Latest news with #LABUBU
The Irish Sun
18 hours ago
- Entertainment
- The Irish Sun
What are the viral Labubu dolls, how much are they and where can you buy them in Ireland?
LABUBU dolls are the latest craze to have taken over the internet, going viral on TikTok especially. The new viral trend has reached Ireland leaving 5 You've probably already seen these online Credit: TikTok/ Katleynnbrownn_ 5 Unboxing them online is the latest trend Credit: TikTok/ Tropicalnikki 5 The design is from a Hong Kong based artist Credit: Getty Images But what actually are Labubus and why is everyone so obsessed with them? The Labubu doll is an animated character with large eyes and several pointed teeth. The toy comes in multiple different colour options with purple, pink, blue, green, red and even a rare grey fur. They come on a keyring with people attaching them to their keys, bags and decorating their READ MORE IN MONEY The Labubu character is actually from a book called The Monsters Trilogy by artist Hong Kong artist Kasing Lung. They are inspired by Nordic folklore and are part of a collection of toys by Chinese company PopMart. The fluffy creature comes bagged in sealed packaging and you have to open them up to reveal what colour you got in your box. Celebrities have been spotted wearing them as their latest accessories and unboxing the toy on camera has become an online craze. Most read in Money Katelyn Brown, who posts under She even went back to buy more when she didn't get the colour she wanted first time around. I found Labubus at my local Centra and now I have a huge collection Posting the experience online she told followers: "We're in the Centra in Littlebridge." Revealing the desire for them around the area she explained: "I was in the Centra in Cookstown yesterday and the girls in the shop were telling me people were ringing looking to get Labubus off them." Katelyn revealed to followers she paid £8.99 for the furry friend which is around €10.50. However, prices across different stores in Ireland vary and can range from €10 up to €20 or €30. 'THEY'RE SO SOFT' In Dublin, Forbidden Planet in Temple bar are selling Labubus for €19.99. Content creator Nikki, who posts under Bursting with excitement she said: "I just want a cute little Labubu for my bags. "Let's just get into it because I actually just can't wait anymore. "I actually can't believe I just randomly walked in there and they just restocked them. Let's go." And taking her new toy out of the package she revealed a green Labubu, showcasing the excitement of the surprise reveals. Delighted Nikki said: "That's literally the one I wanted there's no way." She added: "They're so soft. That was such a success." 'MY CHILD HAS ME TORMENTED' Taking to the comments of Nikki's video viewers were equally as excited. One person said: "So jealous" Another added: "I run out almost in my pj to see if they have them" One person added: "I want please." A parent even added: "My child has me tormented." WHERE ELSE CAN YOU BUY THEM? Shops across the country have been scrambling to stock the colorful little dolls as the online craze grows. Here is a list of some places across the country who are selling Labubus: Conway's Centra, Derry Forbidden Planet, Dublin One Kick Ireland, Dublin Hugmie Liffey Valley, Dublin Greens, Belfast McNally's Centra, Monaghan Hugmie, Drogheda Lee's Centra Group, Limerick Togo Store, Wexford Dunman Centra, Tyrone Togo Store, Limerick Candy Cloud, Westmeath Togo Store, Carlow HOW TO KNOW IF THEY ARE REAL There are fake versions of the dolls retailing on the market, known as Lafufus. There are a few easy steps you can take to make sure you've snagged a real Labubu from PopMart. Real dolls will have nine teeth on the mouth and will come in matte packing with muted colours. There should also be a QR code on the care label of the accessory that you can scan. 5 They're quickly selling out across the country Credit: TikTok/ Tropicalnikki 5 They are worn as little bag charms or keyrings Credit: TikTok / Tropicalnikki
Business Times
2 days ago
- Entertainment
- Business Times
Labubu's biggest threat is not Wakuku, or Lafufu
LABUBU, an elf-like plush toy with pointy ears and nine serrated teeth, has become a global sensation, worn by celebrities including Rihanna and Dua Lipa. These dolls are sold out in stores from Singapore to London; a human-sized version recently fetched a whopping US$150,000 at an auction in Beijing. With all the social media buzz, it is worth asking if we are witnessing the rise of a new-age collectible, or whether Labubu is a mere fad destined to fade. Investors certainly want to know. Pop Mart International Group, the Chinese manufacturer behind this trendy toy, has rallied 178 per cent this year. With US$43 billion market cap, the company is worth more than twice as much as Sanrio and Mattel combined, owners of long-time favourites Hello Kitty and Barbie. Last year, Pop Mart's revenue doubled to 13 billion yuan (S$2.3 billion), while its gross margin came in at an enviable 67 per cent, roughly twice as profitable as a generic toymaker. The company generated four billion yuan in operating profit, versus 1 billion yuan in 2023. There are worries, however, that copycats might dent Labubu's brand image, which underpins Pop Mart's outsized profitability. Wakuku, a chubby character with a familiar mischievous grin, is being rolled out by lifestyle retail chain Miniso Group Holding Whereas Labubu is about a little monster inspired by Nordic fairy tales, Wakuku tells the story of a rebellious wild child in the forest. These dolls are also being sold in blind boxes, a clever marketing ploy that Pop Mart championed to add an element of surprise to its products. For Miniso, it's a good bet so far: Wakuku dolls have drawn long lines at the retailer's flagship stores across China. Meanwhile, Nasdaq-listed QuantaSing Group Ltd., which ultimately owns the intellectual property through an acquisition deal in March, is up 365 per cent this year. There's also Lafufu, a term collectors use for counterfeit Labubu dolls that are flooding online marketplaces. These cheap knockoffs, with lopsided faces and misaligned limbs, are getting their own cultural moment, competing with the original on how ugly they can get. After all, Labubu went viral because of its weird, yet somehow cute looks, and custom-made Lafufus with unique outfits or expressions are accentuating that aesthetic. While both might chip away some of Labubu's business, neither can tank it. Wakuku is still swimming in the more lucrative designer toy category, not undercutting Pop Mart on pricing. Meanwhile, Lafufu owners often end up buying the original to establish a frame of reference for their customised dolls if nothing else. As for state media's warnings on blind box sales, Labubu as a brand has already moved beyond this marketing tool. Rather, the biggest threat to Labubu's lure as a collectible is Pop Mart's fragile dance with the toy's resellers. On the one hand, the company will have trouble fostering a broad fan base if its dolls largely end up in scalpers' hands. On the other, Labubu can't become a luxury item if it doesn't have a resilient resale market. In an economic slowdown, consumers tend to seek out luxury products that command higher resale value. A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up Pop Mart tested that resilience on June 18, the last day of China's month-long shopping festival, launching its first online presale of third-generation Labubu plush toys. While it was a tremendous success for the company's bottom line – revenue from the presales is expected to exceed 500 million yuan – the second-hand market crashed. Average transaction price for the doll tumbled by as much as 40 per cent amid worries that the company will de-stock faster and more often than before. Before the surprise presale, a 99-yuan toy could be sold in secondary markets for roughly anywhere between 200 and 500 yuan. In other words, resellers were reaping in more profit from Labubu than its manufacturer. As more consumers receive their dolls over the next few months though, what will Labubu's resale market look like? Does the economics still work for arbitrageurs? Right now, Pop Mart's biggest puzzle is to figure out what percentage of its Labubu sales is going to resellers. For other luxury items such as the fiery baijiu moutai liquor, industry analysts have a rough estimate on how many bottles resellers have hoarded over the years, thus giving producer Kweichow Moutai a sense of how much new supply it should bring to the market while maintaining scarcity and thus brand exclusivity. But this kind of information is impossible to obtain for Labubu, because it's such a recent phenomenon. Social media buzz can also cloud one's judgement. Of course, Pop Mart should be pleased with Labubu's stardom. But lately, this weird-looking toy is becoming a bit unwieldy. BLOOMBERG
Business Times
4 days ago
- Business
- Business Times
It's not just Labubu dolls. Chinese brands are booming
LABUBU dolls are hard to come by. Even at the giant flagship store of their maker, Pop Mart, in Shanghai, throngs of customers are told they need to wait a week or longer. The grimacing elvish creatures, which come in 'blind boxes' that keep buyers in suspense over which one they might get, sell for as little as US$20. But a rare variety sold for US$150,000 at an auction on Jun 10. It is not just Chinese children trying to get their hands on the dolls; celebrities including David Beckham, a British ex-football player, and Rihanna, an American pop star, have recently gone public with their appreciation. The Labubu craze has sent Pop Mart's shares up by 170 per cent since the start of the year. It is one of a growing cohort of Chinese consumer brands whose popularity is surging. For decades Chinese shoppers tended to look overseas for the latest trends in cosmetics, fashion, hospitality