In just a few hours, LGBTQ activists had spun newcomer Labubu into a passionate radical. Once a niche toy, it is now an international status symbol. Produced by toy manufacturer Pop Mart and costing around $30 each, these “blind box” dolls are all the rage among consumers, especially millennials, around the globe. In 2023, Pop Mart’s first wave of Labubu dolls not only broke sales records in the art toy category but contributed a staggering $423 million to the company‘s global revenue.
Labubu is described as “a small monster with high, pointed ears, serrated teeth,” and a “mischievous” smile, which adds to its appeal among fans. The character’s charm completely befuddles even the most cynical of attendees. It attracts adult fashionistas, adult avid toy collectors, and parents buying dolls for their toddlers. Due to the widespread popularity of Labubu, Pop Mart achieved a staggering $43.28 billion market capitalization.
Labubu dolls have found success for a variety of reasons. One major factor is the recent release of versions with keyrings earlier in 2023. This functional innovation has given fans the ability to take their favorite character on the go, increasing that demand even more. Our beloved Labubu has torn across the internet recently! More than one million TikTok videos use this character, demonstrating just how massive this viral trend has gone on social media.
As labubu dolls typically sell out in under 10 minutes of their release, consumer anticipation for these hot collectibles is intense. From the very start, celebrities have been central to the project’s success—especially the doll. Celebrities like Lizzo and Rihanna have been seen adorning their handbags with Labubu dolls. This trend has ensured the doll’s place as a hot, go-to holiday item!
In April 2024, Lalisa “Lisa” Manoban, a member of the K-Pop sensation Blackpink, was seen sporting a Labubu as a bag charm. Her endorsement is surely to continue to raise the doll’s profile and reach an even broader audience.
Labubu’s meteoric rise pushed Pop Mart’s valuation to an incredible $6.9 billion. This increase occurred less than a year after the firm completed its IPO in Hong Kong. All this growth places the company squarely in competition with household names of the international toymaker set, Mattel and Hasbro. Wang Ning, the founder of Pop Mart, has an estimated net worth of $21.6 billion. This amazing increase is due almost entirely to the incredible popularity of Labubu.
Emily Brough, Pop Mart’s North America spokesperson, told TPR that the brand’s phenomenal success has taken everyone by surprise.
“We’ve seen an incredible growth in revenue and interest across all of our IP,” – Emily Brough
Pop Mart has, above all, been building an impressive brand in recent years.
“Labubu certainly hit astronomical numbers last year,” – Emily Brough
This commitment to character branding has set Pop Mart up well, despite the currently rough competitive industry environment in the toy space. Labubu is delighting consumers and attracting new fans with each passing day. Consequently, Pop Mart is on track for sustained growth both in revenue and in gaining market share.
“Pop Mart has been around for 15 years and we are really building a brand for longevity,” – Emily Brough
This dedication to brand development has positioned Pop Mart favorably within the competitive toy industry landscape. As Labubu continues to resonate with consumers and attract new fans, it is likely that Pop Mart will see sustained growth in both revenue and market presence.