Labubu’s biggest threat is not Wakuku or Lafufu

Labubu, an elf-like plush toy with pointy ears and nine serrated teeth, has become a global sensation, worn by celebrities including Rihanna and Dua Lipa. These dolls are sold out in stores from Singapore to London; a human-size version recently fetched

a whopping US$150,000 (S$191,000) at an auction in Beijing.

With all the social media buzz, it’s worth asking if we are witnessing the rise of a new-age collectible, or whether Labubu is a mere fad destined to fade.

Investors certainly want to know. Pop Mart International Group, the Chinese manufacturer behind this trendy toy, has rallied 178 per cent in 2025. With US$43 billion market cap, the company is worth more than twice as much as Sanrio and Mattel combined, owners of long-time favourites Hello Kitty and Barbie. In 2024, Pop Mart’s revenue doubled to 13 billion yuan (S$2.3 billion), while its gross margin came in at an enviable 67 per cent, roughly twice as profitable as a generic toymaker. The company generated four billion yuan in operating profit, versus one billion yuan in 2023.