If until a few years ago Barbie, Hello Kitty or Transformers dominated the world of toys, 2025 undoubtedly belongs to the Labubu, the sharp-toothed elf puppets created by the Chinese giant Pop MartFrom niche collectibles to true status symbols, Labubu have conquered fans, celebrities and social media, combining kawaii aesthetics with viral marketing strategies that have propelled the Chinese brand to the top of international pop culture. With record sales, boutiques around the world and the phenomenon of blind box, these dolls not only fuel hype and compulsive collecting, but have also made the actions of Pop Mart in Bag, turning the little elf into a global economic phenomenon.
Pop Mart Labubu: What They Are and Where They Come From
It all started about ten years ago with Kasing Lung, an illustrator between Hong Kong and the Netherlands, who draws inspiration from Norse mythology to create Labubu, a small elf with sharp teeth. But the real leap from niche to global icon comes thanks to Wang Ning, who in 2010, fresh from graduating with a degree in advertising, founded the Pop Mart store in Beijing. Inspired by Japanese collectibles, Wang transformed Labubu into a series of collectible artistic toys, in collaboration with emerging and established designers.
The phenomenon exploded in Asia a few years ago: daily sales exceeded 10 million pieces and the market value of Pop Mart breaks through the 47 billion euros, surpassing that of giants like Hasbro (Transformers, Monopoly and Risk), Sanrio (Hello Kitty) and Mattel (Barbie) put together. A result unthinkable until a few years ago. According to Forbes, Wang, 38 years old, has a net worth of 26 billion dollars, placing him as the 83rd richest man in the world and the ninth in China, ahead of the founder of BYD and one step away from Jack Ma, the Chinese digital guru.
Record profits and growth that knows no bounds
The 2025 financial results confirm the Labubu dominance: in the first six months of the year the profit Pop Mart's net sales increased nearly 400% compared to the same period in 2024, while revenues overall grew by 204%, reaching 13,88 billion yuan. The brand “The Monsters”, with Labubu as the undisputed star, contributed 4,81 billion yuan, equivalent to 34,7% of total revenue. International expansion provided a further boost: compared to 2024, revenues in Americas have shot up by more than 1.100%, those in Asia (outside China) by 258% and in Europe and the rest of the world by as much as 729%, confirming the viral strength of the phenomenon.
Pop Mart stock soars thanks to mini-Labubu
Even in Bag the enthusiasm is sky-high. The Pop Mart title, listed at Hong Kong, has grown by more than 250% since the beginning of the year, marking a +568,2% in twelve months, and the announcement of the launch of the mini-Labubu, pocket-sized versions that can be attached to smartphones and key rings, sent the stock soaring by another 12%, updating its highs since its debut in 2020.
It's not hard to see why: every new Pop Mart launch goes sold out in minutes, often crashes the official website and app and generates extremely long lines outside stores. The mini Labubu is poised to become the next global object of desire, strengthening a diversification strategy that also includes theme parks and animation projects.
From China to the World: Pop Mart's Retail Expansion
On the retail front, Pop Mart aims to exceed 200 international stores by the end of 2025, up from 141 at the beginning of the year. In the United States alone, there are already around forty stores, and this number will rise to over 60 by December. Strong demand is also coming from the Middle East, Central Europe, and Latin America. According to Wang Ning, combined sales in North America and Asia-Pacific this year will surpass those recorded in all of China in 2024, a clear sign that the Labubu phenomenon is now global.
Why Labubu is successful: the blind box boom
But Labubu aren't just toys: they've become true status symbols and fashion icons. Their popularity exploded when Blackpink's Lisa showed off his Labubu keychain, even bringing it on stage in London in a customised shocking pink version which he called his “secret obsession”. Since then, the phenomenon has also taken over Rihanna, Dua Lipa, Emma Roberts, Lady Gaga, Kim Kardashian, Expensive and even Madonna, who celebrated her 67th birthday with a Labubu-shaped cake. Seen hanging from bags Hermès Worth thousands of euros, elf puppets have transformed pop culture into a fashion accessory, conquering an audience ranging from the very young to luxury collectors.
But why did they become so famous? The model of the blind box, surprise boxes that don't reveal which doll is hidden inside, has made the shopping experience even more irresistible, fueling hype and compulsive collecting. This success, however, has also generated a parallel market: the original Labubu are resold at very high prices and the “Lafufu” clones, now almost as sought after but potentially dangerous. Authorities in the United States and the United Kingdom have already issued safety warnings, while Pop Mart has undertaken lawsuits, even going so far as to sue the 7-Eleven chain in California.
Where to buy original Labubu and how much they cost
For those who want to get their hands on a Original Labubu, the only official point of sale in Italy Pop Mart remains Milan, at Corso Buenos Aires 3, open daily from 10:00 to 19:30. Every official launch is an event: extremely limited quantities and miles-long lines transform the purchase into a real hunt. The standard Labubu they cost between 20 and 30 euros, While keychain depart by 15 euro; the rarest and most sought-after pieces can instead reach collector's prices, up to 3.000–4.000 euros on the secondary market.
Those who don't want to face queues and lightning drops can rely on official Pop Mart online stores or in selected marketplaces: here too the most sought-after pieces disappear in a few minutes, and the risk of fakes is real. To recognize an authentic Labubu, just check the Pop Mart logo, Qr queues and UV brand on the foot.
Labubu: Between Success and Controversy: The Dark Side of the Mania
Le Forecasts for 2025 they speak clearly: Pop Mart aims to close the year with revenues between 30 and 40 billion yuan (about 4,2 billion dollars). But it's not all roses and flowers: the blind box model is criticized for compulsive behaviors which can generate in minors. In Russia a possible ban is being discussed, while in Iraq Thousands of puppets have been seized on charges of evoking "demonic spirits." Yet in China, Labubu are celebrated as a symbol of national pride. People's Daily, the official voice of the Communist Party, called them "a benchmark of Chinese pop culture capable of establishing itself in the world"
