Labubu Dolls: Why Are They So Popular, How Is Pop Mart Stock Performing?

A small toy monster with a toothy grin, known as a Labubu doll, has taken the world by storm, adorning the bags of millions of consumers — including popstar Rihanna and tennis champion Naomi Osaka.

Among the most popular Labubus is a bag charm, which is sold in a mystery “blind box” so the buyer doesn’t know which kind they’ll get. Fans have become hooked on hunting down rare models and completing full sets, fueling global sales. Other Labubu dolls have fetched thousands of dollars as collectors’ items in the resale market.

Pop Mart International Group Ltd., the Chinese company that manufactures these toys, has hit the jackpot. It reported a 204% jump in revenue in the first half of 2025. Its founder and chief executive officer has been vaulted into the ranks of China’s wealthiest people.

But cracks are beginning to show amid hints the craze may not be sustainable. Following a downbeat assessment of Pop Mart’s outlook by JPMorgan Chase & Co on Sept. 14, the company’s share price slumped, wiping out almost a quarter of its value after it had hit a record high just three weeks earlier.

The Labubu doll is a collectible toy with a quirky, eye-catching design. It features tall, rabbit-like ears and wide, expressive eyes framed by fierce brows. Its oversized mouth stretches up toward its temples, exposing nine sharp teeth and a sly, mischievous grin.

The dolls are based on a magical character from a book series called The Monsters Trilogy by Hong Kong-born illustrator and toy designer Kasing Lung. Pop Mart manufactures many toys; the Labubu doll falls under its Monsters line. Each Labubu is released as part of a series that showcases a distinct style or theme. These include the Exciting Macarons series in 2023, featuring candy-colored figures, the Have a Seat series that followed in July 2024, with toys in seated poses, and the vibrant tie-dye Big into Energy series in 2025.

Pop Mart has rolled out country-specific Labubu editions, including the Singapore-exclusive Hide and Seek doll, and has collaborated with other brands. A prominent example is the Labubu X Vans Oldskool Monsters series, which became a global hit.

Labubu dolls come in a variety of sizes and formats, but it’s the bag charm with a vinyl face that’s ignited a worldwide sales frenzy. Sold in blind boxes, these lightweight plush figures stand around 15 to 17 centimeters (6 to 6.7 inches) tall and are attached to a metal ring that can be clipped to bags, purses or even belts. There are six types of these bag-charm dolls in each series, along with a special edition doll that’s particularly hard to track down.

Pop Mart began selling Labubu toys after striking a licensing deal in 2018 with artist Kasing Lung — but for years the figurines remained relatively niche.

That changed in April 2024, when one of the world’s most popular K-pop stars, Lisa from the band Blackpink, showcased several Labubu dolls on Instagram. She has since frequently been spotted with dolls in different sizes and styles. Fans rushed to buy their own, and TikTok exploded with Labubu-related content, including unboxing videos, fueling a surge in global demand.

Rihanna, one of the world’s biggest popstars, added to the hype earlier this year when she was spotted with a pink Labubu dangling from her Louis Vuitton bag. Other celebrities including Dua Lipa, Naomi Osaka and Kim Kardashian have also been seen with the dolls. The bag-charm versions are the ones most often carried by celebrities — and the key driver of the craze.

The dolls have become a global craze thanks in part to their mystery blind box packaging. Buyers don’t know which Labubu is inside until they open it — a tactic that encourages repeat purchases if it’s not the doll they had hoped for. Pop Mart stokes further competition, and urgency among collectors, by introducing rare edition toys to each series. The odds of landing one are typically one in 72.

Scarcity has also added to the hype. Pop Mart’s chief executive officer Wang Ning told Chinese media in July that the dolls’ hand-sewn elements were slowing production. The company has said it is ramping up factory capacity to catch up.

Pop Mart also keeps the buzz alive by rolling out new versions of the toy. In August, it released phone-charm Labubus in a series called Pin for Love. These miniature toys are sold as part of two 14-doll box sets, along with two special edition dolls.

