# How Labubu took Pop Mart to $5 billion in sales

How did Labubu become so popular? The character, blind boxes and celebrity fans behind Pop Mart's $5 billion year, and what its 2026 slowdown teaches brands.

[All articles](https://winkhq.com/blog/)

Insights 10 Nov 2026 6 min read

Labubu became popular through a distinctive character drawn by artist Kasing Lung, blind-box sales that made rare versions scarce, and celebrity sightings such as Blackpink's Lisa carrying one on her bag in 2024. That fame took Pop Mart's 2025 revenue to RMB 37.12 billion (about US$5.38 billion), but sales of Labubu's series fell in the first half of 2026.

## Key takeaways

- Labubu's rise came from a character people recognise at a glance, sold in blind boxes that reward repeat buying, then amplified by celebrities carrying it on their bags.
- The Monsters, Labubu's series, made up 38.1% of Pop Mart's 2025 revenue, and the share price fell over 21% after those record results.
- In the first half of 2026, The Monsters' revenue fell 7.5% while Labubu appeared at the FIFA World Cup opening ceremony, so fame and sales moved apart.
- Track unaided awareness, consideration and preference every month against rivals, starting before your peak, so you can see whether fame turns into lasting preference.
- Work out what share of revenue your biggest product, character or campaign carries, and start building the next one before the first fades.

## How did Labubu become so popular?

A character you can spot at a glance, a sales format that rewards the next purchase, and a pop star’s handbag. It took about ten years. Kasing Lung, an artist born in Hong Kong who grew up in the Netherlands, launched a series called The Monsters in 2015, featuring a tribe of elves called Labubus, [NPR reports](https://www.npr.org/2025/06/18/g-s1-72939/what-is-labubu-pop-mart-explained). Pop Mart, a Chinese toy company, struck a deal with Lung in 2019, [according to CNBC](https://www.nbcwashington.com/news/business/money-report/this-30-labubu-doll-became-an-international-status-symbol-it-brought-in-423-million-for-its-company-last-year/3956141/?amp=1).

Blind boxes turned one purchase into a habit. Pop Mart sells Labubu in blind boxes: you pay about $30 and don’t find out which version you have until you open it. Versions vary in colour and rarity, so collectors keep buying until they get the one they want. NPR reports a rare “secret” version reselling on eBay for over $149, against $27.99 for a box in the US.

In April 2024, Lisa of Blackpink was spotted with a Labubu on her bag, which CNBC says sparked a wave of demand. Rihanna and Dua Lipa have also carried them on their bags, NPR reports.

Scarcity kept the story in the news. Toys sold out online within minutes, according to NPR. In May 2025, after queues and reported fights at its stores, Pop Mart said it would “temporarily pause all in-store and roboshop sales of THE MONSTERS plush toys until further notice” across the UK, [CNN reported](https://krdo.com/news/2025/05/23/sales-of-viral-plush-toy-labubu-halted-in-uk-stores-after-reports-of-brawls/).

## How much money does Labubu make for Pop Mart?

Pop Mart’s revenue nearly tripled in 2025, to RMB 37.12 billion, up 184.7% on 2024, according to its [2025 annual results](https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0325/2026032500285.pdf). [Jing Daily](https://jingdaily.com/intels/2026-03/25/pop-mart-posts-record-results-as-labubu-reliance-weighs) puts that at about US$5.38 billion.

The Monsters, the character family Labubu leads, brought in RMB 14.16 billion of it. That was 38.1% of all revenue, up 365.7% in a year.

Most of the new growth came from outside China. Revenue in the Americas rose 748.4% to RMB 6.81 billion, and Pop Mart’s store count there went from 22 to 64 during 2025, the annual results say. By the end of the year it ran 630 stores in 20 countries, including its first in Germany, Denmark, Canada and the Philippines. In 2025, The Monsters became the first pop toy IP to appear in the Macy’s Thanksgiving Day Parade in New York, the company says.

| Period          | Revenue           | Change on a year earlier | The Monsters’ share of revenue |
| --------------- | ----------------- | ------------------------ | ------------------------------ |
| 2024            | RMB 13.04 billion |                          | 23.3%                          |
| 2025            | RMB 37.12 billion | +184.7%                  | 38.1%                          |
| First half 2025 | RMB 13.88 billion |                          | 34.7%                          |
| First half 2026 | RMB 17.17 billion | +23.8%                   | 26.0%                          |

Figures from Pop Mart’s [2025 annual results](https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0325/2026032500285.pdf) and [2026 interim results](https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0820/2026082000353.pdf).

