Imagine a cuddly creature with exaggerated ears, a toothy grin and a “scary-cute” charm that has all of Asia—and increasingly, the world—hooked. That’s Labubu. Originally envisioned by Hong Kong illustrator Kasing Lung as part of his The Monsters picture-book series, this mischievous elf first surfaced in 2015 and only found explosive popularity when Pop Mart launched the character in blind-box collectibles in 2019.
The Numbers That Make Heads Turn
Pop Mart’s financial trajectory since Labubu’s rise is nothing short of extraordinary. The company’s 2024 revenue soared past RMB 13 billion (around US$1.8 billion), doubling from the previous year. The Monsters series, predominantly led by Labubu, saw revenues jump 726 per cent year-on-year, contributing significantly to that total.
And the growth didn’t slow. In the first half of 2025 alone, Pop Mart’s profits reportedly surged by between 350 per cent and 400%, with total revenue approaching or exceeding RMB 20 billion (circa US$2.8–4 billion). The brand now commands a market valuation that eclipses even legacy giants like Mattel and Sanrio.
What’s Behind the Buzz?
Blind-Box Appeal Meets Scarcity Strategy
The blind-box approach, wherein the customer does not know which variant they will receive, is supplemented by limited editions and rarity, fuelling repeat purchases and resale frenzy. As one marketer put it, it’s a “legal dopamine casino”.
Celebrity Power & Social Mania
As Lisa, Rihanna, Kim Kardashian, and Dua Lipa started flaunting Labubu, social media was just swallowing these images. UGC, which were essentially unboxing videos and fashion placements, turned the toy into a cultural statement.
Global Roll-Out & Omni-Channel Strategy
Pop Mart has aggressively expanded internationally, with over 2,000 “roboshops”, retail stores, and vending machines across more than 30 countries. In Q1 2025, overseas sales rocketed—U.S. revenue alone doubled compared to 2024.
Phenomenon or Flash-in-the-Pan?
The brand’s potential downside lies in its psychological tactics. Some collectors and commentators have criticised the manipulative nature of scarcity and hype, with bot-driven purchases and resellers profiteering—prompting concerns about sustainability.
Can Labubu Grow into the Next Disney?
1. Characters That Resonate
Disney’s enduring power stems from beloved characters and narratives across generations. Labubu is an aesthetic icon—distinctive, playful and highly collectible—but lacks a deep narrative ecosystem… for now.
2. Transmedia Potential
Disney’s empire spans theme parks, films, series and licensed merchandise. Pop Mart is testing the narrative waters—the company is reportedly developing a Labubu animation series slated for mid-2025—but it’s early days.
3. Global Footprint & Brand Depth
As we see, Disney goes to great lengths to deliver consistent storytelling across cultures. The Labubu internationalisation is commendable; however, World of Pop is still local-first. To be at a rank with Disney, Pop Mart might need to position itself with a bigger lifestyle profile—global theme parks, media partnerships, and stories that last through time.
4. Sustainability of the Hype Machine
Toy fads—from Beanie Babies to Tamagotchi—have burned bright and faded. Labubu’s steep climb presents the question: Will it be able to burn out consumers, face regulatory backlash, especially in China against blind boxes, or just fatigue consumers with scarcity tactics?
Labubu is a modern marvel—a plush toy turned global cult icon, backed by a razor-sharp business model and record-breaking earnings. By mid-2025, Pop Mart had taken off full force and was nearing the mythical status in the collectibles world, the way quirky design and viral savvy could.
Yet to be “the next Disney”, a company has to tell immersive stories, stir emotions within the hearts of common men and women, entertain through large media franchises, and become a generational legacy. Labubu is shooting for the stars, but the ultimate question remains – whether it ever outgrows the “toy phenomenon” label and matures into a cultural dynasty.
In the era of the annexion of pop culture and commerce, Labubu has already made some big waves. Where Pop Mart goes next is the collision of commerce with narrative—whether they write a blockbuster story is yet to be seen.