Topline
A limited edition collaboration between the shoe brand Vans and Labubu—the quirky plushes from Chinese toy company Pop Mart that have sparked a viral phenomenon—could be the next rendition of the toy to sell for five figures on the secondary market as an eBay auction for the doll creeps toward the $10,000 mark.
The Labubu x Vans Old Skool Vinyl Plush Doll.
Key Facts
The Labubu x Vans Old Skool Vinyl Plush Doll isn’t new—it was designed in 2023—but its limited availability has pushed it to be one of the most coveted versions of the Labubu.
An eBay listing for the limited edition toy had 16 bids and reached $8,924 as of 2 p.m. EDT on Wednesday, making it the most expensive Labubu currently available on major secondary market websites.
The brown doll listed for sale is wearing Vans’ classic streetwear designs—including Sk8-Mid sneakers—as well as a Vans sweatshirt and blue and orange hat reading “The Monsters,” the name of the series of characters to which Labubu belongs.
If it does hit the five-figure mark, the Labubu will be in good company: Other super valuable version of the doll include the Three Wise Labubu (it sold in a Sotheby’s auction for $28,300 in May), the Sacai x Seventeen x Labubu (auctioned for $31,250 last month) and a Chinese auction house in June sold a life-sized Labubu doll sold for more than $150,000 and a tall brown Labubu figure for $140,000.
And while the price may seem high for what could be a flash-in-the-pan trend, Lori Verderame, an expert appraiser known to History and Discovery Channel viewers as “Dr. Lori,” told Forbes she thinks the Labubu trend is here to stay and that their “unique look and general appeal will make them a strong market collectible for years to come.”
Crucial Quote
“(Labubus) follow in the high profile and high value tradition of collectibles such as Ty Beanie Babies, Jem and the Holograms toys, Cabbage Patch dolls, and more recently Squishmallows,” Verderame said. “Their connection to international children’s literature, specifically Nordic folk tales, and their presence in the art market also helps drive the market and attract new and seasoned collectors.”
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The Labubu x Vans Old Skool Vinyl Plush Doll.
Key Background
The Labubu toy was designed by artist Kasing Lung, who is based in Hong Kong, a decade ago. He has said his characters, which first debuted in a picture book called “The Monsters Trilogy” in 2015, are inspired by Nordic mythology. Lung licensed his designs to Pop Mart in 2019 and the company turned them into collectible toys. Labubus have skyrocketed in popularity thanks, in part, to endorsements from celebrities like Lisa from the K-pop group Blackpink, Rihanna and Dua Lipa, and also through TikTok “unboxing” videos that shot them to viral fame. Labubus typically sell for $20 to $30 in “blind boxes” so the buyer doesn’t know what color or design the doll has until the box is opened, and it’s the much-more-valuable “secret” Labubus, which consumers have a 1-in-72 chance of buying, that are popping up on resale sites for thousands of dollars. Videos have been posted of Pop Mart stores overrun with customers brawling and yelling at one another over the toys, and one woman described the scene on a Labubu product release day as “Labubu Hunger Games.” Fans have lined up at Pop Mart stores and vending machines for hours, even traveling overseas to get their hands on one, CNBC reported. Pop Mart pulled the dolls from all U.K. stores following reports of customers fighting over them earlier this year and CNN recently reported hundreds of Labubu toys have been confiscated by customs authorities in China as resellers attempt to smuggle them into the country. Owners are reportedly looking into insuring their Labubus when traveling abroad, and reports have popped up on social media of the dolls being stolen off of bags when being worn as a key chain. One woman even started a (so far unsuccessful) GoFundMe to replace a Labubu she says was stolen off of her bag while she was at dinner.
What To Watch For
How much the limited edition Vans collaboration Labubu sells for. The auction will end at 10:45 p.m. EDT on Monday.
Forbes Valuation
Wang Ning, 38-year-old founder of toy maker Pop Mart International Group, has an estimated net worth of $21 billion. He joined the ranks of China’s top 10 billionaires for the first time in June. Pop Mart went public in Hong Kong in 2020.
Tangent
The Labubu trend is reminiscent of the Ty Beanie Baby craze of the late 1990s, when clever marketing tactics and perceived scarcity sent $5 plush toys reselling for exponentially more, and while the “Beanie Baby Bubble” did ultimately burst, a handful are still worth thousands of dollars. Alex Fung, pop culture consignment director at Goldin Auctions, said he expects Labubus to follow a similar path. Fung said he thinks the early Labubus are the ones that will best hold their value, but that other limited editions or collaborations could also face high demand. The everyday items, like the most common Beanie Babies, aren’t likely to skyrocket in value, he said.
Surprising Fact
Pop Mart, which has a market cap of $43 billion, this week said it expects a 350% increase in profit and 200% increase in revenue for the first six months of 2025 compared to the same period last year, largely on the back of Labubus, and the company reported $1.8 billion in revenue for 2024—an increase of more than 100% from 2023. Shares of Pop Mart International dropped 6% on Wednesday after the company put out its earnings forecast. Jeff Zhang, an equity analyst at Morningstar, told CNBC he thinks the company’s shares are overvalued. Ning’s net worth dropped almost $900 million with the dip.