The Quick Facts
POP MART acquired Labubu rights in 2019. By 2024, The Monsters IP (Labubu's series) had grown 725% year-over-year. The plush category alone grew over 1200% in early 2025.
That's the story of how a Beijing company turned a Hong Kong artist's elf into a global sensation.
Who Founded POP MART
Wang Ning. Born 1987. Started POP MART in 2010 in Beijing's Zhongguancun district—China's tech hub.
The original concept wasn't toys. POP MART began as a trendy goods store selling cosmetics, stationery, and accessories. Think urban lifestyle retail, not collectibles.
The pivot came in 2014. Wang Ning dropped everything except toys. Full focus. One product category.
July 2016: First blind box series launched—Molly Zodiac, designed by Hong Kong artist Kenny Wong. The response was immediate. Collectors lined up. Secondary market prices spiked. POP MART had found its formula.
How They Got Labubu
2019 was the acquisition year. POP MART secured rights to Labubu from Kasing Lung's studio, How2Work, based in Hong Kong.
At that point, Labubu had existed since 2015 as part of "The Monsters" series. Kasing Lung had created the character—mischievous elf, 9 pointed teeth, rabbit-like ears—but lacked the distribution network to go global.
POP MART had:
- 288 retail stores across China
- 1,800+ roboshops (vending machines)
- A proven blind box system
- Marketing expertise
Labubu had:
- Unique design that stood out
- Emotional connection with collectors
- Kasing Lung's artistic vision
The marriage made sense.
The IPO and Explosive Growth
December 2020: Hong Kong Stock Exchange listing. POP MART raised $676 million. Market cap hit $7 billion on day one.
Investors saw what collectors already knew—blind boxes weren't a fad.
Key numbers from the prospectus:
- 200+ retail stores at IPO
- 1,100+ roboshops
- Revenue up 227% from 2018-2019
- Gross margin around 65%
The money funded international expansion. POP MART went from a Chinese phenomenon to a global player.
Current Scale (2025)
China:
- 288 retail stores
- 1,800+ roboshops
- Major presence in tier-1 through tier-3 cities
United States:
- 37 retail stores
- 52 roboshops
- Locations in California, New York, Texas, Florida
Global:
- 30+ countries
- Overseas revenue reached approximately 40% of total by 2024
- Physical presence across Asia, Europe, Americas
The Plush Explosion
This is the 2024-2025 story.
Labubu plush bag charms went viral in 2024. The category that barely existed became POP MART's fastest-growing segment.
The numbers:
- Plush category grew over 1200% in early 2025
- Now represents 21%+ of total revenue
- From niche product to core business in months
What happened? Celebrity endorsements created a chain reaction.
The Celebrity Effect
April 2024: BLACKPINK's Lisa photographed with Labubu bag charm in Bangkok. Photos spread across social media within hours.
February 2025: Rihanna spotted with Labubu at fashion event.
April 2025: Kim Kardashian posted with Labubu.
May 2025: David Beckham seen with the plush charm.
Each celebrity moment triggered search spikes and sellouts. POP MART couldn't keep stock on shelves. Prices on secondary market multiplied.
The celebrity-collector flywheel became self-sustaining. More celebrities wanted what other celebrities had. More collectors wanted what celebrities had. Scarcity increased. Prices increased. Media coverage increased.
The Counterfeiting Problem
Success brought problems.
August 2025: US Consumer Product Safety Commission issued warnings about fake "Lafufu" dolls. The counterfeits violated safety standards. Some contained hazardous materials.
The fake market exploded because real products were nearly impossible to buy at retail. When a $22 blind box resells for $80+, counterfeiters have margin to work with.
POP MART's response:
- QR code authentication in every box
- App verification system
- Legal action against manufacturers
- Consumer education campaigns
The fight continues. Every popular Labubu release attracts counterfeit versions within weeks.
The Business Model
Blind boxes: 59-69 RMB per box (approximately $8-10). Collectors don't know which figure they'll get. This drives repeat purchases and trading.
Secret rates: Typically 1:72 or 1:144 for rare figures. Some collectors buy entire cases (12 boxes) to increase odds.
Roboshops: Automated vending machines in high-traffic locations. Lower overhead than retail stores. 24/7 availability. Perfect for impulse purchases.
Limited editions: Event-exclusive and collaboration releases. These drive collector FOMO and secondary market activity.
What Makes Labubu Work
Three elements combined:
1. The Design Kasing Lung created something distinctive. The 9 teeth, the expression between cute and creepy, the rabbit ears—nothing else looks like Labubu. Collectors can spot it across a room.
2. The System POP MART's blind box model adds gambling psychology to collecting. The uncertainty of each purchase creates emotional highs. The chase for secrets creates community.
3. The Timing Labubu launched into a market ready for character collectibles. The kidult trend—adults buying toys—was accelerating globally. Social media amplified the community aspect.
The Competitors
POP MART faces increasing competition:
52TOYS: Beijing-based, strong in transforming figure designs TOPTOY: Backed by MINISO, aggressive retail expansion Dreamtoys: Focus on anime IP collaborations
But Labubu remains POP MART's flagship. No competitor has created an equivalent character with the same cultural penetration.
Looking Forward
The 725% growth in The Monsters sales (2023-2024) suggests momentum isn't slowing. The plush category's 1200%+ growth indicates new product categories can find audiences.
Upcoming developments:
- Continued US expansion (target: 100+ locations)
- European market growth
- New collaboration announcements
- Potential entertainment media (animation, games)
The question isn't whether POP MART and Labubu will continue growing. It's how much growth the market can sustain before saturation.
For New Collectors
Entry point: Standard blind box at $22 from official retailers Where to buy: POP MART stores, website, app, roboshops What to avoid: Third-party sellers without authentication What to know: Resale prices fluctuate with release timing and celebrity moments
The Labubu x POP MART partnership changed the designer toy industry. Whether you're collecting for fun or investment, understanding this history helps you understand the market.