How Labubu Catapulted China’s Pop Mart to $1.8B in Revenue
In the world of collectibles, few names have risen as quickly and dramatically as Pop Mart, the Chinese toy giant that turned quirky designer figurines into a billion-dollar business. At the heart of its meteoric growth is an unlikely star: Labubu, a sharp-toothed, wide-eyed creature created by Hong Kong artist Kasing Lung. What started as a niche character has now become a cultural phenomenon, propelling Pop Mart’s revenue to nearly $1.8 billion in 2024 and pushing it further into the global spotlight.
The Rise of Pop Mart
Founded in 2010 by entrepreneur Wang Ning, Pop Mart began as a small retailer selling lifestyle goods. Its transformation into a powerhouse came when it focused on designer toys—particularly those sold in blind boxes. These sealed packages give buyers no clue which toy variation they are purchasing, introducing surprise, scarcity, and the addictive urge to collect full sets.
This strategy tapped into a powerful psychological loop. Much like trading cards or capsule toys, the blind-box model ensured repeat purchases and cultivated a collector’s culture among young consumers. By the late 2010s, Pop Mart had become synonymous with China’s booming art toy market.
Enter Labubu: The Monster That Became a Mascot
Labubu, part of the “The Monsters” series by Kasing Lung, did not follow the traditional cute, round aesthetic common to Asian collectibles. Instead, it sported jagged teeth, mischievous expressions, and a strange, almost eerie charm. This distinctive design resonated with a generation of young Chinese consumers seeking something different—something that felt both rebellious and fashionable.
By 2019, Pop Mart had partnered with Lung, introducing Labubu to its global stage. What followed was a wave of fan obsession. Labubu was not just a toy; it became a lifestyle symbol, appearing in everything from keychains and plush dolls to limited-edition sculptures.
From Quirk to Cash Cow
Labubu’s popularity quickly translated into revenue. In 2024, Pop Mart reported 13.04 billion yuan (~$1.8 billion) in revenue, more than doubling from the previous year. Of that, The Monsters series alone generated 3.04 billion yuan (~23%), solidifying Labubu as the company’s single biggest moneymaker.
The explosive growth was fueled by several factors:
- Blind-Box Frenzy: Collectors rushed to buy box after box in hopes of getting rare Labubu variations.
- Limited Editions: Exclusive drops and rare colorways skyrocketed resale values, sometimes fetching hundreds of dollars on secondary markets.
- Social Media and Celebrity Boosts: When global stars, including members of Blackpink, shared their Labubu collections online, the character’s status leapt from cult favorite to mainstream obsession.
- Product Diversification: Beyond figurines, Labubu became a brand—expanded into plush toys, accessories, and even lifestyle goods.
- International Expansion: Pop Mart opened flagship stores and vending “roboshops” across Asia, Europe, and the U.S., using Labubu as the spearhead for global recognition.
Global Reach and Viral Power
Labubu’s distinct look made it an Instagram-friendly collectible, perfectly suited for the age of social media. Fans proudly displayed their collections online, fueling a culture of unboxing videos, swap meets, and dedicated fan clubs. In turn, Pop Mart capitalized on this energy by staging international conventions and pop-ups, making Labubu not just a product but an event.
As overseas markets warmed up, Pop Mart’s global sales grew exponentially. By the first half of 2025, revenue hit 13.9 billion yuan (~$1.93 billion), with The Monsters series contributing nearly 35% of sales—a clear sign that Labubu’s appeal was not fading but growing stronger.
Risks and Challenges Ahead
Despite its runaway success, Pop Mart faces challenges that could test Labubu’s staying power.
- Overreliance on One IP: Labubu is the golden goose, but consumer trends are fickle. If fans lose interest, Pop Mart could see a sharp decline in growth.
- Regulatory Scrutiny: Blind-box mechanics have come under fire in China for being addictive, especially to minors. Any restrictions could hit Pop Mart’s core model.
- Copycats and Counterfeits: The black market for fake Labubu figures threatens to erode trust and brand value.
- International Expansion Costs: Operating stores overseas is expensive, and adapting to different cultural tastes remains a challenge.
A Future Beyond Labubu?
Pop Mart is aware of the risks. While Labubu dominates today, the company has been investing in developing or acquiring other intellectual properties to diversify its portfolio. Characters like Molly, Dimoo, and Skullpanda have their fan bases, but none yet rival the dominance of Labubu.
Still, Labubu’s success shows the potential of Pop Mart’s strategy: using compelling characters, scarcity marketing, and social media buzz to transform niche toys into global lifestyle icons.
From Niche Monster to Billion-Dollar Brand
Labubu’s journey from a quirky character to a multi-billion-dollar phenomenon illustrates how pop culture, psychology, and commerce can intersect. What began as a sharp-toothed oddity is now a mascot of modern Chinese consumer culture, symbolizing how design, storytelling, and scarcity can power extraordinary business growth.
For Pop Mart, the challenge now lies in ensuring that Labubu’s bite doesn’t dull—and that its next generation of characters can keep fans, and revenues, hooked.
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