Labubu set to become billion-dollar business as sales surpass Barbie, Hot Wheels
Labubus are collectible plush toy dolls manufactured and sold by Pop Mart. They're currently experiencing worldwide viral success and are nearly impossible to get. Retailers are even creating their own counterfeit versions of the dolls called Lafufus to cash in on the demand.
Some of the most popular Labubus come in blind boxes, encouraging enthusiasts of the dolls to buy them again and again. They're the subjects of a forthcoming animating series and feature film. Celebrities like Paris Hilton, David Beckham and Kim Kardashian have been seen with the dolls.
Teenagers commonly wear key chain versions of the dolls pinned to their belts or purses.
In a financial report released on Aug. 19, Pop Mart said it has seen a net profit of 396% and a 204% jump in revenues due to Labubus, which have generated 4.81 billion RMB ($670 million) for the company so far this year. Labubus made up more than 30% of the company's total revenue.
Pop Mart stock is also up 200% since the start of 2025.
In written statement, the company said 'we remain committed to refining operations' and 'launching superior designs' to unlock the value of doll's further potential.
The numbers are remarkably high for the toy industry. Mattel, one of Pop Mart's key competitors, reported a decline in Barbie sales last month compared with the same quarter last year. Gross billings from its doll sales came in at $335 million worldwide, while toy cars, including Hot Wheels, generated $407 million, up 10%.
Still, those numbers fall short to the kind of cash Labubus are raking in.
Labubus were inspired by elves from Nordic folk stories and created by Kasing Lung.
They first came to prominence in 2015 as part of an illustrated book series called "The Monsters." In 2019, Lung partnered with Pop Mart to create the dolls. While the dolls were always popular, they didn't take off in China until 2022, after the COVID-19 pandemic.
From there, they gradually became a global sensation.
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