In the Pop Mart art-themed store next to the Louvre in Paris, young people line up for three hours just to snatch up a limited edition Mona Lisa collaboration. At the luxury section of Harrods in London, the Hermes bags are no longer adorned with traditional charms, but with a plush sprite featuring nine sharp teeth. Members of the Thai royal family sport it at fashion weeks, and Rihanna has been seen wearing it on street style shoots. This is Labubu—Trendy Toys IP (trendy toy intellectual property) created by Hong Kong designer, and it’s rapidly reshaping global pop culture with an unprecedented phenomenon.
The Power Behind the Brand: Pop Mart’s Toy Empire
Pop Mart was founded in 2010, initially a small trend store in Beijing’s Zhongguancun. The founder, Wang Ning, faced limitations when working with Japanese Sonny Angel figurines due to lack of IP ownership. This drove him to pivot and build his own IP kingdom. The turning point came in 2016 when Pop Mart secured its first exclusive IP—Molly, designed by Wang Xinming, which skyrocketed in popularity thanks to the blind box model. But the real breakthrough happened in 2019 when they partnered with Hong Kong artist Long Jia Sheng, bringing his Labubu from picture books into the realm of trendy toys.
In 2024, Labubu’s “THE MONSTERS” series reached a staggering revenue of $4.2 billion, a 726.6% increase year-over-year, propelling Pop Mart’s market valuation to over HK$300 billion. Wang Ning, with a fortune exceeding $18 billion, topped Henan’s richest list, hailed by the media as a “business miracle” for defeating the “pig farming tycoon” with plastic dolls.
The Aesthetic of Contradiction: Labubu’s Design Code
Labubu’s appearance is a manifesto of contemporary aesthetic rebellion:
- Facial Features: Its round eyes take up two-thirds of the face, radiating a sense of innocence. Yet, nine jagged teeth expose its wild side, and the crooked smile creates an irresistible “ugly-cute” contrast.
- Body Structure: The disproportionate head-to-body ratio (with the head taking up nearly half) and short limbs enhance its approachable appeal.
- Material Innovation: The “hard face, soft body” technique—its rubbery face showcases precise teeth and eyelashes, while its plush body offers a “petting cat” texture.
This design breaks the “cute is justice” rule of the trendy toy world. Long Jia Sheng blends Nordic elf legends with Eastern folklore, infusing Labubu with both a Gothic dark atmosphere and the Eastern aesthetic of “flawed beauty”—a balance of contradiction and serenity. As one collector put it: “Its rebellious teeth seem to mock mainstream aesthetics, but its round body gives you a warm embrace.”
The Global Frenzy: The Data Behind the Phenomenon
Labubu’s worldwide rise has become a cultural spectacle:
- Celebrity Endorsements: After Lisa posted a Labubu charm on Instagram (with 110 million followers), Thai stores saw a single-day sales surge to $300,000. Rihanna and the Beckham family soon followed suit, sparking a buying frenzy in the West.
- Auction Records: In 2025, a 131cm mint-green first-generation Labubu sold for $160,000 at the Yongle Spring Auction, setting a new record in the collectible toy world.
- Social Media Explosion: The TikTok hashtag #labubuhaul garnered over 1 billion views, while “customized Labubu tutorial” posts on Xiaohongshu (Little Red Book) amassed over a million likes.
- Market Frenzy: A Vans collaboration model originally priced at $80 saw its resale price soar to $4,000 on secondary markets, and Los Angeles stores witnessed lines stretching 300 meters deep, with customers queuing overnight.
Multidimensional Resonance: Dissecting the Logic Behind Its Success
Design Revolution: The Spirit Totem of Gen Z
Labubu’s “80% cute + 20% ugly” golden ratio hits the sweet spot of youth rebellion against overly polished aesthetics. Its dual nature serves as an emotional vessel:
- In the West, young people see it as the embodiment of Tim Burton-esque Gothic romance.
- In Southeast Asia, it symbolizes a rebellious “demonic child” spirit.
- In China, the “pouting” version is interpreted as a meme that represents the daily grind of working professionals.
Business Mechanism: The Blind Box Economy and Scarcity Leverage
Pop Mart has constructed a sophisticated addictive consumption system:
- Blind Box Neurosis: With a 1/144 chance of finding a hidden variant, the “tension-anticipation-surprise” emotional rollercoaster when unboxing triggers dopamine release.
- Cross-Industry Breakthroughs: From Coca-Cola’s white rubber Labubu to the “Mona Lisa Labubu” at the Louvre and the Maotai zodiac bottle (5000 units sold out in 72 seconds), Pop Mart constantly creates fresh experiences.
- Secondary Market Loop: Scarcity has fueled an investment aspect, with resellers on platforms like Xianyu (Chinese second-hand market) turning profits, and custom clothing makers for Labubu dolls earning over $15,000 per month.
Global Engine: A Victory in Cultural Translation
Unlike traditional IPs that output in a one-way direction, Labubu employs a “global symbol + local narrative” dual strategy:
- In Thailand: Its gold-adorned design has been embraced by the royal family and declared the “magical Thai experience officer.”
- In Europe: The bullfighter version became a hot-seller in Spain after Pop Mart opened a store near the Louvre.
- In the Middle East: Gold-plated designs appeal to regional aesthetic preferences.
In just three years, overseas revenue has surged from 3% to 30%, completing the shift from “Made in China” to “Defined by China.”
Tech Empowerment: The Co-Creation Revolution in the AIGC Era
Labubu’s rise parallels the explosion of artificial intelligence:
- Viral Re-creations: Fans generate AI versions of Labubu as firefighters or office workers, and the “Sherlock Labubu” topic on TikTok exceeded 100 million views.
- Modification Ecosystem: Yiwu, China, has formed a specialized industry chain for custom Labubu doll outfits, with factories producing up to 30,000 sets per day to meet the overwhelming demand.
This open co-creation has evolved the IP from a mere product to a cultural partner.
Controversies and Challenges: The Hidden Dangers of the Bubble
Despite its dazzling success, criticism has followed closely:
- Price Bubble: Some limited edition items are marked up over 50 times their original price, criticized as a “plastic tulip craze.”
- Piracy Scramble: Knock-off versions, like “Lababa,” have emerged from Yiwu, with daily profits reaching $3000, while the cost of protecting the original design remains high.
- Lifecycle Anxiety: Pop Mart’s price-to-earnings ratio of 98 is significantly higher than Sanrio’s, putting pressure on continuous IP innovation.
To address these challenges, Pop Mart has launched an “IP Ecosystem Platform” transformation:
- Signing over 300 artists to build an IP reserve pool
- Developing animated shorts to expand the story universe
- Introducing AR interactive features to create digital collectibles
Conclusion: Decoding the Future of Contemporary Consumerism
Labubu’s global journey is a precise decoding of contemporary consumer civilization. While traditional luxury brands tell stories of century-old craftsmanship, this small Eastern monster, with its rubbery sharp teeth, has broken open new rules. Products today are no longer just about functional needs; they must become vessels for emotions, symbols of subcultures, and declarations of rebellion. From the backpacks of Bangkok street girls to million-dollar collectibles at Paris auctions, Labubu proves that Chinese IPs not only go global but also redefine what it means to “go global.”
As one enthusiastic collector shared on social media after unboxing 23 blind boxes: “The 10 seconds I spend unboxing after a long day of work is the only time I feel like a child again.”
When young people around the world flaunt Labubu on their bags, they are not just showcasing a toy—they are holding up a mirror to the emotions of our times: In this finely-tuned but weary world, we still crave a bit of awkward, unfiltered authenticity.
