Labubu Craze Boosts Pop Mart’s Global Influence

Labubu dolls, quirky collectibles created by artist Kasing Lung and inspired by Nordic folklore, have become a global sensation after being popularized by Beijing-based Pop Mart. Celebrity endorsements from BLACKPINK’s Lisa and Rihanna have fueled massive demand, leading to skyrocketing resale values and long queues at stores. Pop Mart expects its first-half 2024 profit to rise over 350% and revenue to grow more than 200%, with its market cap surpassing $40 billion and international sales making up a significant portion of revenue. The craze has triggered a surge in counterfeits, prompting Chinese authorities to seize millions of fake dolls and launch campaigns to help buyers identify genuine products. Viral rumors have circulated about the dolls being 'cursed' or linked to supernatural myths, which Pop Mart has firmly denied. Despite concerns over its 'blind box' marketing method, Pop Mart continues to expand its influence and reshape China's cultural soft power on the global stage.