Labubu-led frivolity a fable of modern China
Labubus are not expensive, retailing from 69 yuan each (the equivalent of £7, though in the UK they start from £13.50). But limited stocks and the fact they are sold in 'blind boxes' — you don't know which Labubu you'll get until after purchase — has driven hype and a febrile second-hand market.
Earlier this month, a human-sized Labubu sculpture sold for more than one million yuan (£110,000) at a Beijing auction. Shares in Pop Mart, the Hong Kong-listed company behind it, have more than quintupled since the beginning of last year and its stores are the scenes of long queues and occasional fights.
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