and more. Now they are flocking to local luxury firms, high-end make-up brands and milk tea shops. What is more, many of these brands are gaining a devoted following abroad. Western brands should be worried. It is an odd time for a boom among Chinese consumer products. Sputtering economic growth has caused household spending to weaken. Yet the strain on Chinese shoppers' wallets is one of the factors propelling local brands. As consumers have become more price sensitive, cheap but decent quality home-grown brands have thrived. Many urban Chinese coffee drinkers, for example, have found local chains such as Cotti or Luckin just as good as Starbucks, an American company, but often half as expensive. Laopu Gold, a Chinese maker of luxury jewellery, has found success selling elegant bracelets and earrings that tend to be cheaper than those offered by Tiffany & Co, another American stalwart. Songmont, a local handbag brand, has launched a costly advertising campaign in airports across the country, pitting itself against foreign competitors that are often twice as expensive, or more. Part of Pop Mart's success with Labubu dolls has come from targeting frugal spenders with high-quality, 'emotive' products, says Lina Yan of HSBC. Yet consumer downgrading is only part of the explanation for the buzz around Chinese brands. In many cases, shoppers are paying just as much or more for local equivalents. For instance, the best-selling products at Chagee, a tea chain that went public in New York in April, are tea lattes that sell for 15-20 yuan (S$2.70-3.60), on par with Starbucks' top products in China. The group has marketed itself as a premium brand, not a budget one, notes Han Zhang of Deutsche Bank, another lender. The fastest-growing segment of electric vehicles in China is not the cheapest but those priced at between 200,000 and 400,000 yuan, considered 'entry-level luxury'. Foreign carmakers have long dominated this market segment, but many popular new models in this range are from local rivals such as Nio and Li Auto. Chinese consumers are also now far less enamoured with foreign goods simply because they are foreign. Laopu's rapid rise is proof of that. The firm, which sells intricate gold jewellery with a distinct Chinese flair, has managed to keep its sales per store above 300 million yuan, at least 50 per cent higher than most of its foreign rivals. Its share price is up by more than 2,000 per cent since it listed in Hong Kong about a year ago. It is one of only a small number of home-grown luxury brands in China. The industry has long been dominated by foreign firms. But most of them are now doing poorly in the country. Western luxury brands once filled a gap simply because there were no real local alternatives, says Amber Zhang of BigOne Lab, a research firm. However, 'that doesn't mean Chinese consumers naturally resonate with the design or cultural message of those Western brands'. Rather than trying to appear Western, both Laopu and Chagee have flaunted their Chineseness. It has worked. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Fans argue that, despite its lower prices, Laopu's materials and design are of higher quality than most foreign offerings. This points to another shift in spending habits in China: shoppers are better informed about products today than they used to be, mainly thanks to social media. Many feel that they have been fleeced by foreign companies that were able to sell at inflated prices purely by not being Chinese. Today, young women scour the labels of cosmetics brands to find local products with the same active ingredients as foreign ones but at lower prices, notes an industry analyst. That has helped yet another hit Chinese brand, a cosmetics maker called Mao Geping, which raised US$300 million in an initial public offering in Hong Kong in December. Its share price has soared by about 250 per cent since then. Home-grown cosmetics companies have been trying to steal share from foreign firms such as L'Oreal and Estee Lauder for years, but have struggled to compete at the pricier end of the market. Mao Geping, which is named after its founder, a famous make-up artist, has become the first local company to make it onto the list of the top ten high-end make-up brands in China. Whereas foreign firms tend to focus on the country's largest cities, local brands operate farther afield. Many got their start in smaller inland cities. Chagee opened its first store in the city of Kunming, in the south-western province of Yunnan, in 2017, and most of its shops remain outside rich coastal areas. Mixue, a cold-drink chain, started as a shaved-ice stand in one of China's poorer provinces. The country's most popular fast-food brands have mainly expanded in smaller cities before trying their luck in places such as Beijing and Shanghai. Hoteliers are doing the same. H World, a Chinese hotel chain, will open about half of its new properties in third and fourth-tier