- Labubu is getting a Hello Kitty makeover.
- Pop Mart is partnering with Sanrio for a new collection of Labubus dressed as Sanrio characters.
- The two brands have massive fanbases, and an analyst says the collab will pool both together.
The two big leagues in the toy world are joining forces: Pop Mart's iconic Labubu doll is getting a Sanrio makeover.
The collection features Labubus dressed as popular Sanrio characters, including Hello Kitty, Cinnamoroll, Kuromi, My Melody, and more.
The small 7-inch Labubu keychains in the collection are priced at $39.99 and sold in blind boxes, which conceal the exact character inside, making the purchase feel like a gamble.
The collection also includes 15-inch plush dolls priced at $149.90.
The collection will go live on Pop Mart's online store on Thursday at 10 p.m. E.T. It will be available in stores in April, Pop Mart said in the press release.
"Both LABUBU and Sanrio have passionate fanbases, and this partnership engages collectors and fans alike, blending timeless Sanrio appeal with the playful mischief that has made LABUBU a global icon," said Emily Brough, Pop Mart Americas' head of licensing, in the press release.
This is not the first time Pop Mart, a Chinese toymaker, has pulled off a flashy collaboration. It's partnered with brands like Uniqlo, Coca-Cola, and the anime One Piece.
Shunsuke Kuriyama, a Jefferies analyst who analyzes Sanrio, said the collaboration could be effective in "pooling fans from both sides," and could "introduce one group to another brand IP, potentially leading to a win-win scenario."
"Both brands are seeing solid demand from 'kidults,' so this collab could drive demand from both groups of fans," Kuriyama added. "Kidults" is a term for adult collectors of toys who buy them for nostalgia or as emotional support objects.
Per its latest earnings report in September, The Monsters IP — which Labubu is part of — earned a half-year revenue of $700 million USD, accounting for nearly half of the company's IP sales.
Historically, Labubu launches have drawn huge crowds to Pop Marts around the world. The company has shifted product launches online, but new launches still draw large crowds to physical stores.
In August, when Pop Mart launched its mini Labubu series, the dolls were sold out instantly, and customers flooded its stores in Singapore hoping to get their hands on them.
