CX Daily: How Labubu Became a Monster of a Business

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In Depth: How Labubu became a monster of a business

Labubu is a little doll in fleecy, bunny-eared onesies whose coffee-bean eyes hover above a serrated row of smiling teeth. Ostensibly an elf, the creature is either cute or creepy, depending on whom you ask. But one thing is clear — it has become a monster of a business.

The dolls have been caught on camera with celebrities such as Rihanna and K-pop superstar Lisa, typically dangling from the strap of a designer bag. Their popularity has propelled the stock of its owner, trendy toy retailer Pop Mart International Group Ltd., more than 180% higher this year. Pop Mart’s market value of over HK$350 billion ($46 billion) makes it the world’s third most valuable intellectual property (IP) company, behind The Walt Disney Co. and Nintendo Co. Ltd.