"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."
"Pop Mart's fortunes have swelled as Labubu dolls have sold out around the world. The Beijingheadquartered 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."
Labubu, an "ugly-cute" collectible doll from Chinese toymaker Pop Mart, became a global craze in 2025, selling out across Beijing, Shanghai and Hong Kong and drawing celebrity attention. Pop Mart reported 13 billion yuan in revenue for the first half of 2025, more than 200% higher year‑on‑year, and 4.5 billion yuan in net income, nearly 400% higher. Labubu accounted for about one-third of sales. Shares rose over 125% in 2025, lifting market capitalization to roughly $37 billion and founder Wang Ning's net worth to about $18 billion. Company leadership said the surge's duration is uncertain.
Read at Fortune
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