- Labubu, a plush toy from China's Pop Mart, has gained social media popularity after being around for a decade, with sales boosted when celebrities like Rihanna and Lisa of Blackpink were seen with the toy.
- Designed by artist and illustrator Kasing Lung, the Labubu character, known for its pointed ears and teeth, initially appeared in three picture books inspired by Nordic mythology in 2015.
- In 2019, Lung partnered with Pop Mart, a company catering to toy enthusiasts and influencers, to market Labubu figurines. However, it was not until Pop Mart began selling Labubu plush toys on key rings in 2023 that the distinctive character gained widespread recognition.
- Labubu's appeal lies in its blend of play and fashion, its blind box sales model, and a wide price range (20−20−300), attracting both toy aficionados and adult collectors.
- Pop Mart's revenue more than doubled in 2024 to $1.81 billion, with plush toy revenue soaring over 1,200%, accounting for nearly 22% of overall revenue, driven by the Labubu craze.
IN FULL
Part toy, part fashion, the arrival of the viral Labubu was a long time in the making
