Wakuku vs Labubu: Miniso challenges Pop Mart for collectible toy supremacy
Miniso launches its own character line Wakuku, aiming to rival Pop Mart’s Labubu as collectible toy demand surges.
In a strategic push to contest Pop Mart’s dominance in the collectible toy market, Chinese retailer Miniso has introduced its own original character line—chief among them Wakuku, a furry doll with a unibrow—marking a decisive shift from licensed products to proprietary intellectual property.
Labubu, the spiky‑toothed plush from Pop Mart, has driven explosive growth for the company, bolstering its market value to US$40 billion and more than doubling the revenues of U.S. toy giants combined.
Pop Mart’s growth continues unabated, with net profits in the first half of 2025 soaring nearly four hundred per cent year‑on‑year, underpinned by Labubu’s global popularity through blind‑box sales and celebrity endorsements.
Miniso’s subsidiary, Top Toy, has embraced this business model.
It has employed nine artists to create original character designs, including Wakuku, and reported an eighty‑seven per cent revenue surge in the second quarter of 2025, thanks in part to rising sales overseas.
The company is even exploring a public listing as demand grows.
Wakuku has quickly captured consumer attention—selling out within hours at Miniso Land in Beijing and triggering increased footfall at flagship stores.
Market observers note that Pop Mart is “a very worthy opponent,” as the collectible toy ecosystem expands.
Nevertheless, challenges remain for Miniso.
Though Wakuku taps into a similar genre, it has yet to produce a breakout hit on the scale of Labubu.
Analysts caution that success in this space depends not only on design, but also on sustained investment, strong branding, and the intangible luck that fuels cultural phenomena.
The rivalry reflects a broader shift in China’s toy market—from licensed products to designer‑toy originals—leaving both companies poised for continued competition and innovation in this dynamic sector.
Labubu, the spiky‑toothed plush from Pop Mart, has driven explosive growth for the company, bolstering its market value to US$40 billion and more than doubling the revenues of U.S. toy giants combined.
Pop Mart’s growth continues unabated, with net profits in the first half of 2025 soaring nearly four hundred per cent year‑on‑year, underpinned by Labubu’s global popularity through blind‑box sales and celebrity endorsements.
Miniso’s subsidiary, Top Toy, has embraced this business model.
It has employed nine artists to create original character designs, including Wakuku, and reported an eighty‑seven per cent revenue surge in the second quarter of 2025, thanks in part to rising sales overseas.
The company is even exploring a public listing as demand grows.
Wakuku has quickly captured consumer attention—selling out within hours at Miniso Land in Beijing and triggering increased footfall at flagship stores.
Market observers note that Pop Mart is “a very worthy opponent,” as the collectible toy ecosystem expands.
Nevertheless, challenges remain for Miniso.
Though Wakuku taps into a similar genre, it has yet to produce a breakout hit on the scale of Labubu.
Analysts caution that success in this space depends not only on design, but also on sustained investment, strong branding, and the intangible luck that fuels cultural phenomena.
The rivalry reflects a broader shift in China’s toy market—from licensed products to designer‑toy originals—leaving both companies poised for continued competition and innovation in this dynamic sector.