cities over the next year, says He Jihong, its chief strategist. Foreign hotel chains are much less active in small cities. This could be one factor keeping H World's hotels fuller than those of foreign rivals. Its occupancy rate was above 80 per cent last year, while the figure for Marriott International, an American chain with a large presence in China, fell below 70 per cent, making the country one of its worst performing regions. The focus on small cities is important because spending there appears healthier than in big cities. Purchases of fast-moving consumer goods, such as packaged food and beauty products, expanded by 5.5 per cent in 2024 in cities with fewer than one million people, whereas they shrank by 4.6 per cent in the biggest cities, according to Bain, a consultancy. Foreign brands in China are scrambling to fend off their new competitors. Lavazza, an Italian coffee chain, has tried selling salted-duck-egg coffee, with limited success. Some Western businesses, including Starbucks and Haagen-Dazs, an ice-cream chain owned by General Mills, an American food giant, are reportedly sounding out local investors for their Chinese operations in an effort to inject new ideas. The competitive threat is not contained to China. Pop Mart now has stores in more than 20 countries, including at least 37 in America. Mixue can be found across South-east Asia. Chagee will have more than 1,300 shops outside China by the end of the year, up from almost none four years ago. And analysts believe that the more foreign recognition these brands get, the more popular they become within China. The social media craze in the West over Labubu dolls is thought to be adding to their local cachet. For decades, retail trends swept into China from abroad. Those days may be ending. ©2025 The Economist Newspaper Limited. All rights reserved
India Today
4 days ago
- Entertainment
- India Today
Labubu mania: How a quirky doll made Pop Mart a global giant
A small toy with big eyes, messy hair, and a wide toothy smile is taking the world by storm, and helping build a billion-dollar empire along the way. Meet Labubu, the odd-looking but loveable doll that's become a social media sensation, a collector's dream, and the crown jewel of China's booming toy brand, Pop QUIRKY COLLECTABLE TO GLOBAL SENSATIONLabubu is not just a toy, it's a trend. Created by artist, Kasing Lung, the quirky doll started off as a character in a picture book inspired by Nordic mythology. It later became part of a blind box toy series launched by Pop Mart in 2019. Blind boxes are sealed packs that don't reveal what's inside until you open them, a surprise that fans, especially Gen Z and millennials, find hard to then, Labubu has gone viral. From unboxing videos on TikTok to appearances on the arms of celebrities like BLACKPINK's Lisa, Rihanna, and Dua Lipa, the toy has become a pop culture icon. Some limited-edition versions even sell for six-figure prices in resale MART'S RISE WITH LABUBU Founded in 2010 by Wang Ning, Pop Mart began as a small shop in Beijing selling comics and phone covers. But once Wang noticed the growing love for designer toys, he switched focus. First came the Molly doll, but it was Labubu that truly changed the Mart went public on the Hong Kong Stock Exchange in late 2020, and its shares have jumped more than 500% in the last year, according to the value of Pop Mart's Hong Kong-listed shares has soared three times this year, exceeding HKD $270 (US $34.40), as per company now operates stores across Asia and ships toys worldwide. It's not just seen as a toy brand anymore; Pop Mart is compared to fashion and luxury labels for the cult-like loyalty of its NING: NOW AMONG THE RICHEST PEOPLE IN CHINAAt the heart of this success is Pop Mart's 38-year-old founder Wang Ning, now one of China's top 10 richest people. As of June 2025, he's worth $22.7 billion, according to Forbes, all thanks to spotted the potential of mixing art, surprise, and collectability early on. His company's focus on emotional connection and design has turned small plastic toys into status EVERYONE WANTS A LABUBULabubu's charm lies in its story and design. Originally featured in the 2015 book series The Monsters Trilogy, which draws from Nordic myths, Labubu is portrayed by Pop Mart as a kind-hearted, elf-like creature who tries to help but often causes unintended dolls are made in various seasonal and limited-edition styles, which makes collecting them even more to the buzz are 'secret' editions, super-rare versions with only a 1-in-72 chance of appearing in a blind box. These often become collector gold, fetching thousands doll even made an appearance at Paris Fashion Week, further blurring the lines between toys and fashion.A TOY THAT'S MORE THAN JUST A TOYadvertisementWhat started as a niche book character has grown into a global sensation, sparking queues outside stores, a trading frenzy online, and a whole new category of luxury collectables. Labubu isn't just a toy, it's a movement, and it's showing no signs of slowing Pop Mart's soaring valuation and Wang Ning's rising fortune, one thing is clear: this bug-eyed doll has become a billion-dollar force in the world of business, fashion, and fun.- Ends