## Why did Pop Mart shares fall after record results?

Investors read the record year as a warning: 38.1% of revenue sat on one character. The shares fell over 21% after the 2025 results came out in March 2026, and HSBC and Morgan Stanley reportedly cautioned that Labubu-driven growth was set to moderate, [Jing Daily reported](https://jingdaily.com/intels/2026-03/25/pop-mart-posts-record-results-as-labubu-reliance-weighs).

The results showed Pop Mart leaning harder on Labubu just as investors began asking how long the demand would last.

## Is the Labubu craze over?

Sales of Labubu’s series have cooled. In the first half of 2026, The Monsters’ revenue fell 7.5% to RMB 4.45 billion, and its share of group revenue dropped from 34.7% to 26.0%, according to Pop Mart’s [interim results](https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0820/2026082000353.pdf).

The group still grew 23.8%, carried by mainland China (up 47.3%) and a newer character, Twinkle Twinkle, whose revenue rose 580.6% to RMB 2.65 billion. Outside China the numbers went the other way. Revenue fell 16.5% in the Americas and 9.7% in Asia Pacific. Online revenue in the Americas fell 45.6%, and part of Pop Mart’s explanation for that fall was short: “The popularity of the core IPs returns to normal levels.”

In the same six months, Labubu was an invited guest at the FIFA World Cup opening ceremony, which Pop Mart says made it the first Chinese original IP invited in the tournament’s history. Pop Mart kept putting Labubu in front of a global audience while its sales fell.

Founder and CEO Wang Ning described 2026 as a year of operational adjustment, and the company was unlikely to meet its 20% revenue growth target for the year, [KrASIA reported](https://kr-asia.com/pop-marts-next-act-gets-harder-as-labubu-growth-cools). The next reading is the third-quarter update. Ahead of it, JPMorgan expected revenue for the quarter to fall about 37% year on year, [Wall Street CN reported](https://www.itiger.com/news/2677495977) on 22 October. Whether The Monsters settles at a lower level or keeps falling is still open.

## What can brands learn from Labubu?

Fame and preference can move apart within months. At the peak they look the same, because the people who have just heard of you are also the ones buying. The test comes after, when buyers who joined for the buzz decide whether to come back.

> Fame tells you how many people know you this month. Preference tells you who will still buy from you next year.

We call these four checks the after-the-peak check. Run them on the way up, or the year after your best one:

1. **Build an asset you own.** Labubu is recognisable at a glance, which is also why knock-offs nicknamed “Lafufus” turned up on Amazon and AliExpress, CNBC reports. Your colour, character, shape or sound should identify you before anyone reads the name.
2. **Turn fans into repeat buyers.** Pop Mart reported 72.58 million registered members in mainland China at the end of 2025, and that 55.7% of its members bought twice or more that year. Repeat buyers are the ones left when the coverage stops.
3. **Check whether awareness converts, and whether it holds.** Track unaided awareness, consideration and preference every month against your rivals, starting before the peak. If awareness stays high while preference falls, the buyers you gained at the peak are drifting off. Here is [how to find where awareness leaks](https://winkhq.com/blog/brand-awareness-up-sales-flat/) before it reaches sales.
4. **Watch your one-hit share.** Work out what share of revenue your biggest product, character or campaign carries. Pop Mart’s went from 23.3% to 38.1% in one year. A second hit takes time to build, so start before the first one fades: Twinkle Twinkle went from 0.9% of revenue in 2024 to 15.4% in the first half of 2026.

## Where does Wink fit, and where doesn’t it?

[Wink, the brand tracking platform](https://winkhq.com/blog/meet-wink-brand-tracking-platform/), covers step three: whether awareness turns into preference and stays there.

