On Sale and Instantly Sold Out! Price Skyrockets Over 8x, Netizens: Too Outrageous, Impossible to Get

(Source: Zhi Jian News, Shenyang Evening News)

On March 12th at 10 p.m., Bubble Mart launched the THEMONSTERS series LABUBU and Sanrio family collaboration “Dream Encounter” soft vinyl blind box figures. Thanks to the popularity of two major IPs, the series sold out immediately online.

The new product sold out within one minute of release, with the official mini-program showing sold out, and the Bubble Mart online flagship store also selling out instantly, with over 30,000 units sold. The simultaneously released 599 yuan LABUBU×HELLO KITTY soft vinyl plush doll also sold out, with sales exceeding 9,000 units.

It is reported that this LABUBU x Sanrio blind box series features 7 characters, including 6 regular and 1 hidden version. The design combines LABUBU’s classic style with exclusive costumes of Sanrio’s iconic IPs such as Hello Kitty, Kuromi, and My Melody. Each blind box costs 159 yuan, and the full set is priced at 954 yuan, with the hidden version having a 1:72 chance of appearing. The products officially went on sale in physical stores on March 13.

On social media platforms, related topics quickly gained popularity, with over ten thousand discussion notes. Many fans commented, “Been waiting so long for the sale, finally available, but I was too slow to grab one,” “The double IP collab is so cute, I hope I can buy one offline,” and others shared shopping strategies, looking forward to restocks.

The surge in sales quickly spread to the second-hand market, with noticeable premium prices.

Data from a shopping app shows that the market price for the hidden “Classic Hello Kitty” version rose from 159 yuan to a peak of 1,490 yuan, an 8.4x premium. It then stabilized, with current market prices around 847 yuan, a 4.3x premium. Among regular versions, Hello Kitty remains the most popular, with market prices rising from 159 yuan to a peak of 430 yuan, a 1.7x premium. Other regular versions like Kuromi and My Melody are priced between 270 and 320 yuan.

▲ Bubble Mart Sanrio collaboration keychain hidden version “Classic Hello Kitty” market price peaked at 8.4 times the original.

The popularity of this collaboration also brought a turning point for Bubble Mart’s recent IP market performance. As its core IP, LABUBU contributed 34.7% of the company’s revenue in the first half of 2025, becoming a key growth driver. According to Bubble Mart founder Wang Ning, the total sales of LABUBU in 2025 are expected to exceed 100 million units.

A survey conducted by Citigroup Research and its Innovation Lab on global Bubble Mart consumers shows that LABUBU remains the most attractive core IP, with 47% of respondents owning LABUBU products. Nearly half of the respondents first encountered Bubble Mart through LABUBU.

However, since the end of last year, LABUBU, Bubble Mart’s top trending IP, has seen its “once hard to find” status decline, with market prices gradually “crashing.” The topic of Bubble Mart “selling at half price” has been trending for several days. Bubble Mart’s stock price also experienced a continuous decline, dropping over 40% from August to December 2025, with a market value evaporating over HKD 180 billion.

Besides the top IP still being the sales cornerstone, Bubble Mart is also launching new IPs and targeted marketing to contribute to sales growth. Earlier this year, Bubble Mart accelerated new IP releases, including Supertutu and After School Merodi, and announced a new IP character “KeyA.” However, both Supertutu and After School Merodi received relatively lukewarm responses after launch, with sales far below other popular IPs released at the same time.

The hot sales of the LABUBU and Sanrio collaboration highlight the mutual “cute and healing” appeal of both brands and once again confirm the market influence of leading IPs.

Massive information, precise analysis, all on Sina Finance APP.