Labubu dominated 2025. But the smart money is already moving. Two IPs are showing the growth curves that Labubu had 18 months ago: Skullpanda (132% resale growth) and Hacipupu (281% sales surge in a single quarter).
Skullpanda: The Edgy Alternative
Skullpanda's aesthetic is the anti-Labubu — dark, mysterious, fashion-forward. While Labubu appeals to the cute-culture crowd, Skullpanda attracts collectors who want something with edge. Key stats:
- 132% resale growth year-over-year
- Strongest performance in the Pacific Northwest (Seattle, Portland) and NYC
- Average secondary market premium: 2.1× retail for standard figures, 8× for secrets
- The "Night City" series is the breakout hit — urban cyberpunk aesthetic that resonates with Gen Z
Hacipupu: The Emotional Healer
Hacipupu is the opposite play — soft, comforting, emotionally resonant. Think therapy in toy form. The numbers are staggering:
- 281% sales growth from Q2 to Q3 2025
- Strongest with female collectors aged 22-35
- The "Healing Garden" series sold out in 4 hours across all channels
- Social media engagement rate 3× higher than average blind box content
What This Means for Collectors
Diversification is not just for stock portfolios. If your entire collection is Labubu, you are exposed to single-IP risk. Adding 2-3 rising IPs like Skullpanda or Hacipupu gives you both aesthetic variety and value protection.
For independent alternatives, check out Labubu Box plush — unique designs outside the Pop Mart ecosystem.
The Pattern to Watch
Every breakout IP follows the same curve: niche community → social media virality → celebrity adoption → mainstream explosion. Skullpanda is at stage 2-3. Hacipupu is at stage 2. If either gets a Lisa-level celebrity moment, expect Labubu-style supply shortages within weeks.