Labubu Character Drives Pop Mart's $5.1 Billion Revenue

The character Labubu, part of Pop Mart's "The Monsters" collection, significantly boosted the company's financial performance in 2025. Labubu's popularity, characterized by its distinctive appearance with big eyes, sharp teeth, and furry body with rabbit-like ears, led to its widespread presence on accessories like belts and bags, fostering a "mini-economy of customization" around the toy. This surge in demand propelled Pop Mart's 2025 revenue to $5.1 billion, marking an impressive 184% year-over-year increase. The "The Monsters" collection alone generated $2.1 billion globally in 2025, with North America identified as Pop Mart's primary growth market.

Interest in Labubu, already established in Asia, saw a notable expansion in the U.S. This growth was attributed to endorsements from celebrities and engagement from collectors on social media platforms. Coinciding with this rising interest, Pop Mart strategically opened 22 new stores across six months in the U.S. The launch of a new line of "tie-dye Labubus" further intensified consumer enthusiasm, leading to a demand that Pop Mart struggled to meet, according to Emily Brough, Pop Mart's head of IP licensing for the Americas. Brough noted that "within that time we’d really seen the excitement for the character grow" and that the "Big Into Energy" launch in April 2025 served as a major inflection point.

Collectors like Andrew Zheng played a role in amplifying Labubu's reach. Zheng discovered Labubus through a friend who highlighted their scarcity in China and limited availability in the U.S., which motivated his pursuit. His efforts to acquire a Labubu during a trip to China exemplify the character's collectible appeal. Upon obtaining a Labubu, Zheng joined a growing community of collectors who shared content such as unboxing videos and guides on upcoming product releases across social media. Zheng leveraged the demand for "newscasting and unboxings" to build his social media following, initially focusing on an informational perspective to engage his audience.