Labubu: The Next Global Super IP Overtaking Hello Kitty?

Could Labubu be the next global phenomenon, poised to eclipse even the iconic Hello Kitty? According to a recent report by JPMorgan Chase, the answer might be a resounding yes. Analysts Kevin Yin and Yibo Wu highlighted striking similarities in character style and business model between Labubu and Hello Kitty, suggesting that Labubu is rapidly emerging as a new-generation super IP, even surpassing Hello Kitty in search popularity.

JPMorgan Chase forecasts that THE MONSTERS series, featuring Labubu, could see sales soar from 3 billion RMB in 2024 to a staggering 14 billion RMB by 2027, underscoring its immense potential as a super IP.

Labubu VS Hello Kitty: A Comparative Analysis

The report draws compelling parallels between Pop Mart's Labubu series and Sanrio's Hello Kitty, focusing on several key aspects:

• Popularity Surge: Google Trends data reveals an exponential surge in Labubu's search interest over the past year, surpassing Hello Kitty in May 2025. This surge indicates a rapidly growing global brand influence, particularly in Southeast Asia (where search interest is 1-4 times higher than Hello Kitty), Mexico (2 times higher), and Spain (1.4 times higher). The report emphasizes that search interest is a strong indicator of consumer interest and a leading predictor of future sales momentum.
• IP Design Philosophy: Hello Kitty is beloved for her simple and cute design, evoking emotional resonance through clean lines and soft colors. Labubu, on the other hand, presents a distinctly different style. With its playful and mischievous appearance, characterized by large eyes, pointed teeth, and a fluffy tail, Labubu appeals to collectors seeking individuality.
• Commercialization Strategies: Hello Kitty boasts a mature commercialization path, primarily through extensive licensing agreements, allowing numerous brands to incorporate her image into various products. This model generates substantial revenue for Sanrio and significantly expands Hello Kitty's market reach. Labubu, however, emphasizes independent operation and innovation. Pop Mart introduced Labubu to the market through blind boxes, rapidly attracting a large consumer base. Additionally, Labubu has expanded its product line to include plush toys, stationery, and collaborations with renowned brands. This independent operation model allows Pop Mart to maintain greater control over product quality and brand image.
• Market Performance: Since its debut, Hello Kitty has amassed a cumulative retail sales revenue of $8.45 billion USD. While Labubu, launched in 2019, achieved sales of 3 billion RMB in 2024, its growth rate surpasses Hello Kitty's early trajectory, highlighting its substantial market potential.

What Makes Labubu a Rising Super IP Star?

The report attributes Labubu's success to several key factors:

1. Product Innovation: Labubu utilizes a unique vinyl plush material, setting it apart from most other IP characters and accentuating the character's softness.
2. Celebrity Influence: High-profile celebrities have embraced the product, showcasing their Labubu plush toys on social media, further amplifying its popularity.
3. Strategic Marketing Campaigns: As part of a marketing initiative organized by the Tourism Authority of Thailand and Pop Mart, life-sized Labubu figures toured Bangkok as Wonderful Thailand Explorers in July of last year, generating considerable buzz on social media.
4. Significant Investment by Pop Mart: This includes hosting Labubu live performances at the Pop Mart theme park in Beijing and opening its first offline retail store in Thailand in 2023.

Based on a comparison of search interest, consumer interviews, social media observation, and retail market analysis, the report projects that annual sales of THE MONSTERS series, featuring Labubu, could reach 14 billion RMB. In an optimistic scenario, Labubu could achieve 100% of Hello Kitty's search popularity by 2027 (it was at 70% YTD in early 2025, nearing 100% in April and almost 200% in May).

Future Growth Engines: New IPs and AI Toys

JPMorgan Chase believes that Pop Mart may see new growth drivers emerge in the next 1-3 years, in addition to existing IPs. The report forecasts that THE MONSTERS series featuring Labubu will account for 27% of the group's annual revenue by 2027.

Molly and Crybaby are expected to become the second- and third-largest IPs, with sales exceeding 5 billion RMB each.

Regarding product categories, the report anticipates that traditional blind box figurines will remain the primary product category, although their sales contribution is expected to decline from 53% in 2024 to 43% in 2027. Other product categories, including plush toys (increasing from 22% to 27%), MEGA large figurines (increasing from 13% to 14%), and other products (increasing from 12% to 16%), are projected to increase their sales contributions.

Furthermore, while Pop Mart has not publicly disclosed its AI strategy, analysts believe that AI toys will become a new trend in the Chinese toy industry, with Pop Mart poised to lead the way. AI can enable more interactive and personalized toy experiences, such as voice recognition, personalized learning experiences, and augmented reality features.