Demi Moore, Mikey Madison, and Fernanda Torres Turn Up for Chanel and Charles Finch Pre-BAFTA Party
It's all over social media: Socialites in Asia nowadays spend more time talking about what color of Labubu toys they pair with exotic leather Birkins than their kids' education during Bible study.
In fashion, the fluffy figurine with a grin of spikey teeth, part of the China-based toymaker Pop Mart's The Monsters collection, is riding on the burgeoning bag charm trend and counts a string of pop stars, stylists, influencers, and even royals as its die-hard fans.
The Monsters range was created by the Hong Kong artist Kasing Lung. It includes Labubu, first designed in 2015, as well as other characters Zimomo, Spooky, Tycoco, and Pato. Lung signed a licensing agreement with Pop Mart in 2019.
Just like most of Pop Mart's popular toy ranges, the mischievous-looking Labubu is being sold as a plush toy, a mega-sized collectible and in a blind box, meaning the customer receives a random product from a themed series. It often includes standard styles that are revealed on the packaging, and hidden styles that are highly regarded among collectors.
Perfect magazine editor in chief and avid Hermès buyer Bryan Yambao, professionally known as Bryanboy, who has been seen attaching multiple Labubu dolls to his diverse range of rare Birkins, thinks Labubu and Hermès are a match made in heaven.
"The typical Hermès enthusiast is always on the hunt, always starved for that elusive thrill. These bloodthirsty, masochistic souls thrive on the chase, and collectibles are their prey. Labubu dolls are delightfully affordable, yet somehow released in such limited drops that they're practically impossible to track down," Yambao said.
"The irony? Watching these plush toys -- modest and affordable in price -- find themselves perched on a crocodile Birkin. The contrast between the two is joyous. A perfect pairing of the unattainable and the absurdly rare. It's almost too delicious," he contiuned.
Fashion stylist Harry Lambert, whose clients include Harry Styles, Emma Corrin and Eddie Redmayne, said he enjoys the process of collecting and has been trying to convert his friends and family to the cult of Labubu.
This past Christmas, Lambert brought a giant Labubu for his nephew and repurposed a smaller one as the star of the Christmas tree. He also carries his Labubu dolls alongside his Loewe bag on a daily basis.
"When I was a kid, I would collect Beanie Babies and loved watching cartoons, even as an adult my work desk is covered in toys, figures, and stickers. I am obsessed with mystery boxes and Pop Mart. I have been slowly getting all my friends into it too," said Lambert, who is also the co-creative director of Pleasing, a brand founded by Styles, the former One Direction member.
"I think it also comes from collecting Pokemon cards as a kid and the thrill of finding a rare one or one I wanted. I love the joy of Labubu. I love that they are hard to find. I love it when you see someone else with one out in the street. It brings a smile to my face," he added.
K-pop sensation, Blackpink member Lisa is also not shy about her love for Labubu.
The Louis Vuitton brand ambassador has been posting off-duty looks on social media where she accessorized her Vuitton bags with Labubu. Last April, she also shared a snap of her hugging a giant Labubu plush toy on Instagram.
Amy Melissa, a Singapore-based Labubu collector, said her curiosity about the doll sparked because of Lisa's endorsement.
"As a huge Blink, [the official fandom name of ,] I'm heavily influenced by K-pop idols when it comes to fashion and lifestyle, so naturally, I was immediately intrigued," she said.
One of the most exciting aspects of collecting Labubu, according to Melissa, whose friends threw a Lalubu-themed birthday party for her last year, is the thrill of the blind box.
"You never know which color you'll get, it adds an element of surprise and excitement to the entire unboxing experience. The hunt for Labubu was equally exhilarating, especially in the early days when they were completely sold out in official Pop Mart stores. Desperate to get my hands on them, I turned to resellers to fuel my growing obsession. The chase itself became part of the thrill, making me want to collect even more," she added.
Melissa now brings Labubu anywhere she goes.
"To me, Labubu is more than just a designer toy. It's a fashion statement. I love attaching them to my designer bags as unique accessories, and the ability to dress them up in stylish outfits makes them even more relevant in fashion conversations," she said.
Across the Gulf of Siam, the Thai royal family is in love with Labubu, too.
Ubol Ratana, the eldest child of former Thai King Bhumibol Adulyadej, carried a giant Labubu doll during her trip to China last summer.
Her security guard even prepared a transparent backpack to just carry the toy when the princess was busy with other duties. Footage of her carrying the doll while eating ice cream went viral on Chinese social media.
Thai princess Sirivannavari Nariratana, a fixture at the fashion week front row, attended the Hermès fall 2024 show in Paris in a pristine ensemble. She paired her crocodile Birkin bag with two dolls, one of them being a Labubu.