It surveys real category buyers every month in South Africa, the US, the UK and Australia, and compares your brand with up to five competitors. The survey asks unprompted awareness first, then aided awareness, imagery in respondents’ own words, consideration, usage and preference. Results arrive monthly as a three-month rolling average, with the margin of error on every number, and Wink says when a change is too early to call. That is how you would see preference slipping while awareness holds.

Wink can’t see sales, resale prices, social buzz or which product in your range is selling; those come from your sales and platform data. A tracker covers one category in one country with a 12-month minimum term, so it suits watching a brand over a year more than measuring a one-week spike.

If your brand has just had its best year, take a baseline of preference against your rivals now, while the peak is fresh. [Book a demo](https://winkhq.com/demo/) to see how a monthly tracker reports it.

## Common questions

### Who created Labubu?

Labubu was created by Kasing Lung, an artist born in Hong Kong who grew up in the Netherlands. He launched The Monsters picture-book series in 2015, and Pop Mart struck a deal with him in 2019.

### Why are Labubus sold in blind boxes?

A blind box hides which version is inside until you open it. Versions vary in colour and rarity, so collectors keep buying to find the one they want, and rare versions resell for more than the retail price.

### How much of Pop Mart's revenue comes from Labubu?

The Monsters, the series Labubu belongs to, made up 38.1% of Pop Mart's revenue in 2025. In the first half of 2026 its share fell to 26.0%.

### Is the Labubu craze over?

Sales have cooled. The Monsters' revenue fell 7.5% in the first half of 2026, and Pop Mart said the popularity of its core characters was returning to normal levels when it explained a 45.6% fall in online sales in the Americas. Whether sales settle at a lower level or keep falling is still an open question.

### How many Pop Mart stores are there?

Pop Mart ran 630 stores in 20 countries at the end of 2025, according to its annual results, including its first stores in Germany, Denmark, Canada and the Philippines. Its store count in the Americas rose from 22 to 64 during 2025.

### How much does a Labubu cost?

In 2025, CNBC reported a retail price of about $30, and NPR reported $27.99 for one blind box in the US. Rare versions resell for far more.

## Sources

1. 01 [JPMorgan expects Pop Mart Q3 revenue to fall about 37% (Wall Street CN via Tiger, 22 October 2026)](https://www.itiger.com/news/2677495977) itiger.com
2. 02 [Pop Mart International Group: Annual results announcement for the year ended 31 December 2025](https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0325/2026032500285.pdf) www1.hkexnews.hk
3. 03 [Pop Mart International Group: Interim results announcement for the six months ended 30 June 2026](https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0820/2026082000353.pdf) www1.hkexnews.hk
4. 04 [Pop Mart posts record results as Labubu reliance weighs](https://jingdaily.com/intels/2026-03/25/pop-mart-posts-record-results-as-labubu-reliance-weighs) jingdaily.com
5. 05 [Pop Mart's next act gets harder as Labubu growth cools](https://kr-asia.com/pop-marts-next-act-gets-harder-as-labubu-growth-cools) kr-asia.com
6. 06 [What is Labubu? Pop Mart's viral toy, explained](https://www.npr.org/2025/06/18/g-s1-72939/what-is-labubu-pop-mart-explained) npr.org
7. 07 [This $30 Labubu doll became an international status symbol (CNBC)](https://www.nbcwashington.com/news/business/money-report/this-30-labubu-doll-became-an-international-status-symbol-it-brought-in-423-million-for-its-company-last-year/3956141/?amp=1) nbcwashington.com
8. 08 [Sales of viral plush toy Labubu halted in UK stores after reports of brawls (CNN)](https://krdo.com/news/2025/05/23/sales-of-viral-plush-toy-labubu-halted-in-uk-stores-after-reports-of-brawls/) krdo.com

## Keep reading

- [Old School and Fieldbar: South African brands winning abroad](https://winkhq.com/blog/old-school-fieldbar-south-african-brands/)
- [How AI shopping agents like Meta's Muse choose brands](https://winkhq.com/blog/ai-shopping-agents-brands/)
- [How Chinese car brands won over South African buyers](https://winkhq.com/blog/chinese-car-brands-south-africa/)

## See Wink on your category

A 30 minute walkthrough of the tracker, using a real category.

[Book a demo](https://winkhq.com/demo/)

Canonical: https://winkhq.com/blog/labubu-pop-mart-brand/