Shares of Pop Mart International Group Ltd. (09992.HK) rose 4.44% on Monday after speculative fervor for its first major home appliance, a Labubu-themed refrigerator, sent presale prices soaring to extreme multiples of its retail cost.
"The current price inflation lacks value support and reflects typical speculative activity in the trend-driven collectibles market," said Zhang Yi, an analyst at iiMedia Research. He warned that as initial excitement cools, "prices are likely to correct, and consumers should be cautious about buying at elevated levels."
The frenzy centers on "The Monsters" series refrigerator, which launches April 30 for 5,999 yuan (approx. $828). Ahead of the release, one listing on a Chinese secondhand marketplace hit 92,300 yuan, more than 15 times the official price. Most resellers, however, listed the appliance for between 9,000 and 10,000 yuan, a premium of 50-67%. The launch is limited to 999 units for each of its two designs, with each fridge carrying a unique serial number, fueling its collectible appeal.
The move into home appliances is part of Pop Mart's broader strategy to diversify its revenue by leveraging its popular character intellectual properties. The Labubu character, created by artist Kasing Lung, reached global fame in early 2024 after being seen with Lisa from the K-pop group BLACKPINK. Analysts see this limited, high-priced launch as a pilot test. "We expect Pop Mart to launch similar home appliance products for other [toys]," said Jeff Zhang, an equity analyst at Morningstar, who believes the category could "more meaningfully contribute to Pop Mart’s profit starting in 2027."
This article is for informational purposes only and does not constitute investment advice.
