BEIJING, Aug 26 — Labubu plush toys from China’s Pop Mart International Group Ltd. have ignited a global collecting frenzy, driving billion-dollar sales, record resale prices and soaring fortunes for its young founder.
The toothy dolls, packaged in mystery blind boxes, are fetching far above retail, with an ultra-rare edition once sold for US$150,000 (RM632,000) at a Beijing auction, Bloomberg reported.
Collectors from the United States to China are buying and reselling the toys as investments, while an ecosystem of doll clothing, meme coins and even rental services has developed.
The craze has helped propel Pop Mart’s market value to around US$55 billion, according to Bloomberg, with CEO Wang Ning’s net worth surging 243 per cent this year to US$26.2 billion.
The hype has drawn comparisons to Disney and Pokémon, though analysts warn Labubu may also mirror the 1990s Beanie Babies boom, which collapsed after years of speculation.
Critics point out that unlike Disney or Pokémon, Labubu lacks rich storytelling, films or television tie-ins that can sustain long-term consumer engagement.
Still, Labubu stands apart from earlier toy crazes by capitalising on social media buzz, blind box repeat purchases, and an investment-savvy generation raised on meme stocks.
Pop Mart sales have soared worldwide, with StockX reporting a 748 per cent jump in the first half of 2025 compared to all of 2024, making Labubu its top collectibles brand.
On eBay, global searches for “Labubu” in the collectibles category exceeded 450 per hour in May, highlighting the brand’s rapid rise in popularity.
Some investors warn of volatility, as secondary market prices for Labubu dolls fell by as much as 50 per cent from mid-June after Pop Mart boosted supply in China.
Data from analytics firm Hangzhou Zhiyi Technology Co. showed that sales at a major Taobao retailer specialising in Pop Mart toys plunged nearly 70 per cent in July from the previous month.
In response, Pop Mart says it has ramped up plush toy production tenfold while expanding sales channels to reduce reliance on resellers and cool speculative pricing.
The company has also accelerated its overseas push, with overseas revenue jumping 440 per cent in the first half of 2025 and plans for at least 60 new foreign stores by the end of next year.
Despite doubts over long-term value, new launches such as the mini Labubu continue to spark surging demand, sending Pop Mart’s shares to record highs.
However, analysts and collectors alike agree that Labubu’s future as a lasting cultural property is uncertain.
“I don’t think people are like, ‘yo, in 50, 20 years this Labubu is going to be a thousand dollars.’ I think people are just in it right now because it’s fun,” one collector said.
