The Global Rise of Labubu: From Storybook Character to High-Demand Collectible
The Global Rise of Labubu: From Storybook Character to High-Demand Collectible
Labubu, a character created by Hong Kong artist Kasing Lung in 2015 for his book series “The Monsters,” has experienced a significant surge in popularity since 2019. Initially appearing as illustrations in the book, Labubu, described as a forest-dwelling elf with bunny ears and a distinctive smile, was granted exclusive toy production rights to Pop Mart International in 2019.
Pop Mart’s marketing strategy, which included selling Labubu in “blind boxes” – concealing the specific doll received until purchase – significantly contributed to the toy’s success. The company also leveraged celebrity endorsements, with notable figures like Rihanna, K-pop star Lisa from Blackpink, and others publicly displaying their Labubu collections on social media. This marketing approach led to a substantial increase in sales, particularly in Southeast Asia and beyond.
The initial Labubu toys were made of hard vinyl. However, the introduction of plush versions in 2023, along with keychains and larger dolls, further boosted sales. The plush versions, in particular, proved highly popular, with Pop Mart’s revenue from the “The Monsters” series (featuring Labubu) increasing more than eightfold in 2024, accounting for 23.3 percent of the company’s total revenue that year. Plushie sales specifically skyrocketed by 1,289 percent.
The high demand for Labubu has created a significant secondary market, with unauthorized dealers selling the toys at inflated prices. Reports indicate that in locations such as Bangkok, Thailand, lines of customers formed outside Pop Mart stores, and some individuals paid significantly more than retail price to obtain the dolls. This high demand also extended to other regions, including the US and UK, following celebrity sightings and product releases.
The popularity of Labubu even impacted the Chinese banking industry. Several branches of Ping An Bank suspended a promotion offering free Labubu toys as incentives for new accounts, following concerns about potential violations of banking regulations related to attracting deposits with gifts. The exact connection between the promotion and the regulatory reminders remains unclear.
Labubu’s success is attributed to a three-part business model employed by Pop Mart and other Chinese toy retailers: cultivating premium intellectual property (IP), gamifying the retail experience through blind boxes, and leveraging social media for marketing and celebrity endorsements. The blind box format, in particular, fosters online discussion and encourages repeat purchases to complete collections, further driving sales and creating scarcity.
Pop Mart’s expansion into international markets, including high-profile store locations in London and Paris, has also played a role in Labubu’s global reach. The company opened 130 overseas stores by the end of 2024. The price of Labubu varies depending on rarity and size, ranging from approximately £13.50 to £211 in the UK and up to $3,134 in the resale market.
While the initial appeal of Labubu stemmed from its cute design, some social media users have expressed surprise or even negative reactions upon seeing the doll’s appearance without its clothing, highlighting a contrast between the clothed and unclothed versions.
As of late 2024, Labubu remains a highly sought-after collectible, with Pop Mart continuing to release new collections and collaborations. The company plans to expand its reach further by exploring new marketing formats and retail environments.
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