Labubu Mania: How a Forest Elf Became a Million-Dollar Collectible

The world of collectible toys has witnessed an unprecedented surge in popularity, and at the forefront of this wave is Labubu, the mischievous forest elf created by Hong Kong artist Kasing Lung. With its distinctive nine teeth, pointy ears, and endearing expression, Labubu has captured the hearts of collectors worldwide, driving auction prices to astonishing heights and fueling a frenzy in both legitimate and secondary markets.

Million-Dollar Monster: Auction Records Shattered

The fervor surrounding Labubu reached new heights on June 10th at the Yongle 2025 Spring Auction. A mint-colored, first-generation Labubu, standing at 131cm tall and touted as “the only one in the world,” fetched an astounding 1.08 million RMB.

Additionally, a limited-edition (15 pieces worldwide) brown Labubu sold for 820,000 RMB. These record-breaking sales underscore Labubu’s status as a highly sought-after collectible, transcending mere toy status to become a valuable art piece.

Celebrity Endorsements and Social Media Buzz

The rise of Labubu has been further amplified by celebrity endorsements and social media buzz. Rihanna, David Beckham, and other prominent figures have been spotted showcasing their Labubu collections, further fueling the toy's popularity. The “bag charm” design has also contributed to its widespread appeal, allowing collectors to display their Labubu figures as accessories, transforming them from static home decorations into social statements.

Pop Mart's Golden Goose

Pop Mart, the leading toy company that signed Kasing Lung's The Monsters series in 2019, has greatly benefitted from Labubu's popularity. The Labubu series has become a major revenue driver for the company, with the IP THE MONSTERS generating 3.

04 billion RMB in revenue in the past year, a staggering 726.6% increase. This single IP now accounts for 23.3% of Pop Mart's total revenue, cementing Labubu's position as the company's top-performing IP.

Pop Mart's overall financial performance has mirrored Labubu's success. In 2024, the company reported a revenue of 13.04 billion RMB, a 106.9% increase year-over-year. Adjusted net profits also soared by 185.9% to reach 3.4 billion RMB.

The company projects revenues exceeding 20 billion RMB in 2025.

Cracking Down on Counterfeits

The immense popularity of Labubu has inevitably led to the proliferation of counterfeit products. In response to this issue, authorities in Yiwu, a major manufacturing hub in China, have launched crackdowns on factories producing unauthorized replicas. Online marketplaces and retailers are also taking measures to remove listings for counterfeit Labubu products.

Despite these efforts, distinguishing between genuine and fake Labubu figures remains a challenge for consumers.

The Future of Labubu

The Labubu phenomenon shows no signs of slowing down. With its unique design, celebrity endorsements, and Pop Mart's strategic marketing efforts, Labubu is poised to remain a dominant force in the collectible toy market. As Pop Mart continues to expand its global presence, Labubu's appeal is likely to extend to even wider audiences, solidifying its status as a true pop culture icon.

It remains to be seen whether this momentum will continue, but for now, Labubu's success story is a testament to the power of art, branding, and the ever-evolving world of collectible toys.