Inside the meteoric rise of Labubu

Kasing Lung, a Hong Kong artist, created Labubu about a decade ago. Pop Mart, a Beijing-based toymaker, then developed "The Monsters," a line of toys inspired by the character.

Lung did not respond to a request for comment from Business Insider.

According to Pop Mart's website, Lung "created a fairy world in three picture books inspired by Nordic mythology, and populated it with magical characters both good and evil."

"Among them, the most prominent one was LABUBU, a small monster with high, pointed ears and serrated teeth," the website said. "Despite a mischievous look, LABUBU is kind-hearted and always wants to help, but often accidentally achieves the opposite."

The larger plush dolls from "The Monsters" line are about 15 inches in height and cost about $85. Smaller dolls cost between $15 and $20.

According to Pop Mart's 2024 interim report, released on August 20, "The Monsters" line generated sales of 6.3 billion Chinese yuan, or about $87 million, in the first half of the year. The company's stock is up nearly 260% this year.

The toy is so immensely popular that it sells out minutes after it's restocked. On a visit to a Pop Mart store in Singapore, a staff member told BI that Labubus are the most sellable figurines.

"It's always out of stock," said Tony Lee, who has worked in Pop Mart for four years. "Even when we replenish, within an hour — or less than an hour — it's gone."

He said Pop Mart typically restocks a few hundred figurines twice a week.

Pop Mart doesn't announce when these restocks happen. Fans send updates to dedicated group chats on Telegram, and within less than 30 minutes of a restock, a "crazy line" forms outside the store, Lee said.

Knockoffs of the toy are rampant on Asian e-commerce platforms like Shopee, Lazada, and Taobao.

Labubu dolls at the opening of a Pop Mart store in Bangkok.Sun Weitong/Xinhua via Getty Images

The queue outside a Pop Mart outlet in Singapore during a restock of "The Monsters" figurines on a weekday afternoon.Erin Liam

Retail analysts largely attribute the Labubu craze to Lisa, one of the four singers from the hit K-pop band Blackpink, who posted the plush toy on her Instagram in April.

"I think the raging popularity of Labubu lies in its unique designs, emotional connection, exclusivity, and association with Lisa," said Sory Park, a project manager at Chinese consumer research firm Daxue Consulting.

Juda Kanaprach, the cofounder of Southeast Asia-based market research firm Milieu Insight, said that the longtime popularity of collectible figures and designer toys in places like Japan, Hong Kong, and South Korea is now spreading to the rest of Asia. Pop Mart has 374 outlets in China alone.

"People are getting really into 'art toys' — they're kind of a mix of art, fashion, and pop culture all rolled into one," Kanaprach said.

"For a lot of millennials and Gen Zers, these aren't just toys. They're seen as little pieces of art or cool design items that look great in their homes. It's like adding a bit of personality and style to their space, not just something to play with," she added.

In a statement to BI, a representative from Pop Mart said that Labubu has gained a strong global fan base.

"It's become more than just a collectible—it's a way for people to express themselves," they said.

Celebrity endorsement played a huge role in Labubu's success

When Sim Pei Yi heard from a group chat that Labubu toys were being restocked earlier this month, she rushed to a Singapore Pop Mart to join a snaking line with her colleague during lunchtime.

"There's a bit of a 'FOMO' feeling," said Sim, 31, who owns around six Labubu toys. "Everybody is getting Labubu. You will also want to have it."

Ana Gonzales said she's spent around $500 on her Labubu collection.Ana Gonzales

Elsewhere in Asia, Ana Gonzales, 38, started collecting Labubus after her friends talked about it in a group chat. Labubu keyrings are difficult to get in the Philippines, so she buys "blind boxes" — toys that aren't labeled.

Gonzales estimates that she's spent around $500 on her collection.

"For me, the real charm is in the blind boxes—not knowing what color you'll get adds so much excitement," Gonzales, a social media manager, said. "Opening a blind box after a long day or tiring week feels like unwrapping a gift to myself or a little reward."

The love for Labubu toys has also spread to the US market. In September last year, Pop Mart opened its first permanent store in New Jersey. Now, there are 16 Pop Mart stores nationwide.

Tracy Hsu, a 42-year-old housewife in California, learned about Labubu through Lisa — her favorite member of Black Pink.

"When I first met Labubu, it made me really happy," said Hsu. She has around 17 Labubu toys and said she spent over $10,000 on them. Once, she even camped outside a Pop Mart store for the latest drop.