Why the world caught Labubu mania

What happened A fluffy rabbit-eared gremlin with a grin of spikey teeth, Labubu, has charmed consumers all over the world. The toy, part of Chinese toymaker Pop Mart’s “The Monsters” collection by Hong Kong-born artist Kasing Lung, has sparked immense queues in Los Angeles, Bangkok, Manila, Singapore, London, Jakarta, and beyond. One factor that sets Labubu apart from the other “Monsters” (Zimomo, Spooky, Tycoco and Pato) is its world-famous superfan: Blackpink member, Lisa. Since the keyring charms were launched in October last year, followed by a pastel-colored Macaron series, the popstar has been spotted through 2024 with the little guy hanging from her handbag. An organic post in April of the pop star hugging one of the large plush designs helped set the madness in motion. A Nielsen report in May this year revealed that Thailand had the most TikTok mentions of Labubu and Pop Mart — it boasts fans from the Thai royal family — with over 365,000 comments, while comments in other countries only numbered in the low thousands. Summer saw the first Labubu-themed store open, at Mega Bangna in Bangkok, which took over 10 million RMB ($1.4 million) on its opening day, setting a record for Pop Mart’s international locations. In China, demand for Labubu has ballooned, causing shortages on official Pop Mart channels. This has triggered a “bot” issue, with resellers competing to secure limited-edition releases. At the time of writing, #labubu has amassed 526.9 million reads on Xiaohongshu. The Jing Take In the first half of 2024, Pop Mart’s international revenue (outside of China) reached $189 million (1.35 billion RMB), up 259.6% YoY and contributing nearly 30% to the company’s overall earnings. Southeast Asia generated $78.4 million (560 million RMB) in sales, making up over 40% of the total. Since its founding in 2010, the toy company has evolved to become a market leader with a knack for pop culture relevance, grasped predominantly through famous artists and toy designers, and brand collaborations, from Moncler to Lamborghini and Balmain. Inspired by Nordic mythology, Lung first designed Labubu in 2015, before signing a licensing agreement with Pop Mart in 2019. Interestingly, it is not only Gen Zers who love the plush toy. Alongside Blackpink's Lisa, Thai actor Mario Maurer has one styled like him, Singaporean politician Lam Pin Min even brought one to a volunteering event, while Vietnamese supermodel Thanh Hằng wears one hanging off of her Louis Vuitton handbag. In fact, the wave of style icons wearing fluffy Labubu keyrings as a fashion statement hints to a trend that brands need on their radar. Whether through collaborations or their very own takes, plush toy handbag accessories are in their heyday. From Vivienne Westwood and Prada, to Louis Vuitton and Fendi, luxury houses are already capitalizing on the cutesy accessory craze that has undeniably surged the popularity of Labubu as a fashion statement, especially as maximalism is a major trend among Gen Z as of late. Watch this space for a Fendi monogram Labubu plush – it was predicted here first. The Jing Take reports on a piece of the leading news and presents our editorial team’s analysis of the key implications for the luxury industry. In the recurring column, we analyze everything from product drops and mergers to heated debate sprouting on Chinese social media.

Why the world caught Labubu mania

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Published November 08, 2024

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Why the world caught Labubu mania