The figure was created ten years ago by Hong Kong-born Belgian artist Kasing Lung, but it wasn't until it partnered with Beijing-based Pop Mart, a toy business famous for its blind box series of sealed, mystery collectibles, that it became well-known. The fact that Labubu has been seen with celebrities and promoted on social media—more than two million TikTok videos have included the hashtag #labubu—helped.
Labubu was referred to by JPMorgan as "the next Hello Kitty," which seems appropriate given that Pop Mart was valued at $44 billion in June 2025, which was more than the combined values of Hasbro (known for Transformers and My Little Pony), Mattel (of Barbie and Hot Wheels fame), and Sanrio (creators of Hello Kitty and My Melody).
Pop Mart's "The Monsters" line, which features Labubu, had an incredible 2024, with sales soaring to $419 million, a more than 726% year-over-year gain. The overwhelming performance increased investor trust in addition to solidifying its position as the company's most profitable intellectual property.
Labubu toys, which are made at factories in Dongguan, southern China, were first sold for about $14. However, the most recent 3.0 blind box series sold out in China very fast, and common versions are now selling for three times their original price on the resale market, while rarer editions are fetching up to $600.
Outside of China, the nine-toothed character's worldwide popularity has resulted in long queues at Pop Mart locations from London and Los Angeles to Milan and Tokyo. This demand is predicted to boost the company's foreign earnings to $1.95 billion by 2025.
Pop Mart's blind box structure adds to the allure by delivering suspense and surprise—a recipe that has led to the growth in popularity of unpacking videos on social media. These treasures, in contrast to conventional toys, thrive on uncertainty, and the prospect of drawing a rare figure evokes an emotional rush. A Yuan, a buyer from Guangzhou who once drew a hidden edition on her first attempt, describes the excitement of opening the box as "like betting on fate." "I thought my luck had changed."
This feeling of luck and emotional reward is a component of a larger pattern. A China customers Association survey claims that emotional release is now a major consideration for young customers when making judgments about what to buy.
Labubu and other Pop Mart characters provide a low cultural threshold—an emotional accessibility that transcends age, language, and cultural boundaries—whereas pop idols and famous athletes frequently attract to certain fan bases. Because Labubu isn't constrained by a set plot, fans are able to invent their own meanings and personal connections, which contributes to the show's allure.