The royal endorsement has led to a rapid increase in Labubu's popularity in Thailand, thus causing long lines outside Pop Mart local stores, and an influx of Daigou buying up stock in China and nearby nations like Singapore to sell in Thailand. The value of certain rare models has skyrocketed in the secondary market.
Last July, to celebrate the opening of Pop Mart's sixth store in Bangkok, Thai government officials even rolled out the red carpet to welcome the arrival of Labubu, dressed in traditional Thai costume, at the Suvarnabhumi Airport in the Thai capital. The doll was greeted by hundreds of fans and the event was considered a triumph of Sino-Thai diplomacy.
Fashion designer Yushan Li, who now splits his time between Shanghai and Bangkok, said Thailand's obsession with Labubu exploded in 2024. Very often he flies with passengers carrying cases of Pop Mart blind boxes with them.
Li's label Pronounce, which he co-founded with partner Zhou Jun, was the first designer brand to launch an apparel collaboration with Labubu. Items infusing Labubu motifs were presented as part of the brand's fall 2024 collection during Milan Men's Fashion Week in January 2024.
"I wasn't aware of the popularity of Labubu. When we started the conversation about a collaboration with Pop Mart in 2023, we just wanted to dye its hair purple, our signature color, which would be a first for Labubu. We then expanded the scope to include a one-off apparel licensing agreement. Later we agreed to extend it for another round since it's been selling very well," Li said.
The inaugural large-size Labubu x Pronounce plush doll, wearing a beanie and a robe motif beige sweater under a purple corduroy dungaree, was released in March 2024. Following an instantly sold-out release, Pronounce issued two follow-up plush styles in September, with a large-size Labubu donning a modernized Mao suit, while another pocket-size one wears a gold tweed ensemble.
"The feedback has been extremely positive. As a Chinese fashion brand, it makes perfect sense for us to collaborate with fellow Chinese company Pop Mart to introduce Labubu, a China-made cartoon character to the world of fashion. I'd like to think the success of our collaboration helped accelerate Labubu's rising popularity within the fashion community throughout 2024," he added.
Pronounce, in return, also gets lots of love from Labubu fans.
"They want to dress in fashion featuring their favorite doll. Some even ask us to make bespoke outfits for their Labubu collection," said Li, adding that the brand is currently doing a Labubu window takeover at the upscale multibrand retailer Assemble by Réel in Shanghai, where a human size purple Labubu is prominently featured.
In the first half of 2024, the Hong Kong-listed Pop Mart's revenue outside of mainland China reached $189 million, up 259.6 percent year-over-year. It makes up nearly 30 percent of the company's overall earnings. Southeast Asia, in particular, generated $78.4 million in sales, representing more than 40 percent of the total international business.
In the period, The Monsters became the second most popular and one of the fastest-growing Pop Mart proprietary products. It is a business segment that contributed 96.2 percent of Pop Mart's total revenue.
The Monsters brought in 626.8 million renminbi, or $85.5 million, in the first half, representing 13.7 percent of the company's total revenue. In the same period a year prior, The Monsters contributed 159.8 million renminbi, or $21.8 million, to the revenue, meaning demand for The Monsters quadrupled within a year.
In a broader sense, the success of Pop Mart represents the rise of a new cohort of Chinese companies taking up global share not by cheap labor but by cultural soft power.
Just like "TikTok refugees" are discovering the beauty of the Instagram-plus-Pinterest-like social commerce platform Xiaohongshu amid a looming ban of TikTok in the U.S, Pop Mart offers an alternative to the traditional entertainment character IPs predominantly owned by the likes of Disney, Mattel, Nintendo and Sanrio.
Founded in 2010 by Wang Ning, Pop Mart kickstarted its global expansion following a blockbuster $676 million listing in Hong Kong in 2020.
It has since opened stores in the U.S., the U.K., Austria, Belgium, Croatia, Czech Republic, Denmark, Estonia, Finland, France, New Zealand, Australia, South Korea, Singapore, Thailand, Vietnam and the Philippines, and has rolled out blind box vending machines in these regions.
The company said in its earnings report that it plans to continue to expand the global business footprint and achieve further growth in Southeast Asia and European markets, strengthen partnerships with third-party platforms and content driven e-commerce platforms like TikTok, and to collaborate with more brands and artists. Previous high-profile brand partners include Moncler, Balmain and Lamborghini.
According to data from Cognitive Market Research, the size of the global blind box toys market is estimated at $14.25 billion in 2024, and is expected to grow at a compound annual growth rate of 6 percent from 2024 to 2031.