Labubu, the plush toy phenomenon revolutionizing the toy industry in 2025
Labubu, a small creature with a unique design, has established itself as a true global toy star in recent years. Popularized in particular thanks to iconic pop culture figures like Rihanna, David Beckham, and Dua Lipa, this plush toy, designed by the Chinese giant Pop Mart, represents a remarkable turning point in the sector. Originally, these acrobatic plush toys were part of other collections such as Molly, Pucky, Dimoo, Satyr Rory, and the famous Japanese Sonny Angel collection, all of which captured the attention of the general public. But it was Labubu that took a step forward, becoming a true cult object, both for its unique shape—a mix of a mischievous rabbit with sharp teeth—and for the bold marketing strategy adopted by Pop Mart. Challenging traditional beauty standards and classic doll expectations, Labubu seduces with its unique and somewhat offbeat aesthetic, evoking a character from a fantasy universe close to Tim Burton’s style. This bold artistic choice allowed Pop Mart to differentiate itself not only in the design but also in the marketing of its products. This resonated particularly with Millennials and Generation Z, for whom inclusive and atypical figures represent strong symbols of individuality. This phenomenon went viral thanks to social media, particularly unboxing videos on TikTok, where consumers share their experiences around the mystery boxes containing these plush toys. Each unboxing thus becomes a moment of collective suspense, amplifying demand and multiplying fans around the world.
Labubu’s emergence is reminiscent of other cult brands such as Bearbrick, Tokidoki, and Kaws, where the act of acquisition goes beyond a simple purchase to become a true cultural and social experience. The exclusive nature of certain limited editions, sold at sometimes astronomical prices, has also contributed to the brand’s growing reputation. In short, Labubu perfectly illustrates how the convergence of art, digital marketing, and current consumer trends can create an iconic 21st-century product.
Discover Labubu, the Chinese plush toy manufacturer whose stock has surged 600%. We analyze the reasons for this exceptional growth and the success story of a brand that has become a must-have in the toy world.
Pop Mart is not just a toy manufacturer. It is a Chinese company that has successfully deployed a sophisticated business strategy to establish itself in international markets. In addition to Labubu, Pop Mart develops several popular franchises such as Molly, Pucky, Dimoo, and Satyr Rory, which are also enjoying significant success. By adopting a model based on “mystery boxes,” where the consumer purchases without knowing exactly which model they will receive, Pop Mart has created a tension and excitement comparable to that of treasure hunters.
This sales method fuels the desire to accumulate complete collections and stimulates resale on the secondary market, often at exponential prices. Indeed, some limited edition Labubu pieces have seen their value multiply, reaching several hundred euros or even an astronomical price of 150,000 euros for a giant sculpture, rivaling contemporary works of art. This uniqueness of Pop Mart toys creates a fascinating dynamic that goes far beyond traditional consumption; it represents a true collector’s market on a global scale.
Faced with this intense popularity, Pop Mart has had to manage unprecedented situations, including riots and stock shortages in stores in Europe and Asia, even forcing the company to temporarily suspend certain sales in the United Kingdom and South Korea. These episodes demonstrate the scale of the phenomenon. Furthermore, Pop Mart has successfully capitalized on social media, where visibility drives ever-increasing demand.
Another facet of its success lies in adapting its marketing to local markets. By 2025, approximately 70% of sales in Europe and the United States will now come from local consumers, demonstrating the brand’s successful integration into these cultures. Pop Mart sells its toys abroad at higher margins than in China, ensuring exceptional profitability for the company. This mastery of global consumer dynamics allows it to compete with long-standing Western brands such as Bearbrick and Tokidoki.
Stock market and finance: the spectacular rise of Pop Mart’s stock
The boom in Labubu plush toys has had a direct and massive impact on Pop Mart’s market valuation. Listed on the Hong Kong Stock Exchange, the stock has soared 600% over a one-year period. This remarkable performance places it among the recent records for stocks linked to consumer and cultural trends. Since the beginning of the year, the stock has risen by more than 170%, reflecting the market’s confidence in the sustainability of the phenomenon.
