Labubus — the fluffy, sharp-toothed figurines adorning belt loops and bags across the globe — aren’t just toys. They’ve become acultural and commercial phenomenon.
The creepy-cute collectibles, typically sold in “blind boxes” that conceal the design inside, have gone from niche toy toglobal craze, propelling a revenue explosion at Pop Mart, the Chinese company behind the product. And for collectors chasing the rarest versions — like the elusive “secret” Labubu — the price of obsession can add up fast.
In 2024, the companyreportedrevenue of more than $1.8 billion, including $420 million outside China, in part because of Labubu sales. CNN unpacks how this tiny plushie helped fuel a billion-dollar business.
The furious interest in the brand has fueled many new offerings from Pop Mart for US customers in recent years, according to an analysis of the company’s products, which lists release dates in their descriptions online.
The cumulative number of dolls, figurines and related “The Monsters” products, which includes Labubu, has more than doubled in recent years, according to a CNN analysis.
Part of the demand is perhaps driven by a clever sales tactic. Popular Labubu blind boxes offer six possible designs — and a chance at a “secret” variant. Pop Mart advertises that buyers have a1-in-72 chanceof unboxing these coveted versions.
For collectors chasing those dolls, the price of obsession can theoretically add up fast. A CNN simulation found that scoring one could cost the average buyer around $2,000.
To help illustrate how rare and potentially expensive these items can be, CNN used a computer script to simulate 10,000 buyers and how much they would need to spend before unboxing one.
Some people in this mock sale got lucky early. Others had to keep buying — dozens, sometimes hundreds of times — to succeed.
Despite the boom in demand and new products, availability at Pop Mart’s online and retail stores hasn’t kept pace. The company lists nearly 100 products in its “The Monsters” series on its website for US customers.
Yet only a handful of the toys were in stock this week, when a flash sale of two of the company’s most popular Labubus sold out rapidly.
Thoughthe scarcity of furry figurines is acentral part of the Labubu ecoystem, reseller communities online and in local collector shops keep buyers hooked.
The online seller eBay, for example, hasmore than 19,000Labubuproducts — many of them listed at higher prices than on Pop Mart. And online search interest in Labubu has also skyrocketed in the last year, especially in California, Nevada, Texas and Hawaii,according to Google Trends.
CNN’s Olivia Kemp contributed reporting to this story.