How Did It All Begin?
At the beginning of the story stood Kasing Lung, an artist from Hong Kong, who – after moving to the Netherlands – became so fascinated by Scandinavian folklore that it later inspired his book The Monsters. At that time, Lung didn’t yet know that one of his characters would spark a global craze across all age groups. Of course, we're talking about Labubu, which was physically produced in 2019 in collaboration with the company Pop Mart. As of mid-2025, there are now more than 300 different versions, which only highlights the growing interest in this toy.
“Daddy? Can I Have This $170,000 Toy?”
Essentially, Labubu figurines are sold through so-called blind boxes – packaging that hides the toy inside – with prices ranging from $20 to $30. That’s a relatively accessible price point, but the skyrocketing prices apply to purchases on the secondary market. While common editions are sold for hundreds of dollars, rare collections can reach prices of up to $70,000. The current record is held by a life-sized version – approximately 120 cm tall – which was auctioned for $170,000. Based on that, one could argue that Labubu is beginning to resemble markets for fine art or other collectible assets. However, it remains uncertain whether this combination of uniqueness and willingness to pay tens of thousands of dollars is sustainable in the long run.
Key Demand Factors
Among the factors driving Labubu’s rise in popularity is the aforementioned blind purchase element. The randomness greatly increases impulsive and repeated buying. Equally important is the toy’s popularity among celebrities such as Rihanna, Dua Lipa, and Kim Kardashian, as well as its viral presence on social media under the hashtag #Labubu. Ultimately, strong demand is also supported by Pop Mart’s underlying fundamentals. In the first half of 2024, the company’s profit increased by 93.3 percent to $128.4 million. These results were achieved alongside revenue growth of 62 percent year-over-year, surpassing $642 million. The company has also issued a forecast for the first half of 2025, anticipating growth of up to 350 percent. [1]
Is Labubu Truly an Investment?
Much like in the 17th century when the Dutch tulip bulb market saw massive value spikes followed by a sharp collapse, we also cannot rule out the risk of price drops in the case of Labubu, nor can we assume that this trend is guaranteed to last. If the initial hype and fear of missing out (FOMO) wear off, it’s possible that multi-thousand-dollar investments will become significantly devalued. On the other hand, investors who still wish to be part of the Labubu story may consider purchasing shares of the parent company Pop Mart, which has growth potential even if Labubu declines, since it already maintains a diversified product portfolio. [2]
[1,2] Forward-looking statements are based on assumptions and current expectations, which may be inaccurate or influenced by changes in the current economic environment. Such statements are not guarantees of future performance. They involve risks and uncertainties that are difficult to predict. Actual outcomes may differ significantly from those expressed or implied in any forward-looking statements.
