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IOL News
2 days ago
- Entertainment
- IOL News
The Labubu craze: A toy sculpture sells for R2. 6 million in China
Labubu figures are displayed at a Pop Mart store in Shanghai, China. Image: STRINGER / IC photo / Imaginechina via AFP A Beijing auction house has sold a four-foot-tall sculpture of a viral plush toy character for more than $150,000 (R2.6 million), as global demand for the Chinese-designed Labubu dolls reaches fever pitch. The rabbit-like figures sporting mischievous grins began as a character created by Hong Kong-born artist Kasing Lung and are made by Beijing-based toy brand Pop Mart. They have been endorsed by celebrities such as Rihanna and Dua Lipa, and fans have queued overnight outside stores hoping to snag one, with analysts pointing to the phenomenon as evidence of China's growing soft power. On Tuesday, a teal sculpture depicting a Labubu character with a furry body and head fetched an eye-watering 1.08 million yuan ($150,260) at an auction held in Beijing, according to the auction house's app. The sculpture is "the only piece of its kind in the world", according to Yongle International Auction. It was offered alongside other Labubu paraphernalia, including a brown statue that sold for 820,000 yuan. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Pop Mart has over 400 stores globally, including 30 US branches. The worldwide frenzy has seen people go to desperate lengths to acquire their own Labubu. Last month, a London branch of Pop Mart suspended in-store sales of the toys, fearing violence from would-be buyers who failed to get their hands on the limited-edition Labubus. In Singapore, CCTV footage captured a family stealing Labubu dolls from a claw machine, according to Singaporean online media outlet AsiaOne. Burglars broke into a store in California last week and took several Labubu dolls along with electronics and other valuables, American news outlet ABC reported. In China, the toys have been promised as freebies for new bank customers -- an incentive quickly shut down by local regulators, according to Chinese media reports. The toys have spawned a booming resale market as well as an online community of fans sharing tips on how to customise their dolls. Knockoffs, many of which are also made in China, have flooded online platforms, dubbed "Lafufus" by social media users. AFP
The Star
12-05-2025
- Business
- The Star
China's consumer deflation extends as tariffs take toll
People shop for food at a supermarket in Zaozhuang, in eastern China's Shandong province on April 10, 2025. (Photo by STRINGER / AFP) HONG KONG: China's consumer deflation extended for a third month in April as punitive tariffs imposed by the United States add to a drag on prices from weak domestic demand. The consumer price index fell 0.1% from a year earlier, the National Bureau of Statistics said, similar to the drop in the previous month. It also matched the median forecast of economists surveyed by Bloomberg. Factory deflation persisted for a 31st month, with the producer price index recording a decline of 2.7% compared to 2.5% in March. Deflationary pressures are likely to linger and possibly get worse after president Donald Trump took aim at most Chinese exports with a 145% tariff in early April, provoking Beijing to retaliate in kind. The trade war could encourage some companies to offload their products at home, exacerbating already-fierce competition that may push firms to lower prices even further. 'Policy efforts to boost consumption since the fourth quarter of last year still appear to be failing to get much traction,' David Qu, an economist with Bloomberg Economics, wrote in a note. 'The key will be for the government to increase fiscal support quickly – especially if negotiations with the United States fail to bring material relief on tariffs.' Losses in jobs and incomes due to US tariffs may also weaken the ability and willingness of Chinese consumers to spend, likely prompting manufacturers and service providers to cut prices. The economy continued to suffer from deflation in the first three months of the year, reflecting an imbalance between supply and demand. The gross domestic product deflator – a broad measure of prices across the economy – declined for the eighth consecutive quarter, the longest streak since the quarterly data began in 1993. Chinese policymakers announced a slew of measures last week to prop up the sputtering economy, cutting the policy rate and lowering the amount of cash lenders must keep in reserve. — Bloomberg