Business Times
20-06-2025
- Entertainment
- Business Times
How Pop Mart's Labubu became a monster of a business
LABUBU is a little doll in fleecy, bunny-eared onesies whose coffee-bean eyes hover above a serrated row of smiling teeth. Ostensibly an elf, the creature is either cute or creepy, depending on whom you ask. But one thing is clear – it has become a monster of a business. The dolls have been caught on camera with celebrities such as Rihanna and K-pop superstar Lisa, typically dangling from the strap of a designer bag. Their popularity has propelled the stock of its owner, trendy toy retailer Pop Mart International, more than 180 per cent higher this year. Pop Mart's market value of over HK$350 billion (S$57.4 billion) makes it the world's third most valuable intellectual property (IP) company, behind only The Walt Disney Company and Nintendo. The toy reached a cultural milestone on June 10, when a Labubu figure was sold at an auction for more than 1.2 million yuan (S$214,960), including commission, setting a new record for the brand. The auction followed several successful sales of Labubu items, including one that fetched more than HK$200,000 at Sotheby's Hong Kong in late May. Labubu has been crucial to Pop Mart's success, with the toy line it belongs to accounting for nearly a quarter of the company's total revenue last year. The toy has spawned bidding wars, unruly lines outside stores, and a minor controversy at a Chinese bank. Its rise serves as a case study in how to turn a character no one had heard of 10 years ago into the must-have toy of the year. Pop Mart's strategy employed a shrewd mix of cultivating exclusive IP, creating scarcity, leveraging social media, and introducing a bit of gamble into the purchasing of its products. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The phenomenon shows China's growing potential to produce global money spinners from its cultural creations. Labubu's success echoes that of Black Myth: Wukong, the Chinese-made video game released in 2024 that became one of the fastest-selling titles of all time. 'The rise of China's trendy toy IP reflects the same trend as the global breakout of Chinese entertainment content in recent years. This phenomenon underscores China's growing national strength, particularly the rising competitiveness of its cultural industries,' said Fan Junhao, chief analyst for consumer discretionary at Huatai Securities. The making of a monster Labubu is the creation of Hong Kong artist Kasing Lung, who came up with the creatures in 2015 for his book series 'The Monsters'. Lung gave them a simple backstory. Labubu are forest-dwelling elves whose existence dates back millions of years, at least to the time of the dinosaurs. They number about 100 and are all female. In 2019, the artist signed an agreement with Pop Mart, granting the company exclusive rights to produce and sell toy versions of the storybook sprites, launching Labubu under its 'The Monsters' series. Much like there is more than one Labubu in Lung's story, there are a variety of Labubu toys on Pop Mart's shelves. The main difference is in the colouring, with different Labubu sporting a different colour of bunny-eared onesie, though the eyes, nose and teeth can also be colored differently. A Labubu figure and Labubu stickers are seen at a Pop Mart shop in Beijing. A Beijing auction house sold a Labubu figure for over US$150,000, as global demand for the dolls reaches fever pitch. PHOTO: AFP Some Labubu are rarer than others. One particularly sought-after version sports a charcoal grey onesie and a distinctive set of rainbow-colored teeth. Pop Mart sells the Labubu in 'blind boxes', so that buyers don't know which one they are getting until they tear open the packaging. This drives sales as it leaves particularly fanatical Labubu fans with no other choice than to keep buying the toy until they get the Labubu in their preferred colour of onesie. The toy was not an overnight hit. The dolls were originally made of hard vinyl, but sales started to pick up once Pop Mart started selling Labubu plush toys on key rings and as larger dolls in 2023. The watershed moment came the following year, when Lisa, the Thai member of the K-pop girl group Blackpink, repeatedly showcased her collection of Labubu plushies on social media. A buying frenzy began across South-east Asia. The impact was immediate. Pop Mart's revenue from 'The Monsters' series grew more than eightfold in 2024, making up 23.3 per cent of its total revenue, according to the company's financial report. Its plushie sales, spearheaded by Labubu, skyrocketed 1,289 per cent. South-east Asia emerged as Pop Mart's largest international market, contributing nearly half of total overseas revenue, which surged 375 per cent to nearly 5.1 billion yuan. Labubu's popularity is especially evident in Thailand. Outside Pop Mart's three-storey flagship store in Bangkok's bustling Siam Square, security guards watched over lines of customers on June 6. 