Labubu Craze Sweeps the Globe

By Guo Ningxin

SUBANG JAYA - On April 25, 2024, POP MART’s popular IP Labubu launched its brand-new "High Energy Ahead" series of Vinyl Plush Pendant Blind Boxes, simultaneously landing in the Malaysian market. Priced at RM70.8 each, the series features six regular models and one hidden model (with a 1:72 probability). The launch sparked an immediate buying frenzy—major shopping malls saw long queues even before opening hours, while the POP MART app and official website sold out within minutes, leaving many fans empty-handed.

"High Energy Ahead" series of Vinyl Plush Pendants. Photo Credits: Xiao Hongshu.

Not only were offline sales booming, but the official POP MART app also hit a record high on the day, topping the U.S. App Store’s shopping category. At the close of the Hong Kong stock market that day, the company's share price stood at HK$172.3, bringing its total market value to HK$231.39 billion.

But Labubu's popularity is no mere accident. Behind the IP is the fruit of POP MART's many years of deep ploughing into the art toy industry.

Established in 2010, Beijing POP MART Culture Creative Co., Ltd. is a leading trend culture and entertainment company in China. POP MART owns many famous IPs, including MOLLY, THE MONSTERS, SKULLPANDA, DIMOO, CRYBABY, PINO JELLY, etc.

Since the start of its globalization process in 2018, POP MART has launched its offline and online business in more than 20 countries and regions around the world and has reached consumers in more than 80 countries through the opening of branded shops, pop-up shops, robotic vending machines, and official standalone websites of standalone stations, and entry into mainstream e-commerce platforms (e.g., Shopee, Lazada, Amazon, etc.).

Labubu was created by Hong Kong artist Lung Ka-sing, the first Chinese to win the European Picture Book Contest and a former professional picture book author, who has been collaborating with Hong Kong's renowned toy brand How2work on a series of artistic toys since 2010, giving his fantastical characters a three-dimensional dimension to make them more engaging. Labubu made its debut in the 2015 picture book The Mysterious Robot, featuring nine teeth and pointy ears in a grotesque, distinctive 'ugly-cute' style that breaks the pattern of traditional toys.

POP MART acquired the exclusive Labubu IP license in 2018 and began developing product lines under The Monsters series.  However, in the first few years, the market response to the IP was relatively muted. According to financial data, in 2022 and 2023, The Monsters franchise generated only RMB 263 million and RMB 368 million in sales, respectively, and failed to break into the mainstream.

The turning point came in early 2024. BlackPink’s Lisa was wearing Labubu pendants on many public occasions and frequently posting pictures on social media, which instantly sparked the enthusiasm of Southeast Asian fans. In Thailand in particular, Labubu was even awarded the title of 'Magical Thailand Experience Officer' by the local Department of Cultural Tourism.

Not only were offline sales booming, but the official POP MART app also hit a record high on the day, topping the U.S. App Store’s shopping category. At the close of the Hong Kong stock market that day, the company's share price stood at HK$172.3, bringing its total market value to HK$231.39 billion.

But Labubu's popularity is no mere accident. Behind the IP is the fruit of POP MART's many years of deep ploughing into the art toy industry.

Established in 2010, Beijing POP MART Culture Creative Co., Ltd. is a leading trend culture and entertainment company in China. POP MART owns many famous IPs, including MOLLY, THE MONSTERS, SKULLPANDA, DIMOO, CRYBABY, PINO JELLY, etc.

Since the start of its globalization process in 2018, POP MART has launched its offline and online business in more than 20 countries and regions around the world and has reached consumers in more than 80 countries through the opening of branded shops, pop-up shops, robotic vending machines, and official standalone websites of standalone stations, and entry into mainstream e-commerce platforms (e.g., Shopee, Lazada, Amazon, etc.).

Labubu was created by Hong Kong artist Lung Ka-sing, the first Chinese to win the European Picture Book Contest and a former professional picture book author, who has been collaborating with Hong Kong's renowned toy brand How2work on a series of artistic toys since 2010, giving his fantastical characters a three-dimensional dimension to make them more engaging. Labubu made its debut in the 2015 picture book The Mysterious Robot, featuring nine teeth and pointy ears in a grotesque, distinctive 'ugly-cute' style that breaks the pattern of traditional toys.

POP MART acquired the exclusive Labubu IP license in 2018 and began developing product lines under The Monsters series.  However, in the first few years, the market response to the IP was relatively muted. According to financial data, in 2022 and 2023, The Monsters franchise generated only RMB 263 million and RMB 368 million in sales, respectively, and failed to break into the mainstream.

The turning point came in early 2024. BlackPink’s Lisa was wearing Labubu pendants on many public occasions and frequently posting pictures on social media, which instantly sparked the enthusiasm of Southeast Asian fans. In Thailand in particular, Labubu was even awarded the title of 'Magical Thailand Experience Officer' by the local Department of Cultural Tourism.

Lisa and Her Labubu. Photo Credits: Lisa’s Instagram.

Shortly afterward, American singer Rihanna was photographed at Los Angeles airport with a pink Labubu on her bag, which also made the IP a quick hit in the United States. Nowadays, more and more celebrities wear labubu when they go out and perform, and it has become an essential fashion accessory. On international social media platforms, the hashtag “#Labubu” has generated millions of views, creating an international trend.

To further expand Labubu’s cultural reach, Labubu also cross-border co-branded with many internationally famous brands such as Louis Vuitton, Coca-Cola, Vans, etc. These collaborations successfully integrate the character into various scenarios such as luxury goods, FMCG, street culture, etc., and realize the maximum transformation of the image value.

According to POP MART’s financial report, revenue from The Monsters series—with Labubu as the core figure—is projected to reach RMB 3 billion in 2024, accounting for 23% of the company’s total revenue, making it the most profitable IP. Meanwhile, Southeast Asia has become the company’s fastest-growing overseas market, contributing 41% of POP MART's overseas revenue.

Behind the rise and continued popularity of art toy culture is a shift in consumer attitudes and emotional needs. From the stereotypical perception that ‘toys are exclusive to children’, POP MART has gradually developed into a cultural phenomenon that combines art, design, fashion, and individual expression. It is not only a collector's item but also a symbol of life attitude.