Vol. 126 Pop Mart: The toy that took over 🧸

Case Studied
Lessons from Labubu

The blind box is one of the most reliably compelling retail tactics. The concept is simple: you know what you're buying into, but not exactly what you're getting. 

That gap between anticipation and reveal has driven repeat purchases across categories for decades, from baseball card packs to Japanese gashapon capsule toys to LEGO's collectible minifigure series. And one of the most successful recent examples of this approach came from Chinese toymaker Pop Mart. 

This week, Case Studied explores how Pop Mart turned Labubu into a global cultural phenomenon.

The Brief

Pop Mart was founded in Beijing in 2010, initially as a general retailer before pivoting to designer toy collectibles. In 2016, the company launched its signature blind box model, in which customers purchase a sealed package not knowing which figure they'll receive from a themed set. The model introduced elements of surprise, scarcity, and collection-building that helped grow a passionate fan base in China.

The character at the center of this story, Labubu, originated outside of Pop Mart entirely. Hong Kong-born artist Kasing Lung created the character in 2015 as part of an art series called The Monsters, which drew on Nordic folklore. Pop Mart licensed the character in 2019 and introduced it into their product lineup. 

For years, Labubu remained a modest performer within the company's wider portfolio. That is, until 2024.

The Execution

Pop Mart didn't engineer Labubu's breakthrough through a single campaign. They created the conditions for it through a combination of real-time data monitoring, product iteration, and aggressive resource reallocation when signals emerged.

The first major signal came in early 2024, when K-pop star Lisa from Blackpink was photographed with a Labubu keychain hanging from her bag. The image spread rapidly across social media, particularly in Southeast Asia, where Lisa has a massive following. 

Pop Mart's team was monitoring social and commerce data closely and when they registered the surge in engagement, they moved fast. The team reallocated product development and marketing resources to amplify Labubu.

Part of this pivot included a key product decision: the creation of a "soft vinyl plush" that combined expressive molded rubber faces with plush bodies. The format was a direct response to consumer engagement data showing that tactile, soft dolls generated more social sharing than their hard-shell counterparts. This new format made Labubu more shareable by design. 

Pop Mart also invested in the retail experience. Unlike competitors who distributed primarily through e-commerce and third-party retailers, Pop Mart built flagship stores with distinct visual identities. For many fans, going to a Pop Mart store became an event, not an errand.

On the community side, Pop Mart cultivated a shared vocabulary among fans that deepened belonging. Terms like 端盒 (buying a full set to find a specific figure) and 娃友 ("friends of dolls") spread through online communities and became markers of insider status. User-generated content like unboxing videos and haul posts flooded TikTok, Instagram, and RedNote.  

Exclusive collaborations reinforced the toy’s scarcity and cultural cachet. A Louvre-exclusive Labubu collection in Paris featured figures inspired by iconic artworks including the Mona Lisa and Girl with a Pearl Earring. And at one point, Pop Mart UK paused Labubu sales entirely to manage supply issues, which only stoked demand further.

The Results

Pop Mart's total revenue more than doubled in 2024, reaching approximately $1.81 billion USD. International sales grew by more than 700% year-over-year, with business outside mainland China accounting for nearly 40% of total revenue. The Monsters product line, anchored by Labubu, brought in over RMB 3 billion and accounted for roughly 23% of total company revenue.

Plush toy sales, driven primarily by Labubu's breakout, increased more than 1,200%. The company's market cap grew to approach $40 billion, surpassing legacy toy companies including Hasbro and Mattel. 

Secondary market prices also reflected the demand. Labubu figures that retail between $13 and $16 in Asia were reselling online for up to $700. In June 2025, a four-foot-tall Labubu sold at auction in Beijing for approximately $172,800 USD.

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The Takeaways

1) Monitor signals and act accordingly.

When Lisa's post with her Labubu went viral, Pop Mart was watching. They were tracking engagement signals across social platforms and commerce channels to identify what was gaining traction. So when Labubu spiked, they didn't wait for a planning cycle. They reallocated resources, scaled production, and leaned into the momentum while it was still building. The organic moment became a major commercial one because the infrastructure to respond was already in place.

Most brands have access to real-time signals, but how many of those signals do they actually act on? Social listening tools, engagement data, and search trend monitoring can surface genuine consumer interest. The hurdle is usually in organizational speed. Consider whether your team has the ability to move resources quickly enough to capitalize on emerging momentum.

2) Design for sharing.

The decision to create Labubu in a soft vinyl plush format was a direct product response to sharing behavior. Pop Mart's data showed that tactile figures generated more user-created content than hard-vinyl ones. Fans posted more when they could cuddle, carry, and interact with the toy so the product format itself was engineered for social media performance.

Think about the physical/experiential properties of your products or campaigns. Do they translate into something a customer would naturally want to share? Shareability is a design decision you make at the beginning. And when done strategically, the organic reach tends to follow. 

3)  Build community language, not just community.

Pop Mart supported the emergence of a shared vocabulary that made belonging to the community feel distinct. Fan-generated terms spread through social platforms and became part of how collectors identified themselves. Knowing the terminology was also part of how fans identified with one another. 

Are your brand’s most loyal consumers using a specific language? If so, consider how you can bring that language into the brand's identity by putting it on merch or including it in marketing materials. Leaning into consumer language can be a subtle but strong way to support your brand community.

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