Rs 1.5 crore for a doll? The viral rise of Labubu and the madness behind it

Economic Times

8 hours ago

Reuters A life-sized mint-green Labubu doll sold for ₹1.5 crore at China's Yongle Auction, marking a record for the quirky plush toy. Once a niche character, Labubu has gone viral thanks to celebrity endorsements and Pop Mart's savvy marketing. (Image: Reuters)
In a world where digital fads come and go in seconds, Labubu—the quirky, fanged plush toy by artist Kasing Lung—has carved out a real-world legacy that's shaking up the global art and collectibles market. Originally introduced in 2015 through a series of picture books inspired by Nordic mythology, Labubu wasn't an overnight success. But nearly a decade later, it's the toast of auction houses and a social media celebrity in its own right.
The latest headline-grabbing moment came on June 10, when a four-foot tall mint-colored Labubu doll fetched a jaw-dropping 1.242 million yuan—approximately ₹1.5 crore or $172,000—at China's Yongle Auction. It's now the most expensive Labubu ever sold. Not far behind was a five-foot brown version that was snatched up for over ₹1 crore. Altogether, the 48-piece auction collection brought in nearly ₹5 crore, cementing Labubu's arrival as a serious player in the designer toy and art investment world.
According to Yongle Auction's official statement, the enthusiastic turnout—more than 100 collectors on-site and over 1,000 online participants—'injected new vitality into the art market.' The Labubu dolls weren't just nostalgic plushes; they were trendsetters, tokens of cultural cachet now being chased not just by collectors but by investors too.
These dolls, made famous in part due to Pop Mart's savvy marketing and distribution deals, especially through blind box formats, have found their way into celebrity closets and social media feeds. Labubu plushes have been spotted with global icons like Kim Kardashian, Lisa from BLACKPINK, and Olympic champion Simone Biles. With more than 1.4 million TikTok posts under the hashtag #Labubu, the doll has become both a plaything and a fashion accessory—dangling from handbags, belt loops, and rear-view mirrors.
Labubu's rise also mirrors another booming trend: the growing population of adult toy buyers. According to market research firm Circana, adult shoppers—primarily women—accounted for the highest toy spending in the U.S. in the first quarter of 2025, topping $1.8 billion. That's no small feat. These are not purchases made for children; they're indulgences, statements, and in many cases, investments.
The toy's meteoric success has translated into record-breaking numbers for Pop Mart. The company reported a 1,200% surge in plush toy sales in 2024 alone, pushing total revenue to a massive $1.81 billion. According to Emily Brough, Pop Mart's head of IP licensing in the Americas, 'The character has evolved into a collectible and style symbol, resonating with fans who connect with its quirky aesthetic and unique backstory.'
There's something poetic about a monster who 'always wants to help, but often accidentally achieves the opposite,' as Labubu is described. Maybe that imperfect charm, that vulnerability wrapped in velvet, is what's making grown adults fork out fortunes for a doll. Yongle Auction captured that sentiment when it described the bidding frenzy as more than just a sale—it was a cultural moment. And Pop Mart knows the ride is far from over. With Trump-era trade frictions looming and production scaling across Asia, the company is racing to meet global demand through retail stores, e-commerce, and even vending machines. Labubu's journey—from a picture book misfit to a plush icon commanding seven-figure sums—is a tale of cross-cultural resonance, clever marketing, and our timeless desire to collect stories we can touch. Pop Mart's next move is clear: ride the wave while it lasts, and maybe even redefine what collectibles mean in a digital-heavy world. For now, Labubu stands tall—sometimes four or five feet tall—at the intersection of fashion, nostalgia, and contemporary art. Whether you see it as a toy, a trophy, or a totem of modern pop culture, one thing is certain: this is one monster that has truly made it big.