What was the hottest toy in Asia this year? For many, the answer is a quirky, rubber-coated plush character with pointy ears, devilish eyes, jagged teeth and a mischievous grin.
Labubu, designed by Hong Kong-born Kasing Lung and made by Pop Mart, China’s leading retailer of trendy toys, has captured the hearts of fans across the continent with its unusual and eye-catching design.
Pop Mart, the “largest and fastest-growing enterprise in the trendy toy industry” according to a report by Guosen Securities released at the end of last month, has witnessed double-digit sales growth in China and triple-digit growth in international markets in the past year.
Labubu and other mystery collectables, often kept in sealed packaging known as blind boxes, are helping to reshape the global perception of “made in China” products. Instead of being seen as cheap, mass-produced items, the toys are gaining global recognition for their unique designs, brand power, and their ability to tap into emerging consumer trends.
At a Pop Mart store in Shanghai’s Xuhui district, one customer said she had finally managed to buy a Labubu set after months of waiting.
“I could never get one when the stock was replenished online because so many people rushed to buy at the same time,” she said. “Today, I finally got one at an official store, and I’m so happy!”
When asked why she loved the toy, the young woman said: “I love the design; I feel happy when looking at it.”
While demand for Labubu, the flagship toy in Pop Mart’s collection, has outstripped supply in China, it has also become a sensation in other parts of Asia as well.
In April, Lisa, a Thai member of the popular K-pop group Blackpink, posted a photo of herself online cuddling a Labubu doll that also showcased a Labubu keychain on her bag. That sparked a surge in the toy’s popularity in Thailand that quickly spread to Vietnam, Singapore and beyond.
Pop Mart’s third-quarter business update showed that the company’s overall revenue grew by between 120 and 125 per cent year on year. Revenue in mainland China increased by between 55 and 60 per cent, while revenue from Hong Kong, Macau, Taiwan and international markets grew by between 440 and 445 per cent.
