Chinese officials have emphasised that unauthorized sales of Labubu are illegal and warned that cases involving large quantities will be referred to the police for further investigation.
[See more: The new Labubu Wacky Mart series is about to hit the shelves in Macao]
Beijing-based Pop Mart’s shares on the Hong Kong Stock Exchange meanwhile jumped by 4.25 percent, hitting a new high HK$269.80 on Wednesday, helped by strong profit growth and Labubu’s popularity. Pop Mart’s net income rose 188% to 3.1 billion yuan in 2024.
The frenzy around Labubu began after K-pop star Lisa from Blackpink endorsed the doll, leading to long lines at Pop Mart stores and rapid online sellouts.
According to a 2024 report led by the National Academy of Economic Strategy at the Chinese Academy of Social Sciences, China’s burgeoning toy sector’s total value is projected to reach 110.1 billion yuan by 2026, with an average annual growth rate of more than 20 percent.
