Labubus — the fluffy, sharp-toothed figurines adorning belt loops and bags across the globe — aren’t just toys. They’ve become a cultural and commercial phenomenon.
The creepy-cute collectibles, typically sold in “blind boxes” that conceal the design inside, have gone from niche toy to global craze, propelling a revenue explosion at Pop Mart, the Chinese company behind the product. And for collectors chasing the rarest versions — like the elusive “secret” Labubu — the price of obsession can add up fast.
In 2024, the company reported revenue of more than $1.8 billion, including $420 million outside China, in part because of Labubu sales. CNN unpacks how this tiny plushie helped fuel a billion-dollar business.
The furious interest in the brand has fueled many new offerings from Pop Mart for US customers in recent years, according to an analysis of the company’s products, which lists release dates in their descriptions online.
The cumulative number of dolls, figurines and related “The Monsters” products, which includes Labubu, has more than doubled in recent years, according to a CNN analysis.
Part of the demand is perhaps driven by a clever sales tactic. Popular Labubu blind boxes offer six possible designs — and a chance at a “secret” variant. Pop Mart advertises that buyers have a 1-in-72 chance of unboxing these coveted versions.
For collectors chasing those dolls, the price of obsession can theoretically add up fast. A CNN simulation found that scoring one could cost the average buyer around $2,000.
To help illustrate how rare and potentially expensive these items can be, CNN used a computer script to simulate 10,000 buyers and how much they would need to spend before unboxing one.
Some people in this mock sale got lucky early. Others had to keep buying — dozens, sometimes hundreds of times — to succeed.
Despite the boom in demand and new products, availability at Pop Mart’s online and retail stores hasn’t kept pace. The company lists nearly 100 products in its “The Monsters” series on its website for US customers.
Yet only a handful of the toys were in stock this week, when a flash sale of two of the company’s most popular Labubus sold out rapidly.
Though the scarcity of furry figurines is a central part of the Labubu ecoystem, reseller communities online and in local collector shops keep buyers hooked.
The online seller eBay, for example, has more than 19,000 Labubu products — many of them listed at higher prices than on Pop Mart. And online search interest in Labubu has also skyrocketed in the last year, especially in California, Nevada, Texas and Hawaii, according to Google Trends.
CNN’s Olivia Kemp contributed reporting to this story.
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