Media365
Chinese toymaker Pop Mart continues to leverage the popularity of its collectibles as it launches two limited-edition Labubu-themed mini-refrigerators on Thursday.
Capped at 999 units for each design, the appliances are in high demand, with second-hand resale prices on online platforms up to 80 per cent higher than the original retail price.
The two designs, both from The Monsters series, were priced at 5,999 yuan (US$878) each, and they would be available for sale at 10pm on April 30 on e-commerce platforms such as JD.com, Tmall, Douyin and RedNote, according to Pop Mart’s announcement on Chinese social media platforms Weibo and RedNote on Friday.
On JD.com, the red version of the fridge had netted over 15,000 reservations, while the white one had attracted more than 12,000 preregistrations. Only consumers with valid reservations would be eligible to take part in the flash sale, Pop Mart said.
“We think Pop Mart plans to pilot test the market’s acceptance of home appliance products with limited supply,” said Jeff Zhang, an equity analyst at Morningstar. “The 5,999 yuan selling price of cold-storage boxes is affordable to most consumers, and the intricate Labubu sketches on the door appeal to loyal fans.
“Given cold boxes’ high popularity, we expect Pop Mart to launch similar home appliance products for other [toys], such as Twinkle Twinkle and Crybaby, over the next few months. Despite a minimal presence in earnings currently, home appliances should more meaningfully contribute to Pop Mart’s profit starting in 2027, in our view.”
