Labubu-themed fridge resale rates surge ahead of debut

Resale prices for a Labubu-themed refrigerator have surged to nearly twice its retail price even before its official debut, as collectible toy maker Pop Mart pushes deeper into consumer categories to expand business scope.

Listings on Chinese secondhand marketplace Xianyu show the limited-edition fridge priced as high as 10,000 yuan ($1,465), compared with an official retail price of 5,999 yuan, according to checks on Tuesday.

The Beijing-based toy company said it will release the product — part of its "The Monsters" franchise — at 22:00 on April 30 via JD.com, marking its first entry into the home appliance segment. The refrigerator will be offered in two versions,"Home" and "House of the Monsters", with total global supply capped at 999 units, each carrying a unique serial number.

Early demand appears strong. As of Tuesday, reservations for the "Home" version had exceeded 18,000, while the "House of the Monsters" edition drew more than 16,000 bookings.

The launch forms part of Pop Mart's broader push to diversify revenue streams as growth in its core toy business matures. Chairman and CEO Wang Ning said in March that the company would roll out a range of IP-driven small home appliances, extending its character franchises into everyday consumer products.

Local media reported that manufacturing is being handled by Guangdong Xinbao Electrical Appliances Holdings Co Ltd, an original equipment manufacturer that also produces for brands such as Morphy Richards. The partnership is expected to cover categories including kettles, coffee machines and personal care devices, with production already ramping up.

Pop Mart's expansion into appliances adds to a growing portfolio that spans jewelry, food and beverages, and offline retail formats. The company has opened accessory-focused "popop" stores in Beijing and Shanghai, while its dessert concept Pop Bakery has staged more than 10 themed pop-ups across major cities in the country.

Last year, the company reported revenue of 37.12 billion yuan, up 184.7 percent from a year earlier, driven largely by its portfolio of artist-led IPs. Seventeen of those franchises generated more than 100 million yuan each in annual sales, highlighting the scalability of its content-driven model.

Beyond merchandise, Pop Mart is also investing in experiential formats to deepen consumer engagement. Its Pop Land theme park in Beijing recently unveiled an expansion featuring new zones and rides built around flagship characters including "The Monsters" and "Dimoo". The park serves as a testing ground for translating IP into immersive experiences, with a second phase scheduled for 2027.

Zhang Yi, an analyst at iiMedia Research, said the surge in resale prices for the Labubu refrigerator ahead of its official launch is "largely a collectible premium driven by limited supply of top-tier IP, compounded by scalper speculation." He added that "the current price inflation lacks value support and reflects typical speculative activity in the trend-driven collectibles market". As sentiment cools, he warned, "prices are likely to correct, and consumers should be cautious about buying at elevated levels".

On Pop Mart's push into home appliances, Zhang said the strategy is "primarily aimed at extending IP value and achieving brand breakthroughs through cross-category marketing".

In the short term, it could "lift average spending per customer, enhance gross margins, spark industry buzz and reinforce brand differentiation". However, he said that "the home appliance sector is constrained by scale, supply chain complexity and offline operational requirements", adding that it is "unlikely to become a core growth driver in the near future".

wangzhuoqiong@chinadaily.com.cn