A small toy monster with a toothy grin, known as a Labubu doll, has taken the world by storm, adorning the bags of millions of consumers — including popstar Rihanna and tennis champion Naomi Osaka.
Among the most popular Labubus is a bag charm, which is sold in a mystery “blind box” so the buyer doesn’t know which kind they’ll get. Fans have become hooked on hunting down rare models and completing full sets, fueling global sales. Other Labubu dolls have fetched thousands of dollars as collectors’ items in the resale market.
Pop Mart International Group Ltd., the Chinese company that manufactures these toys, has hit the jackpot. It reported a 204% jump in revenue in the first half of 2025. Its founder and chief executive officer has been vaulted into the ranks of China’s wealthiest people.
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