Prices vary widely depending on the series, size and country where they’re purchased. In China, most bag-charm Labubus retail for 99 yuan ($14) each, while the newly launched mini version — the smallest Labubu plush doll — sells for 79 yuan ($11). Larger soft toys can cost up to 1,299 yuan ($182). Pop Mart also sells an 80-centimeter plastic Labubu for 5,999 yuan ($842). Labubus are generally more expensive outside China. In the US, bag charms retail for $27.99 — roughly double the price in China — while mini versions typically go for about $22.99.

On the resale market, prices can soar, especially for the rarest editions. At the height of the frenzy in June, bag charms were selling on Qiandao, a Chinese trading platform, for as much as three times the original, official retail price. A rare edition toy from the Big into Energy series was sold in June for 45 times the original retail price.

Limited-edition collaborations have commanded even more eye-popping sums. The Labubu x Vans Oldskool Monsters Forever doll — a 38-centimeter toy dressed in Vans gear standing on a skateboard — sold on eBay in July for $10,585, according to a Forbes report. When the 3,275 dolls in the series were released in December 2023 they were priced at 599 yuan ($84). In June, a one-of-a-kind human-sized Labubu doll in mint green sold for $150,000 at a Beijing auction.

In China, Labubus can be bought from one of Pop Mart’s some 400 physical stores as well as from more than 2,000 vending machines known as “roboshops.” They are also sold online from Pop Mart’s official WeChat store as well as from major e-commerce platforms such as Tmall, JD.com and Douyin. Labubus can also be found on second-hand trading platforms like Qiandao and Alibaba’s Xianyu, as well as social media apps like Xiaohongshu.

Outside of China, Pop Mart has physical stores in more than a dozen countries, including the US, Canada, the UK, France, Thailand, Singapore, Japan and Australia. Consumers can also access Labubus through e-commerce platforms. In Europe and the US, for example, shoppers can buy the dolls from Pop Mart stores on Amazon and TikTok.

Founded in 2010 by Wang Ning, Pop Mart has grown from a Chinese variety-store chain into the country’s largest toy company. After earlier hits such as the Molly figurine, Pop Mart listed on the Hong Kong stock exchange in 2020. But it’s Labubu that propelled the company’s growth to new heights.

Pop Mart’s revenue surged to 13.9 billion yuan in the first half of 2025 — more than five times its full-year revenue in 2020. Overseas sales have driven a lot of this growth, jumping 440% in that period. Pop Mart plans to accelerate its global footprint with 60 new stores outside China by year-end, adding to its 140 already in operation.

The Labubu mania has also benefited Wang, whose fortune now stands at $21.4 billion, a 180% surge so far this year alone — making him the world’s fourth-richest person under 40, according to the Bloomberg Billionaires Index.

The new mini Labubu series released in August sold out quickly, but weak demand in the secondary market has raised concerns among analysts and investors. On Sept. 14, analysts from JPMorgan flagged risks to Pop Mart’s outlook, citing stretched valuations and a lack of catalysts to spur future growth. Pop Mart shares fell sharply following the assessment, erasing almost a quarter of their value in the three weeks after they reached a record on Aug. 26.

In addition to secondary-market worries, Morningstar Inc. analyst Jeff Zhang pointed to “more negative feedback on the quality of new products, an issue that management needs to timely address.”

Generally speaking, toy fads typically have lifecycles of around two to three years, according to a research note by investment bank Goldman Sachs Group Inc. The bank’s analysts said rolling out new collections can, however, extend a toy’s popularity.

The frenzy over Labubu dolls has drawn comparisons to the Beanie Baby toy craze in the US three decades ago, when resale prices of the plush toys surged in the mid-1990s before fading within about four years. Other collectibles have, however, shown more staying power, including certain Mattel Inc. Barbie dolls, limited-edition Topps baseball cards and select Star Wars figurines.