World News 4: Chinese trendy toy Labubu witnesses surge in popularity and prices amid panic buying

Labubu dolls, a toothy plush toy from Chinese maker Pop Mart, have seen a surge in popularity, and price, worldwide.

Created by Hong Kong artist Kasing Lung and marketed since 2019, Labubu shot to fame after being spotted with celebrities like Rihanna, Dua Lipa, and Blackpink's Lisa.

Collectors, mostly adults, are drawn by the blind-box format of the collectibles, which offers randomly packed variants, some rare versions, fueling a global frenzy.

Official retail prices range from about 20 to 30 U.S. dollars, but resale values have exploded from 100 to 7,000 dollars for rare editions.