Miniso launches Wakuku to challenge Pop Mart’s global collectibles boom

Chinese retailer Miniso has unveiled a new line of toys designed to challenge the global craze for Labubu—the brightly colored, sharp-toothed figurines created by Pop Mart. The newcomers, called Wakuku, feature a single eyebrow and a playful look, serving as the emblem of the low-cost giant’s strategy to capture the collectibles market and undercut its higher-priced Beijing rival. This move marks a turning point for Miniso, a brand widely known for its broad range of affordable products, from plush toys to household accessories.

The company has chosen to focus on IP design—the creation of original characters—already engaging nine artists to develop its new collections. The goal is clear: to match, or at least approach, Pop Mart’s success. With its Labubu line, Pop Mart has achieved a valuation of roughly HK\$440 billion (about US\$56 billion), far surpassing the combined value of long-established giants such as Mattel and Hasbro. Equally well-known, and often criticized, are the endless early-morning queues outside its stores, including those in Milan.

Miniso is following in Pop Mart’s footsteps by adopting the same successful formula: even its low-cost characters are sold in “blind boxes,” the surprise packaging that made Labubu a global hit. In the past, a significant portion of its annual revenue of around 17 billion yuan (approximately US$2.4 billion) came from resale licenses of brands such as Disney and Marvel. Today, however, the company is focusing on developing its own proprietary brands.

The results validate the strategy: in the second quarter, revenue reached nearly 5-billion-yuan, exceeding expectations, driven in part by strong demand from the U.S. market. The United States has now become Miniso’s primary growth territory. Despite tariffs on Chinese imports, Liu assures that the company will maintain competitive pricing, with most products ranging between \$10 and \$20, compared to the €50–€100 price tag of the original Labubu figures.