Labubu: How Asia's Quirky Toy Became A Global Business Phenomenon

Forbes

3 days ago

In the booming landscape of designer toys and collectibles, an unlikely hero has emerged: Labubu, the mischievous plush elf from Pop Mart. Labubu has exploded into both a cultural and commercial juggernaut — offering a playbook for brands, startups, and investors aiming for global virality.
In the booming landscape of designer toys and collectibles, an unlikely hero has emerged: Labubu, ... More the mischievous plush elf from Pop Mart.
Born in 2015 from the imagination of Hong Kong-born artist Kasing Lung and inspired by Nordic folklore, Labubu began as part of an art series called The Monsters. In 2019, Beijing-based collectible toy powerhouse Pop Mart spotted its potential and turned it into a commercial product line. Few imagined how far — and how fast — this whimsical character would travel. Labubu's toothy grin and playful oddness became irresistible to collectors across Asia, and now, the world.
Pop Mart didn't just sell toys — they sold collectibility, mystery, and emotional investment. Their blind-box model, launched in 2016, where customers purchase a sealed package without knowing which figure they'll get, taps into timeless psychological drivers:
The results? Staggering. In 2024, Pop Mart's total revenue more than doubled to ¥13.04 billion (~US $1.81 billion), with plush toy sales—largely driven by the popularity of Labubu—skyrocketing over 1,200%.
Labubus cost between $13 and $16 in Asia and are reselling online for up to $700. On June 10, 2025, the craze hit new heights when a four-foot-tall (131 cm) mint-green Labubu doll sold for approximately 1.24 million yuan — around $172,800 USD — at a dedicated Labubu auction in Beijing where all 48 lots were snapped up for a total of $520,000.
Labubu isn't just a niche trend — it's at the center of Pop Mart's explosive growth. The 'Monsters' line, with Labubu as its poster child, brought in over RMB 3 billion (~23% of total revenue) in 2024. International sales soared by more than 700%, cementing Pop Mart's place as a global consumer brand. Today, the company boasts a market cap approaching $40 billion — surpassing legacy giants like Hasbro and Mattel — with Labubu mania at the heart of its success.
Labubu's rise isn't just a quirky toy trend — it's a case study in Asia's growing innovation and cultural advantage, a theme echoed by global strategists at BCG and beyond. In an era where soft power, pop culture, and consumer products are shaping global influence, Labubu shows how Asia isn't just participating — it's setting the pace.
From Kasing Lung's whimsical design roots to Pop Mart's mastery of gamified retail, this phenomenon reflects how Asian brands are blending creativity, technology, and deep cultural insight to spark global movements. It's no accident that a character born in Hong Kong, scaled by a Beijing company, and embraced across Southeast Asia is now fueling a global collectible craze.
The ripple effects are everywhere — knockoffs flooding Indian markets, Labubu tattoos trending in Thailand, edible labubu tarts in Moscow, and viral debates about whether the quirky elf is cute or creepy.
Labubu's success underscores a larger truth: Asia is no longer following Western consumer trends — it's setting them.
The tipping point? Global pop icons. K-pop star Lisa from Blackpink casually flaunted a Labubu keychain on her bag in early 2024, igniting the trend across Southeast Asia.
K-pop star Lisa from Blackpink casually flaunted a Labubu keychain on her bag in early 2024, ... More igniting the trend across Southeast Asia
Soon after, sightings of Labubu with Rihanna, Dua Lipa, and other cultural tastemakers turned the once-niche character into a global must-have.
Rihanna and Dua Lipa have been sighted with their own Labubus
A Louvre-exclusive Labubu collection in Paris, with figures inspired by iconic artworks like the Mona Lisa, The Scream, and Girl with a Pearl Earring. Though some fans have admitted they're still on the fence about Labubu's aesthetic, the hype shows no signs of slowing.
A Louvre-exclusive Labubu collection has launched in Paris.
In fact, Pop Mart UK recently paused Labubu sales to curb supply issues, further fueling scarcity — and desire.
Pop Mart's CEO became $1.6 billion richer in just 24 hours in late April, thanks to soaring demand for Labubu and other blind-box hits.
Labubu is more than a collectible — it's a symbol of Asia's rising influence in global consumer culture, and a masterclass in emotional branding, community building, and strategic hype.
For founders and investors alike, it's a reminder: the next global phenomenon might not come from Silicon Valley — it might just come from an Asian design studio with a mischievous grin and a brilliant business model.