What toys was the craziest in Asia this time? For some, the answer is a colorful, rubber-coated comfortable character with pointy ears, wicked eyes, sharp teeth and a playful grin.
Labubu, designed by Hong Kong-born Kasing Lung and made by Pop Mart, China’s leading store of modern games, has captured the hearts of enthusiasts across the globe with its strange and eye-catching style.
In the past year, Pop Mart has experienced double-digit sales development in China and triple-digit development in foreign markets, according to a statement from Guosen Securities. It is the “largest and fastest-growing business in the modern toy industry.”
Labubu and another secret collectables, usually kept in closed package known as blind boxes, are helping to restructure the global understanding of “made in China” products. Instead of being seen as low, mass-produced things, the products are gaining global recognition for their unique designs, company energy, and their ability to tap into emerging customer trends.
At a Pop Mart shop in Shanghai’s Xuhui region, one user said she had suddenly managed to buy a Labubu cast after months of waiting.
Because so many people rushed to buy at once, she said,” I could never get one when the stock was replenished online.” ” Today, I ultimately got one at an established business, and I’m so happy”!
When asked why she loved the toys, the young woman said:” I love the style, I feel content when looking at it”.
While demand for Labubu, the premier toys in Pop Mart’s series, has outstripped supply in China, it has also become a pain in various 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 caused a rise in the toy’s popularity in Thailand, which quickly grew 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.