It was a sunny day in Washington Square Park, New York. There is a reason people gather there, but only one reason: a Rabbo fashion show.
On June 12, Labubu lovers walked down the sidewalk with small toy monsters clipped into their purse, backpack, Beltloops (or even their dog’s seat belt). The model with the best talent wins a new toy, naturally a wallet hanging on it.
That night, your seemingly sudden obsession with blind stuffed animal toys, retailing for around $30, sold by Chinese collection company Pop Mart. according to Pop Concert Hall website.
Pop Mart sells hundreds of different versions of Labubu (various in color and rarity), and fans don’t know which one they bought before unboxing, like a pack of sealed baseball cards. More than 1 million Tiktok videos mention weird little monsters, who often sell out in minutes.
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Fans range from adult fashion experts and toy collectors to parents buying weird creepy dolls for their toddlers. They may be queuing for hours at Pop Mart stores and vending machines, or even traveling abroad to get a family. Some Labubus buy hundreds or even thousands of dollars in resale markets such as Stockx or eBay.
According to the company’s data Recent Annual Results Announcement. The announcement said that it included about $460 million in profits.
Emily Broughter, head of U.S. intellectual property licensing at Pop Mart, said about $423 million of the company’s global revenue came from only Labubu Dolls. She added that this is 729% higher than in 2023.
“We’ve seen incredible revenue and interest for all IPs,” Broughte said. “Labub certainly hit astronomical last year.”
This is how Labubu feels from a simple collectible toy to become a virus, making money.
Build a multi-billion dollar brand
Founded in 2010, Pop Mart is a small store in Beijing, China. Its founder Wang Ning (now 38) worked in the retail industry for advertising at university, where he sold accessories to classmates, According to Bloomberg.
The business grew steadily, opening another retail store in 2011 at a shopping mall in 2016 and an online store in 2016. Pop Hall often collaborates with artists to design and create different toys and statues, and in 2019 a deal with artist Kasing Lung, who illustrates a picture book series called Monsters.
Labubu is the character of “monsters”, Pop Mart’s first wave of Labubu Dolls “breaks the (commercial) sales record in the art toy category,” According to the company’s website. A year later, Pop Mart began trading publicly in Hong Kong at a valuation of $6.9 billion, bringing the company into international toys such as Mattel and Hasbro.
The shoppers line up at a pop concert vending machine to buy collections at the American Dream Mall in New Jersey.
Ashton Jackson
In 2023, Pop Mart begins selling the Labubus version with a keychain. Then, in April 2024, K-Pop Band Blackpink member Lalisa “Lisa” Manoban was found to be a Labubu and her wallet was found to be a bag.
She started to go crazy without knowing it as people flocked to their own monster toy accessories – quickly turning the dolls of the pop concert into a symbol of fashion accessories and social status. Celebrities such as Lizzo and billionaire Rihanna put Labubus on their wallet to further promote the toys.
People customize dolls, give them hats, “designer” outfits, sunglasses and their own wallets. Some even put real tattoos on Labubus’ face. As of Monday afternoon, the Pop Hall’s market value is now $43.28 billion – far exceeding Mattel’s $64.4 billion and Hasbro’s $10.63 billion.
We are “building a lifespan brand”
The vast majority of Pop Mart’s revenue comes from Asia – $1.6 billion in 2024, including $1.1 billion from mainland China alone. Still, Labubus, for example, now has thousands of followers around the world, including 145,000 “monsters” in Reddit’s Labubu community.
Pop Mart’s over 500 stores worldwide include over 90 retail locations in the United States, including vending machines. According to its website. The company’s success has brought Ning’s estimated net worth to $21.6 billionForbes said.
Some Labubu fans say their feelings for plush monsters go far beyond celebrity influence: they love unique toys, the personality of the lungs they create, and the pleasure of trying to get specific Labubu for their collections.
The revenue division of the pop music collection in 2024.
CNBC did it
It is reported that the limited supply of pop music collections has resulted in Clients fighting for Rabbits. The rising resale price creates a market for counterfeits (called “Lafufus”) on platforms like Amazon and Aliexpress.
The trends in fashion and pop culture won’t last forever, which means Labubu dolls will become popular over time. Currently, the Pop Collection plans to continue to expand internationally – leverage the presence of fanaticism – and increase its roster of artists to create and sell more characters, Broughte said.
“Pop concert halls have been around for 15 years and we are really building a longevity brand,” she said. “As we continue to diversify the artist’s portfolio and diversify the ways people really interact with the characters, we will continue our mission to ignite the passion and bring joy to the years to come.”
The conversion from CNY to USD is done using Oanda conversion rate 1 CNY 0.13923 USD on June 16, 2025. All amounts have been rounded to the nearest dollar.
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