Monster Hit

How Labubu took over the world-one unboxing video at a time.

- BY DAVID SALAZAR

WITH BIG EYES, SHARP TEETH, AND A FURRY BODY with rabbitlike ears, Labubu-a character in Chinese retailer Pop Mart's "The Monsters," based on Nordic folklore-ruled the summer of 2025. It adorned millions of belts and bags and created an entire mini economy of customization around it. The toy's popularity helped Pop Mart's 2025 revenue hit $5.1 billion, a 184% year-overyear change. The Monsters brought in $2.1 billion globally in 2025, with North America as Pop Mart's largest growth market. Interest in the character-already well-known in Asia-grew in the U.S. thanks to celebrities and collectors on social media, amid the opening of 22 Pop Mart stores in six months. Then Pop Mart launched a new line of tiedye Labubus, and consumers went wild. A year later, some key people look back on Labubu mania.