Labubu vs. Wakuku: The Battle for Collectible Toy Supremacy

Imagine a world where a pointy-eared, toothy plush toy named Labubu, spotted on stars like Rihanna and Dua Lipa, dukes it out with Wakuku, a chubby, grinning rival stealing hearts across China. Labubu, Pop Mart’s global sensation, has taken toy shelves by storm, with a human-sized version fetching $150,000 at a Beijing auction. But Miniso’s Wakuku, with its rebellious forest-child vibe, is hot on its heels. Is this the dawn of a new collectible era, or are Labubu and Wakuku just fleeting fads? Let’s unpack this cuddly clash and see what’s threatening Labubu’s throne.

Pop Mart’s Labubu: A Toy Empire Soaring High

Pop Mart International Group Ltd., the mastermind behind Labubu, is on fire. Its stock has surged 178% this year, boasting a $43 billion market cap—doubling the combined value of Sanrio (Hello Kitty) and Mattel (Barbie). In 2024, Pop Mart’s revenue hit 13 billion yuan ($1.8 billion), with a stellar 67% gross margin, leaving traditional toymakers envious. Operating profit quadrupled to 4 billion yuan from 1 billion in 2023. Labubu’s quirky Nordic fairy-tale charm is a goldmine, but Wakuku’s rise is shaking things up.

Wakuku’s Grand Entrance: Miniso’s Mischievous Challenger

Enter Wakuku, Miniso Group Holding Ltd.’s answer to Labubu. This chubby, mischievous character, sold in Pop Mart’s signature blind boxes, is causing a frenzy at Miniso’s flagship stores across China. With a backstory as a rebellious wild child, Wakuku’s “ugly-cute” aesthetic mirrors Labubu’s appeal but carves its own niche. Its parent company, QuantaSing Group Ltd., has seen a jaw-dropping 365% stock surge this year, signaling Wakuku’s serious contender status. Unlike cheap knockoffs, Wakuku competes in the premium designer toy space, keeping prices high and avoiding a race to the bottom.

Lafufu: The Knockoff That’s Weirdly Winning Fans

Then there’s Lafufu, the counterfeit Labubu flooding online marketplaces. These lopsided, misaligned dolls are embracing the “ugly-cute” trend, with collectors customizing them into bizarre, one-of-a-kind creations. Surprisingly, Lafufu isn’t Labubu’s kryptonite—many fans buy the real Labubu to compare with their quirky fakes. Even Wakuku, despite its popularity, isn’t undercutting Labubu’s pricing. Both rivals are nibbling at Labubu’s market, but they’re not the real threat.

The Real Danger: Pop Mart’s Reseller Rollercoaster

Labubu’s biggest hurdle isn’t Wakuku or Lafufu—it’s Pop Mart’s high-stakes game with resellers. Scalpers are gobbling up Labubu dolls, flipping a 99-yuan toy for 200-500 yuan on resale platforms, sometimes out-earning Pop Mart itself. This resale frenzy fuels Labubu’s luxury collectible status, especially in an economic downturn when buyers crave high-value items. But if scalpers hoard too many dolls, casual fans get priced out, stunting Labubu’s broader appeal.

Pop Mart tested this balance during China’s June 2025 shopping festival, launching a massive online presale of third-generation Labubu plush toys. The result? Over 500 million yuan in revenue, but a 40% crash in the second-hand market as supply flooded in. Resellers are nervous—will Labubu’s resale value hold, or is Pop Mart overstuffing the market? Wakuku, meanwhile, benefits from Miniso’s more controlled rollout, avoiding such dramatic market swings.

Blind Boxes and Social Media: A Blessing and a Curse

Labubu and Wakuku owe much of their hype to blind boxes, the surprise-packed marketing trick that Pop Mart pioneered. But state media warnings about blind box sales are pushing Pop Mart to pivot, with Labubu’s brand now standing alone. Wakuku, still leaning heavily on blind boxes, is capitalizing on the format’s addictive allure. Social media amplifies both toys’ buzz, but it also clouds Pop Mart’s view of the resale market. Unlike luxury goods like Kweichow Moutai’s baijiu, where reseller stockpiles are trackable, Labubu’s resale data is a mystery, leaving Pop Mart guessing how to balance supply and exclusivity. Wakuku’s newer status gives Miniso a slight edge in controlling its supply chain.

Labubu vs. Wakuku: Who Wins the Collectible Crown?

Labubu’s global stardom and Wakuku’s rising fame have turned the collectible toy market into a battleground. Pop Mart’s reseller tightrope could tip Labubu’s fate—too much stock risks tanking its value, too little alienates fans. Wakuku, with Miniso’s strategic rollout, is gaining ground without the same resale chaos. Both toys have dodged the Lafufu bullet, but the real test is longevity. Will Labubu outshine Hello Kitty, or will Wakuku steal the crown? One thing’s certain: these toothy, quirky plushies have the world hooked.