A monster hit and a billion-dollar toy empire

Rihanna, Kim Kardashian, and David Beckham may be celebrities in their different spheres, but in the world of Labubu, they’re all fans.

Created by Hong Kong-born, Belgium-based artist Kasing Lung a decade ago, the character didn’t rise to fame until years later, when it teamed up with Beijing-based Pop Mart—a toy company known for their blind box series of sealed, mystery collectibles. It helped that Labubu has been spotted alongside celebrities and fanned by social media, with the hashtag #labubu being used in more than two million TikTok videos.

A star to the stars

JPMorgan described Labubu as ‘the next Hello Kitty,’ a comparison that feels apt, with Pop Mart being valued at $44 billion in June 2025—more than the combined values of Sanrio (creators of Hello Kitty and My Melody), Mattel (of Barbie and Hot Wheels fame), and Hasbro (known for characters including Transformers and My Little Pony).

Pop Mart’s ‘The Monsters’ collection—which includes Labubu—delivered a phenomenal performance in 2024, with revenue skyrocketing to $419 million, a year-on-year increase of more than 726%. The runaway success not only cemented its place as the company’s most lucrative intellectual property but also boosted investor confidence.

The heart of the monster

With oversized ears and a permanent grin of nine jagged teeth, Labubu doesn’t fit the mold of conventional cuteness. Instead, it taps into a form of ‘ugly-cute’ charm that resonates with today’s consumers who prioritize emotional connection over practicality and choose self-expression over price comparisons.

As indie designer Cheng Fei from Shanghai explains, in a market oversaturated with polished, picture-perfect characters, Labubu’s intentional anti-aesthetic stands out as a refreshing countercurrent that speaks to modern youth.

Adding to the appeal is Pop Mart’s blind box format, which delivers suspense and surprise, a formula that has seen the popularity of unboxing videos on social media. Unlike traditional toys, these collectibles thrive on unpredictability, and the possibility of pulling a rare figure creates a sense of emotional thrill. “The rush of tearing open the box—it’s like betting on fate,” says Guangzhou-based buyer A Yuan, who once drew a hidden edition on her first try. “It felt like my luck had turned.”

That sense of chance and emotional payoff is part of a broader trend. According to a report from the China Consumers Association, emotional release has become a key factor in how young consumers make purchasing decisions.

Unboxing the craze

While star athletes and pop idols often appeal to specific fanbases, Labubu and other Pop Mart characters offer a low cultural threshold—an emotional accessibility that crosses age, language, and cultural lines. Labubu’s charm lies partly in its narrative freedom; it isn’t bound by a fixed storyline, which gives fans the space to create their own meanings and personal connections.