The booming business behind these viral plush dolls didn't come to play

If you’ve noticed a plush doll with a bunch of teeth and a mischievous grin hanging off a fashionista's purse recently, then you’ve likely spotted a Labubu. 

A La… what, now? 

Created in 2015 by Hong Kong artist Kasing Lung, the dolls began as children’s book characters before a deal with Beijing-based toy company Pop Mart turned them into a line of figurines in 2023.  

While each figure costs ~$30 (with limited-edition models costing more), Pop Mart’s business is the furthest thing from child’s play, per The New York Times:

• The company’s revenue more than doubled to $1.8B in 2024, a 100%+ increase from the year prior.
• Labubu dolls and related products brought in $400m in revenue in 2024, a 726% increase from 2023.
• Pop Mart had 21 US stores by the end of 2024, and plans to expand to 40 by the end of 2025. 

Now, Pop Mart’s market cap has grown to $34B — more than Hello Kitty maker Sanrio, Hasbro, and Mattel combined. 

Not toying around 

Behind the trend, of course, are toy-loving kidults with disposable income. 

And Labubu uses some powerful brand strategies to keep those spenders coming back for more.

• It releases new items on Thursdays — the site sees a 54% increase in traffic on this day, according to Similarweb. 
• It uses blind box packaging for many products, meaning customers don’t know what item they’ve purchased until they open the box. 

That’s fed a social media frenzy, and the hashtag #labubu has been used 1m+ times on TikTok.

Plus, cottage industries have emerged to cater to Labubu enthusiasts, with tiny outfits, car seats, and mini handbags for the toys being sold on Etsy and AliExpress. 

And, of course, where there’s scarcity, there’s a thriving — and expensive — resale market. 

While the company maintains that it will try to keep prices accessible regardless of ever-changing tariff policies with China, and is diversifying its supply chain by expanding into Vietnam, it did raise prices on its April 25 keychain figure drop by $6 a piece. 

So now you don’t just have to worry about your parents asking you why the hell you have stuffed animals hanging off your bag, but also about your budget. Great.