A 4-foot doll sold for $170,000 last week at an auction in Beijing.
If you're surprised by that result, you probably aren't following the Labubu trend.
What is the latest pop-culture craze that has overtaken the world of collectible toys? Cllct explains:
What is Labubu?
Labubu toys were created by Pop Mart, a Hong Kong retailer, in 2019, following their introduction in graphic novels in 2015.
The elf-like plush and vinyl figures feature the same combination of cuteness and ugliness that many found appealing in previous toys such as Hello Kitty and Cabbage Patch Kids. They are released in limited-edition blind boxes.
The brand collaborates with artists to create its own IP through the release of various series and sets that collectors chase. One of the biggest reasons for their success is the delivery mechanism of blind boxes, which add a breaking-like element and drive excitement.
How much do boxes cost?
Boxes cost $20-$30 on the primary market ... if you can get your hands on them before they sell out.
Otherwise, you need to head to the secondary market, where they often go for five times that, if not more. One rare Labubu sold for a record $170,000 last week.
How popular are they?
Pop Mart now has 500 stores and 2,000 vending machines worldwide. Labubu accounts for $700 million (around 40%) of Pop Mart’s revenue in 2024.
The hype is growing stateside as well, with the company planning to open more than 20 stores in the United States before the end of 2025.
What started the craze?
Lisa Manoban, a Thai singer from the K-pop group Blackpink, wore one on her bag in 2024, sending the toys into a massive craze.
What’s the secret sauce?
With its blind box model, collectors and fans know which set they have a chance of getting, but not the specific toy, adding a layer of excitement and thrill-seeking to the box opening, not unlike sports card box breaking.
Who is it for?
Though one might think it is geared for kids, Pop Mart actually says its main demographic is actually “Kid-Dults,” a segment of millennials looking to collect things that remind them of their childhood.
Is it gambling?
Some argue it is, and we have even seen some regulatory efforts in Asian markets. One law proposed in Singapore would cap blind box sales at $100. In China, lawmakers have enacted a minimum age of 8 for buyers.
Will Stern is a reporter and editor for cllct, the premier company for collectible culture.