Meet Labubu — The viral toy that made its maker China’s 10th richest man

A fluffy, mischievous-looking, fanged doll recently left Indian cricketer Rohit Sharma confused. In his Instagram story, he shared a picture of the figurines and wrote, ‘My girls tried explaining these to me, I still don’t get it.’ His wife and daughter are not alone. The Labubu doll has become a social media obsession for Gen Alpha, Gen Z, the Millennials, and even Gen X.

The dolls have been flying off the shelves in Asia, the US, and Europe, building a fortune for the Beijing-based maker Pop Mart. The Hong Kong-listed shares of the company have tripled from their closing price of HK$ 89.65 on December 31. This has helped catapult Pop Mart’s Chairman and CEO Wang Ning into the list of China’s top ten billionaires. This is his first entry into the top ten list of China’s billionaires. He has a net worth of $22.7 billion, as of June 12, according to the Forbes Real-time Billionaires List.

In 2024 alone, the company’s revenue was $1.8 billion, more than double the previous year. Factoring in the growing demand for the toy, Deutsche Bank and Morgan Stanley have lifted the price targets for the stock by 30-50%.

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But, what is Labubu?

Hong Kong-based artist Kasing Lung created Labubu and her monster friends a decade ago, taking cues from Nordic mythology. In 2019, Lung entered an exclusive partnership with collectable toy giant Pop Mart. Under the agreement, Pop Mart could produce and distribute Labubu and friends as collectable figures. From a soccer player to an astronaut to a trick-or-treater, Labubu has been released in at least 300 different iterations since then.

Since 2023, they’ve been available in the form of key chains. Pop Mart has also released other Labubu merchandise like phone charms, fridge magnets and mittens, among others.

From a plush toy to 2025’s viral sensation

Labubu gained widespread popularity after being spotted on the luxury bags of celebrities and in TikTok videos. Several reports suggest that Labubu’s entry into mainstream pop culture peaked last year after K-Pop girl group BlackPink’s Lisa shared a picture of her with Labubu. Reports also suggest that it led to a shopping spree in Thailand.

Celebrities like Rihanna, Dua Lipa, David Beckham, Ananya Pandey and Sharvari Wagh have also been spotted flaunting these little charms, propelling Labubu’s stature from a plush toy to a fashion accessory & 2025’s viral sensation.

In May 2025, Pop Mart temporarily suspended sales at its UK stores after reports of customers fighting over Labubu. In the US, one Labubu blind box retails for $27.99 while a reseller offers the same at more than double the price on eBay. Indian retailers sell a Labubu at a starting price of around ₹2,500-₹3,000, while resellers are raking in up to ₹15,000 for the rare versions.

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Why is everyone obsessed?

Influencers are crediting this obsession to Pop Mart’s distribution strategy. The Labubu comes in a ‘blind box’ and you won’t know what colour or design you are getting. This creates an element of mystery and makes unboxing an experience. It also makes the customer go back for more until they get the desired Labubu. Many of the variants are rare and get sold out within minutes on Pop Mart’s website, adding to the thrill of fans looking to clinch a collectible. A human-sized Labubu figure was sold for $150,000 in a Beijing auction on June 10, setting a new record for the toy.