'Around 500 tourists come each day just for Labubu, mostly Thais and Chinese', said a store employee. The employee said that Labubu plushies were sold out at every brick-and-mortar Pop Mart in the country. The unmet demand has created a grey market of unauthorized Labubu dealers. Just 50 meters from the official store, a tiny, unnamed shop stocks nearly every kind of Labubu – some priced at more than twice the official retail price. At the shop, one Chinese customer dropped more than 9,000 baht (S$353) on Labubu in a matter of minutes. Another customer, a tourist in his 50s, said he had no choice but to pay scalper prices to secure a Labubu for his daughter. 'The official store had nothing left,' he said. The Labubu fever has spread beyond South-east Asia. After pop superstar Rihanna was spotted with a pink Labubu hanging from her designer bag at an Los Angeles airport in February, the US and the UK got caught up in the frenzy. The release of the third-generation Labubu plushies two months later led to viral reports of overnight lines and fights breaking out among desperate customers outside Pop Mart stores. The toy's popularity has even impacted the Chinese banking industry, of all places. Caixin learned that several branches of Ping An Bank had to suspend a promotion that offered free Labubu toys as rewards for opening new accounts following discussions that the giveaway might be a violation of banking rules. Financial institutions in southeastern China have recently received regulatory reminders about the ban on attracting deposits with gifts, sources told Caixin. However, it remains unclear whether these warnings were related to the Labubu promotions. The game plan Pop Mart follows a three-part business model employed by many Chinese toy retailers, which blends premium IP with gamified retail and social media dissemination, the analyst Fan said. Under the model, companies either create original IP or acquire and manage existing properties, ensuring their products meet premium quality standards, Fan said. With strong IP as the cornerstone, they then turn buying their products into a kind of game. The randomness of the blind boxes sparks online discussions and a desire among customers to keep buying so they can collect an entire series of products. This also generates a secondary market driven by scarcity and rising value of the products among collectors. The third component is social media amplification, Fan said, explaining that companies leverage celebrity endorsements and encourage user-generated content such as memes to create a trend with mass-market appeal. An auctioneer congratulates the buyer who won the bid for a Labubu figurine, during an auction by Yongle International Auction in Beijing on June 10. PHOTO: REUTERS 'Lisa played a significant role in propelling Labubu into the mainstream,' said a designer specialising in trendy toy IP. 'Celebrity endorsements remain the most effective breakthrough strategy – a tried-and-tested approach drawn from the luxury sector.' In addition, unlike hard vinyl figures, the plush versions of Labubu possess a more inherent 'social' quality, and added straps make it easier for celebrities to wear and display them, the designer said, noting that, like Pop Mart, many toy companies are now developing their own 'fuzzy' collectible lines to leverage celebrity influence and drive sales. While Chinese brands have only recently perfected this approach, it has a long track record of success for global toy brands such as Kaws, Bearbrick and Jellycat, said Fan, who emphasised the model allows customers to be more than mere buyers, but content creators as well. Toy companies ought to evolve beyond being simple manufacturers or distributors, Fan said. Rather, they should become IP operating platforms, or even content creation companies. Chen Chufang, a former IP specialist for a toy company, believes that for an IP to become popular globally, it needs more than celebrity endorsements. It's just as important to have high-profile retail stores abroad. 'Opening a standout collectible toy store overseas makes a far bigger impact than doing so in China,' he said. By the end of 2024, Pop Mart had opened 130 stores overseas, locating most of them in prominent spots like Oxford Street in London and the Louvre in Paris, making it the first Chinese toy brand to enter the iconic museum. 'Previously, overseas IP derivatives were expensive. But now, Chinese companies are reaching overseas customers with relatively reasonable pricing and the novelty of blind boxes, while putting stores in core local commercial districts. They are becoming disruptors,' Chen said. CAIXIN GLOBAL
