Core Viewpoint - The LABUBU phenomenon has led to significant market disruptions, with scalpers profiting from the high demand and limited supply, but recent restocks have caused prices to plummet in the secondary market [1][2][3] Group 1: Market Dynamics - The LABUBU brand has seen a surge in popularity, leading to scalpers aggressively acquiring stock and reselling it at inflated prices, sometimes reaching tens of thousands for limited editions [1][2] - Scalpers have employed automated tools to monopolize purchasing opportunities, significantly disrupting access for regular consumers [2][3] - The secondary market for LABUBU products has experienced extreme price fluctuations, with some items being sold at prices dozens to hundreds of times their original value [2][3] Group 2: Brand and Consumer Protection - The company views LABUBU as a mass-market product rather than a luxury item and aims to curb speculation to protect the brand's long-term value [3] - Regulatory bodies have issued warnings against scalper activities, urging consumers to be cautious and avoid overpaying for products [3][4] - There is a call for increased penalties for illegal resale activities and a more comprehensive regulatory approach to monitor and manage the market [3][4] Group 3: Market Sustainability - The growth of the潮玩 (trendy toy) market has attracted many opportunists, leading to issues such as scalping, counterfeiting, and intellectual property violations [4] - A collaborative effort among consumers, manufacturers, platforms, and regulatory agencies is essential to create a healthy and sustainable market ecosystem [4]

Core Viewpoint - The Labubu 3.0 series has seen a significant price drop in the secondary market, with prices for a complete set (6 blind boxes) falling to between 650 to 800 yuan, while initial resale prices were as high as 1500 to 2800 yuan, indicating a market correction following the pre-sale launch [1][8]. Group 1: Market Response and Consumer Behavior - The Labubu 3.0 series has generated high demand, leading to a surge in consumer interest and a significant number of people attempting to purchase the product during its online pre-sale [2][5]. - Many consumers reported difficulties accessing the purchase interface due to high traffic, reflecting the overwhelming demand for the product [2][5]. - The company has acknowledged the need to improve the purchasing experience for consumers, leading to the decision to optimize the sales process and officially launch online pre-sales [6][5]. Group 2: Pricing Dynamics and Resale Market - The resale market for Labubu 3.0 has seen a drastic decline in prices, with some sellers offering their pre-sale items for as low as 700 to 800 yuan, down from initial high prices [1][8]. - A notable trend among scalpers is the decreasing offers for Labubu 3.0 as the pre-sale date approaches, indicating a potential oversupply in the market [8][9]. - The popularity of Labubu, created by Hong Kong artist Long Jia Sheng, has attracted a diverse fan base, including global celebrities, which has contributed to its initial high demand [9][10]. Group 3: Production and Supply Chain Challenges - The company has faced significant pressure to increase production capacity to meet the soaring demand, with reports of urgent hiring and operational adjustments since the beginning of the year [11]. - Issues related to counterfeit products have emerged, with customs authorities seizing a large number of infringing goods, highlighting the challenges of brand protection in a rapidly growing market [11][10]. Group 4: Stock Market Performance - As of June 18, the stock price of Pop Mart, the parent company of Labubu, increased by 1.63%, closing at 262.6 Hong Kong dollars per share, reflecting positive market sentiment despite the challenges faced [12].

Core Viewpoint - The article discusses the explosive popularity of the Labubu toy series from Pop Mart, highlighting its significant market demand and the emergence of scalpers profiting from its scarcity. The Labubu series is compared to "plastic Moutai," indicating its high value and desirability in the market [1][2]. Group 1: Market Performance - As of June 8, 2023, Pop Mart's stock price surged over 11 times since the beginning of 2024, with the Labubu series being a major contributor to this growth [2]. - On June 9, 2023, Pop Mart's stock closed at 253 HKD per share, reaching a market capitalization of approximately 340 billion HKD (about 311.3 billion RMB) [1]. Group 2: Scalper Activities - The Labubu series has become a lucrative target for scalpers, with some items being sold at over 30 times their original price in the secondary market [2]. - Scalpers utilize technology, such as automated clicking tools and multiple devices, to secure limited stock quickly, often sharing information in dedicated groups [5][6]. - The presence of paid membership groups provides faster and more accurate restock notifications, allowing scalpers to maximize their profits [6]. Group 3: International Market Dynamics - The Labubu series has gained international attention, with celebrities like Beckham and Rihanna promoting the product, further driving demand [10]. - Scalpers are engaging in reverse purchasing, acquiring Labubu toys from Southeast Asia and reselling them in China at significant markups, with some items priced at 1.5 to 2.3 times their original cost [12][13]. Group 4: Counterfeit Challenges - The rise of counterfeit products, referred to as "Lafufu," poses a significant challenge for Pop Mart, as these imitations are sold at much lower prices, impacting the brand's market integrity [15][16]. - The production cost of counterfeit items is minimal, leading to a substantial profit margin for counterfeiters, which could threaten Pop Mart's revenue and brand reputation [16][17].

Core Viewpoint - The article discusses the ongoing issues with scalpers at Beijing SKP, a luxury department store, highlighting the dynamics between scalpers, customers, and the store's management, as well as the impact of promotional strategies on scalper activities [3][9][36]. Group 1: Scalper Activities - Scalpers, such as "Fa Fa," have been operating at SKP, with some making significant profits, like 300,000 yuan in sales [3][5]. - The presence of security has increased, leading to scalpers being escorted out and required to sign agreements to cease disruptive activities [5][6]. - Conflicts among scalpers have risen, with reports of physical altercations occurring in front of the store [6][8][32]. Group 2: Customer Experience - Customers have expressed frustration with the chaotic shopping environment, particularly during promotional events, where scalpers dominate the space, leading to long wait times and dissatisfaction [8][21]. - The promotional strategies of SKP, such as point redemption systems, have created a "consumption trap," pushing customers to rely on scalpers for discounts [12][13]. Group 3: SKP's Business Model - SKP has introduced complex promotional policies, including a tiered point redemption system that incentivizes high spending, which scalpers exploit to offer discounts to customers [11][12][14]. - The store has historically been a leader in luxury retail, with sales exceeding 10 billion yuan in a single day, but is now facing challenges as competition increases [11][36]. Group 4: Changes and Future Outlook - Recent changes in SKP's promotional policies, including adjustments to large customer incentives, suggest a targeted approach to curb scalper activities [36]. - The impending acquisition of a significant stake in SKP by a private equity firm indicates potential shifts in management and strategy, which could further impact scalper dynamics [36][37].