Labubu keeps on striking the right chord
Apple CEO Tim Cook's unexpected appearance at Pop Mart's 10th anniversary showcase in China this week sparked both social media buzz and a stock rally.
During his visit on Monday, Cook toured the "The Monsters" exhibition in Shanghai, met Pop Mart founder Wang Ning and artist Kasing Lung, and was gifted a custom Labubu figurine — a version of the brand's best-known character — clutching an iPhone. Videos and photos of Cook's meeting quickly went viral on social media, sending Pop Mart intraday shares up as much as 6 percent to HK$276.8 ($35.6) before paring gains to close at HK$263, with trading volume exceeding HK$4.4 billion.
The company has reported record sales and a surge in demand for its collectibles across the globe. On Dewu App, a trendy online shopping platform, the Labubu third-generation series, released in April, has been purchased by 580,000 users, with more than 740,000 others listing it as "wanted". The hidden edition Labubu ID, initially priced at 99 yuan ($13.9), peaked at 4,523 yuan — a 45.7-fold increase — before falling back to around 664 yuan after restocks.
Strong momentum was also seen in sales of its other intellectual properties such as Twinkle Twinkle and Skullpanda. Many figurines were sold out instantly upon release, driving robust resale premiums. Pop Mart's first-half 2025 financial report highlights its continued growth. Revenue from Labubu skyrocketed 6.7 times to 4.81 billion yuan, while Skullpanda brought in about 1.2 billion yuan, more than doubling from a year earlier.
The rise of Pop Mart mirrors a wider wave of Chinese guochao (domestic trend) brands gaining global attention. In the first three quarters, China's exports of festive supplies, dolls and animal-shaped toys exceeded 50 billion yuan, reaching more than 200 economies, said Wang Jun, vice-minister of the General Administration of Customs.
Travelers visiting China increasingly treat Labubu as must-buy souvenirs, and international fans have begun showcasing their collections online. China Open men's singles finalist Learner Tien from the United States, for instance, gave a public shoutout to friends who gifted him Labubu toys during a recent trip in China.
Labubu has demonstrated strong resilience as an IP, said Tian Lan, analyst at Euromonitor International.
"Its evolution from picture-book art to plush formats has been a major success, showing a brand that knows how to innovate without losing its core DNA."
Pop Mart's IP strategy has evolved meaningfully in recent years. The company is transitioning from a blind-box seller to a vertically integrated IP incubator, where hits like Labubu and Twinkle Twinkle serve as both growth engines and proof of concept, according to Lan. Twinkle Twinkle, in particular, demonstrates that consistent IP investment can generate sustainable creative and financial returns.
The company's growing ecosystem — spanning product, animation, retail experience, and licensing — suggests a scalable model, said Lan.
"The key will be to maintain portfolio balance and cross-IP differentiation, ensuring that each property contributes to a coherent cultural universe rather than competing for short-term attention," Lan added.
Speaking on fast-moving consumer taste in designer toys, Lan said it follows identifiable emotional and cultural patterns rather than pure randomness.
"Brands that continuously listen, co-create with fans, and express evolving values can capture long-term loyalty even in short-term trend cycles," Lan said. "What matters is cultural sensitivity and agility, not just predictions. In that sense, the designer toy market remains less about chasing hype and more about building emotional equity over time."
