BEHIND LABUBU MANIA

The Labubu craze has powered monster growth for Chinese toymaker Pop Mart and revealed new consumer trends that could shape economies long after the phenomenon fades.

- NICHOLAS GORDON

AT THE FORTUNE GLOBAL FORUM in late October, the CEO of Hong Kong Exchanges and Clearing, the operator of the Chinese city’s stock exchange, shared an investor obsession.

"What is also emerging is a very interesting phenomenon, what we call 'new consumption," Bonnie Chan told the audience. Her prime example? "This thing called Labubu."

The ugly-cute doll, sold by Chinese toymaker and retailer Pop Mart, is the hottest item of 2025 and, as Chan mentioned, evidence of the new trend in Chinese consumers making emotionally driven purchases. Shoppers have queued up at Pop Mart outlets in Beijing, Shanghai, and Hong Kong to buy the dolls. Celebrities like Rihanna, Lisa, and Dua Lipa have been photographed with the toy hooked on their handbags. Tennis star Naomi Osaka has proudly touted her bejeweled, customized Labubu dolls on TV, naming them “Andre Swagassi” and “Billie Jean Bling.”

Pop Mart’s fortunes have swelled as Labubu dolls have sold out around the world. The Beijing-headquartered toy retailer, known for selling toys via “blind boxes,” reported 13 billion Chinese yuan in revenue ($1.9 billion) for the first six months of 2025, up more than 200% from the same period a year earlier. Profits have surged by even more: Pop Mart earned 4.5 billion yuan ($630 million) in net income, up almost 400%. Labubu alone made up a third of its sales. The global surge has been so strong, that even CEO Wang Ning has admitted he can’t accurately forecast how long it will last.

The toy store’s shares have surged over 125% since the beginning of 2025, making it one of the best-performing stocks on Hong Kong’s benchmark Hang Seng Index. (Pop Mart joined the index in September.) Even after shares dropped 40% from their peak, Pop Mart’s $37 billion market cap is still worth as much as Hasbro, Mattel, and Sanrio combined. The stock surge also hiked the wealth of Pop Mart’s founder, Wang, who’s now worth $18 billion, according to Bloomberg.