Pop Mart International Group¡¯s shelves remain packed, but shoppers are no longer fixated solely on the snaggle-toothed Labubu dolls that once sparked hourslong lines and resale frenzies.
Characters such as Twinkle Twinkle, Skullpanda and Crybaby are drawing crowds of their own, commanding premiums on resale platforms and climbing the company¡¯s sales rankings.
Twinkle Twinkle plush pendants routinely disappear within minutes of restocking. On Chinese resale platform Qiandao, many of the character¡¯s toys trade above official prices, while a plushie from the Crybaby Vacation Mode On series is selling at 72% above retail. In the U.S., Skullpanda ranks as Pop Mart¡¯s No. 2 intellectual property (IP), according to Morgan Stanley, with a recent tie-in with Hasbro¡¯s My Little Pony drawing hundreds of thousands of likes.
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