On sale and sold out in seconds! Price skyrockets over 8 times, netizens say: Too outrageous, completely impossible to grab!

On March 12th at 10 PM, Bubble Mart launched the “Dream Adventure” blind box series featuring LABUBU in collaboration with Sanrio’s family of characters, including the popular “Monsters” series. Thanks to the strong support from two major IPs, the series sold out immediately online.

The new product sold out within just one minute of release. Bubble Mart’s mini program showed it was sold out, and the Bubble Mart Tmall flagship store also sold out in seconds, with over 30,000 units sold instantly. The simultaneously released LABUBU×HELLO KITTY silicone plush toy priced at 599 yuan 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 outfits of Sanrio’s iconic IPs such as Hello Kitty, Kuromi, and My Melody. Each blind box costs 159 yuan, with a full set priced at 954 yuan. The hidden version has a 1 in 72 chance of appearing. The products will be available in physical stores starting March 13.

On social media, related topics quickly gained popularity, with over 10,000 discussion notes. Many fans commented, “Finally on sale after waiting so long, but I was too slow to grab one,” “The double IP collaboration looks great, hope I can buy one offline,” and others shared shopping tips, looking forward to restocks.

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

Data from the Dewu 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. Afterward, prices stabilized, with current market prices around 847 yuan, a 4.3x premium. Among regular versions, Hello Kitty remains more 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’s Sanrio collaboration keychain hidden version “Classic Hello Kitty” has a market premium of up to 8.4x.

The popularity of this collaboration has also brought a turning point for Bubble Mart’s recent IP market performance. LABUBU, as its core IP, contributed 34.7% of the company’s revenue in the first half of 2025, becoming a key driver of growth. 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 among 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, once Bubble Mart’s top trending IP and “hard to find,” has started to decline in popularity, with market prices gradually collapsing. 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 backbone, Bubble Mart is also launching new IPs and employing targeted marketing to increase sales share. Earlier this year, Bubble Mart accelerated new IP releases, including Supertutu and After School Merodi, and announced a new IP character “Key A.” 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 demonstrate the market influence of top-tier IPs.

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