The Labubu dolls, with their quirky smiles and cute yet somewhat ugly appearance, have become a global phenomenon, turning the Chinese company Pop Mart into a giant in the toy industry. The company’s net profit increased by almost 400% in the first half of 2025, and sales tripled, reaching 13.9 billion yuan (1.4 billion pounds).
The meteoric success has positioned Pop Mart higher in evaluation than established giants like Mattel (Barbie’s manufacturer), Sanrio (Hello Kitty), or Hasbro (My Little Pony).
Almost 40% of sales come from outside China, and international expansion is in full swing, with plans for growth in the USA, the Middle East, Central Europe, and Latin America.
From Nordic tale to global obsession
Labubu is part of "The Monsters" series, created in 2015 by the artist Kasing Lung from Hong Kong, inspired by Norse mythology. In 2019, Pop Mart turned the character into a plush doll with various expressions, different colors, and accessories.
The most popular product is the approximately 15 cm keychain, sold in so-called "blind boxes" - mysterious boxes in which the buyer only discovers after purchase which toy variant they received.
This strategy has stimulated repeat purchases, especially among collectors, with a rare specimen being sold at auction in Beijing in June for 1.2 million yuan (124,000 pounds).
How the Labubu hysteria started
Although existing since 2019, the real boom began in 2024 when Lisa, a member of the K-Pop group Blackpink, started attaching the keychains to bags and posting pictures with them. This was followed by an avalanche of TikTok videos with millions of views, and the dolls became a fashionable accessory worn by celebrities like Rihanna, Dua Lipa, and David Beckham, as reported by Sky News.
The huge demand led to endless queues and even incidents: in the UK, Pop Mart temporarily withdrew the dolls from stores to avoid conflicts between customers.
In the USA, police investigated thefts of thousands of dollars, and on the secondary market, some limited editions were sold for over $30,000.
Between giant business and risks
Pop Mart's CEO, 38-year-old Wang Ning, went from a fortune of $1.8 billion to $26.3 billion in just one year, being ranked in June as the 10th richest person in China.
He announced that the goal for 2025 is at least 20 billion yuan in revenue, but he estimates that the $30 billion threshold could be easily reached.
However, the success has also attracted dangerous counterfeits. Authorities in the UK and the USA have warned that imitations of "Lafufu" could pose a risk to children, containing toxic materials or small parts that can cause accidents.
In the last month, over 2,000 such counterfeit toys have been confiscated in northern England alone.
Nevertheless, the global hysteria shows no signs of abating. In August, Pop Mart will launch a new mini version of Labubu designed to be attached to phones, promising to further fuel collectors' fever.