This surge is explained by the impressive growth in Pop Mart’s financial results. In 2024, revenue exceeded 13 billion yuan (approximately €1.55 billion), a more than fivefold increase since 2020. For comparison, at the same time, brands like Miniso posted a gross margin of 45%, while Pop Mart’s margin is capped at nearly 67%. This superior profitability reflects an effective command of premium segments and Western markets.
In 2025, growth continues unabated. The first quarter saw sales jump 900% in the United States and 600% in Europe, confirming the scale of its international success. Analysts such as Morgan Stanley estimate that Pop Mart’s revenue could reach $6 billion by 2027, representing growth of more than 500% compared to 2023. These projections underscore the disruptive nature of this company.
Pop Mart is also benefiting from strong momentum from savvy investors, such as Xie Tianyuan, manager of the Penghua Selected Return Flexible Allocation Mixed Fund. The latter quickly pivoted to Pop Mart in 2024, leaving behind other giants such as liquor producer Kweichow Moutai. The fund’s ability to anticipate trends related to Generation Z, which is strongly attached to pop culture and leisure, was a key factor in its performance, making it one of the best-performing in China this year.
Labubu and Cultural Impact: From Toy to International Pop Icon
Labubu is not just a simple collectible keychain or plush toy. This creature has crossed cultural boundaries to become a true symbol of global pop culture. Images of celebrities such as Rihanna walking down the street with a Labubu keychain attached to their bag have helped cement this iconic status. This phenomenon has deep roots in the identification mechanisms of younger generations who seek objects reflecting an alternative universe, sometimes “monstrous” but endearing, like the plush toys created by artists like Kaws or Tokidoki.
In France, the popularity of Labubu plush toys has revived nostalgia for the famous Monchhichi (or Kiki), while also breathing new life into the toy industry. Pop Mart stores often organize exclusive events, where lines can last for hours, reminiscent of the craze for limited-edition products like Bearbrick. These gatherings are opportunities to strengthen the sense of community between fans and collectors.
However, not everything is without controversy. The frenzy surrounding Labubu has generated some outbursts—riots, chaos in stores—which demonstrates the extent to which this toy has become a precious and rare commodity. Counterfeiting has increased, posing legal and ethical problems for Pop Mart and its consumers. Paradoxically, however, these tensions further reinforce the mystical aura of this atypical brand.
Beyond the commercial aspect, Labubu embodies a paradigm shift in the way cultural products are perceived: they are no longer simply consumer goods, but objects of desire, social status, and individual expression in a globalized and digitalized society.
The future of Pop Mart and Labubu’s place in the world of plush toys and connected toys
While Pop Mart dominates the Asian market and gains a strong presence in the West, the company is looking to the future with the intention of expanding its catalog and integrating new technologies. Inspired by the popularity of classic plush toys, the brand is also exploring competitors and collections like Molly, Pucky, Dimoo, and Satyr Rory, as well as parallel universes represented by prestigious names such as Bearbrick, Tokidoki, and Kaws.
In 2025, the development of connected or interactive plush toys is a serious avenue, capable of creating a new category of toys that combine physical objects with an enhanced digital experience. This integration could lead to a transformation in consumer habits, where objects become playful, social, and even educational tools. This is a development that particularly appeals to a generation adept at technology and online interactions.
Furthermore, Pop Mart relies on artistic collaborations and limited editions to maintain the desirability of its products and continue to build a loyal fan base. This business model, combining innovation, culture, and community, allows Pop Mart to pursue sustainable growth while maintaining Labubu’s unique aura.
In this context, the company also embraces social responsibility, committing to combating counterfeiting and improving the customer experience, particularly through the digitalization of points of sale and the expansion of secure resale platforms. This global positioning is a key asset in guarding against the pitfalls encountered in its early years and consolidating its role as a major player in the global toy market.
