Labubu Mania: A unique doll that’s trending worldwide

27 Jul Labubu Mania: A unique doll that’s trending worldwide

Labubu has evolved from a character in a picture book into a plush toy that has become a global cultural phenomenon. These plush toys, a mix of elf and monster with a distinctive smile and sharp teeth, are taking the world by storm and generating millions in revenue.

The Labubu were designed in 2015 by Hong Kong artist Kasing Lung, who created them as part of a monster family for children’s books. Lung drew inspiration from his childhood in the Netherlands and the Nordic sagas and fairy tales he grew up with. This explains their vibrant colors, mischievous and endearing expressions, and sharp teeth – features that are further emphasized by the dolls’ small size.

The rise to fame only began in 2019 when Lung signed a contract with PopMart, the Chinese company that turned Labubu into one of the most sought-after collector dolls of the time. Her popularity was (and is) so immense that it made PopMart’s founder and CEO, 38-year-old Wang Ning, a multimillionaire.

According to Forbes, Wang Ning is already the tenth richest man in China and, with an estimated net worth of $22.7 billion, the country’s youngest billionaire. Other young billionaires include ByteDance founder Zhang Yiming, Nongfu Spring chairman Zhong Shanshan, and Tencent co-founder Ma Huateng.

According to PopMart’s official financial figures, the company generated approximately $1.8 billion in revenue in 2024, representing a year-over-year increase of over 106.9%. For comparison, the TV series “The Monsters” starring Labubu earned a quarter of that amount, namely $419 million, which corresponds to a growth of over 726.6%.

We’re talking about a huge success for PopMart, a company whose share price on the Hong Kong Stock Exchange has tripled this year, exceeding the $270 mark. As a result, Labubu dolls are now ubiquitous. These dolls, which delight children and adults alike, can be found hanging from luxury handbags and backpacks, as keychains, and even as part of valuable collections.

It’s hard to imagine that a doll could become a multi-million dollar business overnight in China and worldwide. But the Labubu craze actually began in 2024 when Lisa, a Thai singer from the K-pop band BLACKPINK, shared a photo of her Labubu doll hanging from a bag on Instagram. The image went viral, triggering a buying frenzy across Asia that quickly spread to the West.

The trend spread so rapidly that other celebrities such as Rihanna, Dua Lipa, Emma Roberts and even David Beckham jumped on the bandwagon and included the doll as another fashion accessory in their product range.

The success, popularity, and hype surrounding the Labubu figures are based on their unique distribution system: the famous blind boxes. Buyers only know which figure they will receive after opening the box. This strategy by PopMart not only fostered a culture of passionate collecting but also made every purchase a surprise experience, perfect for sharing on TikTok, Instagram, or other social media platforms.

That’s why Labubu dolls sell like hotcakes in stores and everywhere else they’re available—including the black market and resale platforms. To give you an idea, some rare models fetch prices of over $400, and according to Reuters, a secret version of the Labubu can sell for up to $7,000 on the secondhand market, for example on eBay.

PopMart naturally capitalized on the doll boom, releasing limited editions and exclusive collaborations that are highly sought after and sell out instantly. In fact, it’s very difficult to get hold of one of these dolls in China, and in recent weeks authorities have seized 462 Labubu dolls that had been smuggled into the country for resale. A 131 cm (50 in) life-size figure was auctioned in Beijing for around US$150,000, breaking all records as one of the most expensive collectible toys in the world.