Labubus are taking over the world rn, no cap. Wang Ning, chairman and CEO of Pop Mart, became $1.6 billion richer this week. The Chinese toy company’s pop-ups are popping off in the US and the UK with Labubus selling out like crazy, and its app downloads have topped the App Store charts.
Pop Mart’s chairman predicted in March that the company’s total sales would grow by $2.7 billion year-on-year. Shares at Pop Mart rose by 13% this week, and the Forbes Real Time Billionaires List reported that the 38-year-old CEO is now worth $16.1 billion.
Over the past few years, there’s been a huge rise in customising bags with bag charms, keyrings, and other fun accessories: Lyst reported a 352% rise in demand month-by-month, and it’s not slowing down. You can’t catch us without a bag charm at this point. And Labubus are the new it-charm with everyone on TikTok, and even Cench hopping on the trend.
The collectible dolls were first introduced in 2015 by Hong Kong artist Kasing Lung. The artist linked up with Pop Mart in 2019 to bring the Labubus to 3-D form. Though they’ve always had their trusted cult following, the hype around Labubus specifically started last year with Lisa from Blackpink showing hers off on IG.
Collectibles like Labubus aren’t a new concept. After all, we’ve been collecting Pokémon figures, Sonny Angels and Monchichis (not to mention Bearbricks, Kaws and Supreme limited-edition figurines for the more elevated hype crowd). Whether it’s a nostalgia or a dopamine hit, or you just want to personalise your new Bottega bag, the Labubu is the new toy du jour, and it’s holding up the economy fr.
Featured image Central Cee©
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