The Rise of Labubu: How a 'Ugly-Cute' Elf Became a Global Phenomenon

The Unlikely Ascent of Labubu: From Obscurity to Global Sensation

The collectible toy world has seen something extraordinary in recent years: the explosive popularity of Labubu. This "ugly-cute" elf, with its nine pointy teeth and mischievous grin, has taken the globe by storm. Blind boxes sell out instantly, fans camp out overnight for a chance to buy them, and there have even been reports of customers fighting over these sought-after figurines.

From London's prestigious Harrods to the bustling streets of Bangkok and the vibrant malls of the United States, the Labubu craze has swept across continents.

But behind this global sensation lies a captivating story of two men: Dragon, the introverted artist who created Labubu, and Wang Ning, the visionary entrepreneur who recognized its potential and catapulted it to international stardom. Together, they transformed an obscure character into a cultural icon, shaping the consumer landscape of 2025.

Dragon: The Solitary Artist Forging a Whimsical World

Dragon's childhood was marked by solitude. Born in Hong Kong in 1972, he moved to the Netherlands at the age of six. Unable to speak the local language, he found solace in picture books. These colorful and engaging stories opened up a world of imagination, sparking his creativity and laying the foundation for his future artistic endeavors.

One book that particularly resonated with him was Maurice Sendak's Where the Wild Things Are. He identified with the young protagonist who, after being scolded by his mother, sails away to a land of wild creatures and becomes their king. Dragon's imagination flourished, and he began creating his own fantastical worlds, filling them with unique characters and captivating stories.

After graduating with an art degree in 1995, Dragon returned to Hong Kong in search of opportunities. He worked in various illustration-related fields, from advertising design to website development. However, economic downturns and his girlfriend's (now wife) relocation to Belgium prompted him to move back to the Netherlands, where he pursued a career as a freelance illustrator.

Dragon balanced commercial work with his personal artistic pursuits. His distinctive style caught the attention of a publisher, who suggested he create a children's book. Despite facing initial rejections, Dragon persevered, studying the market and refining his craft. His determination paid off when he won a prestigious European picture book competition, becoming the first Chinese artist to receive the award.

However, success remained elusive. His published books sold poorly, with critics deeming his characters too 'wicked'. But Dragon continued to hone his unique style, attracting the attention of How2work, a Hong Kong-based toy brand. In 2010, they contacted Dragon to explore the possibility of turning his characters into toys, leading him back to Hong Kong.

Despite his wife's support, the initial years were challenging. Sales were dismal, barely reaching double digits. Dragon faced financial hardship and self-doubt, even contemplating giving up. However, his wife's unwavering belief in his talent spurred him to continue.

Wang Ning: The Entrepreneurial Visionary

Wang Ning's journey was not without its challenges. In 2015, his company, Pop Mart, encountered a significant financial crisis, losing over 15 million yuan. Founded in 2010, Pop Mart initially aspired to become a haven for trendy toys, akin to a "Watsons" for the niche market, but struggled to find its footing.

A turning point came with the unexpected popularity of Sonny Angel, a small Japanese doll with numerous variations. Its sales skyrocketed, signaling a shift in consumer preferences. Wang Ning recognized the potential of the trend and pivoted Pop Mart's business strategy towards developing and promoting intellectual property (IP).

In 2016, Pop Mart signed Wang Xinming, the designer of the popular Molly character. The first Molly blind box collection sold an impressive 80,000 units in just 20 days, generating nearly 5 million yuan in revenue and marking Pop Mart's first profitable venture.

Wang Ning then embarked on a global quest to find undiscovered artists with devoted fan bases. This led him to Dragon and his Labubu character. Recognizing Labubu's unique appeal and cultural potential, Pop Mart signed an exclusive licensing agreement with Dragon in 2019.

The Perfect Storm: Labubu's Explosion onto the Global Stage

Pop Mart's blind box format proved to be the perfect vehicle for Labubu's rise to fame. The company's revenue soared, exceeding 1.6 billion yuan. Despite facing skepticism from some investors, Wang Ning remained focused on building a global cultural brand.

In 2021, Pop Mart expanded into Southeast Asia, opening its first store in Singapore. In 2022, the company prioritized international expansion, with overseas markets becoming a key focus for the next decade. The brand's success reached new heights in 2024, fueled by endorsements from celebrities like Blackpink's Lisa, Rihanna, and David Beckham.

Labubu's popularity surged, driven by celebrity endorsements and Pop Mart's strategic localization efforts. The company's revenue from the Labubu series skyrocketed to 3.041 billion yuan in 2024, an increase of 726% year-on-year. Overseas revenue reached 5.07 billion yuan, accounting for nearly 40% of total revenue, with Southeast Asia experiencing growth exceeding 600%.

More Than Just a Toy: Labubu's Enduring Appeal

Labubu's success has propelled Wang Ning to become one of China's wealthiest individuals. But for Wang Ning and Dragon, Labubu represents more than just financial success. It embodies a shared sense of joy and connection that resonates with people worldwide.

Dragon sees Labubu as a symbol of resilience and optimism, reminding people to smile even in the face of adversity.

Labubu's global success is a powerful reminder of the impact of creativity, entrepreneurship, and the universal desire for accessible joy.