Labubu Refrigerator Secondhand Platforms See "Premium" Prices 15 Times Higher, Reportedly Due to Confidentiality Requirements from Manufacturing Partner
Pop Mart (09992.HK) recently launched its small appliance products. While not yet available through official channels, pre-order links have appeared on platforms like Xianyu and Qiandao, with varying premium prices.
Pop Mart's entry into small appliances begins with refrigerators. The new Monsters Lifestyle series refrigerators, Home (hereinafter referred to as the red model) and House of the Monsters (hereinafter referred to as the white model), will go on sale at 10 PM on April 30th, both priced at 5999 yuan. The red model will only be sold at the JD.com Pop Mart Home Appliance Flagship Store, while the white model will be simultaneously available on JD.com, Tmall, Douyin, Xiaohongshu, WeChat blind boxes, and WeChat video number mini-programs. JD.com shows that as of press time, pre-orders for both models have exceeded 20,000.
[Image source: JD.com Pop Mart Home Appliance Flagship Store]
Consistent with Pop Mart's previous product positioning, this refrigerator also possesses a so-called "collectible" attribute. Both models are globally limited to 999 units. In addition to the host, accessories, and product manual, the product also includes a collectible card, with each product having a unique ID and limited number. Guoxin Securities research report believes that the launch of IP small appliances is expected to create high-frequency daily use scenarios for the company's leading IPs, extending the IP value from "collection display" to "daily companionship," and also broaden the audience for the Pop Mart brand.
The reporter noted that the product link states "exchange only, no refunds." Regarding how exchanges will be handled and whether the code will change, customer service at the JD.com Pop Mart Home Appliance Flagship Store stated that if there is a problem requiring an exchange, the product needs to be returned for repair and then reissued. There are two situations regarding the code: one is a random code assignment, and the other is retaining the original code. If retaining the original code is requested, the waiting period may be 60 days.
Regarding production, the company has not disclosed the supplier. Regarding rumors that Xinbao Shares (002705.SZ) is the OEM manufacturer for Pop Mart's small appliances, a staff member from the company's securities department told Caixin reporters: "All new products have confidentiality requirements from customers before they are launched." The person further pointed out that information about the company's cooperation with all customers is based on the product's launch in the market. Currently, the company's business is mainly export-oriented, with export sales accounting for about 75% and domestic sales accounting for about 25%, mainly through its own brand sales. There are many domestic ODM/OEM business customers, but the sales proportion of a single customer is small. The financial report shows that Xinbao Shares' net profit decreased by approximately 68% year-on-year in the first quarter. According to Choice Financial Terminal, Xinbao Shares' sales gross profit margin in the first quarter was approximately 18.41%, slightly lower than the same period last year.
Currently, Pop Mart's official channels have not yet launched the product, but pre-order links have already appeared on platforms like Xianyu and Qiandao. In terms of price, the premium for pre-ordering the refrigerator, originally priced at 5999 yuan, ranges from hundreds of yuan to tens of thousands of yuan, with the highest reaching 92,300 yuan. Pre-order links generally state in the details that there are no refunds or exchanges after purchase. The reporter attempted to communicate with the sellers, asking how to guarantee the purchase of this limited-edition refrigerator, and the sellers stated that if the product is not successfully pre-ordered, a full refund will be provided.