Why Doesn't Pop Mart Sell Labubu? The Real Business Strategy Explained

You walk into a Pop Mart store, eyes scanning the colorful walls for that distinctive, mischievous grin and pointy teeth. But you can't find it. No Labubu. The shelves are filled with Molly, Dimoo, Skullpanda – Pop Mart's own superstar IPs – but the one character many collectors are desperately hunting for is conspicuously absent. It's a question that frustrates newcomers and baffles seasoned collectors alike: Why doesn't Pop Mart, the global blind box giant, sell Labubu, one of the most popular characters in the entire collectible figure scene? The short, direct answer is that Pop Mart is primarily a retailer and IP incubator, while Labubu is an independent intellectual property owned by the Hong Kong-based designer and artist Kasing Lung. Pop Mart doesn't own Labubu; they have a specific, often limited, licensing relationship with the brand. But that's just the surface. The real story is a fascinating case study in modern IP strategy, retail partnerships, and the delicate balance between scarcity and accessibility that drives the entire collectibles market.

The Core Reason: Pop Mart is a Retailer, Not the IP Owner

This is the fundamental misconception. People see Pop Mart stores everywhere and assume they create everything inside them. Not true. Think of Pop Mart as a hybrid: part publisher, part storefront. They have two main types of products:

1. Owned IPs: These are characters created by Pop Mart's in-house artists or wholly acquired by the company. Molly is the classic example. Pop Mart owns Molly completely – her design, her story, her merchandise rights. They control every aspect, from production to distribution to pricing. This is their core business model.

2. Licensed IPs: These are characters owned by other creators or companies. Pop Mart secures a license to produce and sell blind box series based on these IPs for a specific period, in specific regions. This is where Labubu (and friends like Zimomo and Tycoco) come in. The IP belongs to Kasing Lung and his brand, How2work.

I've been collecting for over eight years, and I've seen this confusion firsthand. New collectors often message me asking which Pop Mart store has the best Labubu selection. I have to gently explain they're looking in the wrong place entirely. Pop Mart might have carried Labubu in the past for a limited run, but they are not Labubu's home.

How Licensing Agreements Shape Availability

Licensing isn't a simple "yes or no" deal. It's a complex contract with strings attached. The availability of Labubu at Pop Mart depends entirely on the terms negotiated between Pop Mart and How2work for each specific series.

Let's break down the typical constraints:

• Exclusivity: A license can be exclusive (only Pop Mart can sell this series in Mainland China) or non-exclusive (How2work can also sell it on their own site, or through other retailers). How2work often retains direct sales rights.
• Territory: The license is usually for a specific market, like Mainland China. This is why you might find a Labubu series on Pop Mart's Tmall flagship store in China but not on the Pop Mart US website.
• Duration: Licenses are for a limited time. Once it expires, Pop Mart can no longer produce or sell that series. This creates the "limited edition" frenzy.
• Series-by-Series Basis: There is no blanket "Labubu" license. Each new collection – like "The Monster" series or "Labubu & Friends Forest Concert" – is a separate negotiation. This leads to an inconsistent retail presence.

From my perspective, this piecemeal approach is intentional from How2work's side. It maintains the brand's premium, artist-driven aura. If Labubu was as ubiquitous as Molly, some of its "underground cool" factor would evaporate.

The Role of Pop Mart International

Here's a nuance many miss. Pop Mart Global (serving markets outside Mainland China) and Pop Mart China often operate with different licensing portfolios. Sometimes, a Labubu series licensed for China never gets licensed for North America or Europe. This fragments the market further and explains why a collector in Singapore might have had access to a Pop Mart-sold Labubu series that a collector in Canada never saw.

Where to Actually Buy Labubu Figures

So, if not reliably at Pop Mart, where do you get them? The landscape is more fragmented, which is part of the challenge and thrill for collectors.

My go-to strategy? I follow Kasing Lung and How2work on Instagram for drop announcements. For general releases, I set reminders for openings on sites like ToyQube. For the Pop Mart-specific licensed drops, I monitor the Pop Mart Global website and their social media—but I never rely on it as the primary source. The frustration of seeing a "Sold Out" tag in 60 seconds is real, but that's the game.

The Business Logic: Why This Model Works (For Them)

On the surface, it seems like Pop Mart is leaving money on the table. Why not lock down the exclusive global rights to such a cash cow? The reality is more strategic.

For Pop Mart: Licensing hot external IPs like Labubu brings traffic. It gets fans of that IP into their stores or onto their app, where they might also buy a Molly or a Dimoo. It's a customer acquisition tool. However, their long-term shareholder value (you can see this in their annual reports) is built on owning IPs. Owning Molly is infinitely more valuable in the long run than having a temporary license to sell Labubu. They'd rather invest in developing the next Molly than overpay for a permanent Labubu license.

For Kasing Lung/How2work: Retaining ownership and controlling distribution is power. It allows them to:

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• Maintain artistic integrity and premium branding.
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• Command higher licensing fees from various retailers (not just Pop Mart).
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• Create artificial scarcity, which drives demand and secondary market value, enhancing the brand's prestige.
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• Sell directly to their superfans at full margin through their own channels.
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This isn't a flaw in the system; it's the system working as designed. The "difficulty" in acquiring a Labubu is a feature, not a bug. It transforms the figure from a toy into a collectible asset.

What This Means for You as a Collector

This fragmented model forces you to be a smarter, more engaged collector. You can't be passive. Here’s the practical impact:

Higher Effort & Cost: You need to hunt across multiple websites, pay international shipping, and be quick on the draw during releases. The total cost of ownership is almost always higher than for a standard Pop Mart IP.

Investment Potential: Because of controlled production and distribution, authentic Labubu figures, especially older or rare variants, can appreciate significantly. I bought the "Labubu Vampire" from a series years ago for $25. Its resale value now? Easily over $200 if in perfect condition. Compare that to a common Molly series figure, which often holds or loses value.

Community is Key: You'll need to join online forums, Discord servers, and Facebook groups. Information about drops, reliable retailers, and counterfeit spotting is crowd-sourced. The community becomes your most valuable resource.

Your Burning Questions Answered

The relationship between Pop Mart and Labubu isn't a simple retailer-stocking-product story. It's a dynamic, strategic dance between a retail powerhouse and an independent artist brand. Pop Mart doesn't sell Labubu consistently because they don't own it, and because the current model—of selective, limited licensing—ultimately serves both companies' goals better than a simple buyout would. For us collectors, it creates a more challenging, expensive, but often more rewarding and engaging hobby. You're not just buying a product off a shelf; you're participating in a niche ecosystem. Now you know where to look.