Labubu Toy Craze Reaches New Heights as Rare Figurine Sells for $150,000 at Beijing Auction

From Cult Toy to $150,000 Collectible: Inside the Labubu Mania Sweeping the Globe

A plastic monster's journey from obscurity to cultural phenomenon reveals the perfect storm of nostalgia, scarcity, and social media that's reshaping the collectibles market

In the predawn darkness outside POP MART's Times Square flagship store, hundreds of people huddle under umbrellas and makeshift tents. Some have been waiting for 36 hours. The prize they seek isn't a gaming console or concert tickets—it's a $7 plastic monster figurine that fits in the palm of your hand.

This is Labubu, the whimsical creature with horns and a cheeky smile that has triggered what market analysts are calling "the most explosive collectible phenomenon since Pokémon." Created by Hong Kong artist Kasing Lung as part of "The Monsters" blind box series, Labubu has evolved from cult Asian collectible to global obsession, culminating last week in a human-sized version selling for a staggering 1.08 million yuan (over $150,000) at Beijing's Yongle International Auction.

"We've seen collectible frenzies before, but nothing that's crossed generational and cultural boundaries with this velocity," explains a consumer trends researcher who specializes in youth markets. "What makes Labubu exceptional is its simultaneous conquest of both high fashion and mass market spaces—it's as likely to be clipped to a teenager's backpack as a Valentino handbag at Fashion Week."

The Perfect Storm: Celebrity Power Meets Social Algorithm

The global Labubu explosion began brewing years ago in Asian markets but ignited in Western countries in early 2025 through a carefully orchestrated collision of celebrity influence and algorithmic virality. BLACKPINK's Lisa, a longtime collector, showcased her rare editions to her 150 million followers, triggering a cascade of celebrity endorsements from Rihanna, Dua Lipa, and even David Beckham.

TikTok became the rocket fuel for Labubu's ascent, with unboxing videos and collector showcases accumulating over 9 billion views in the first five months of 2025—a 30-fold increase from the previous year. The platform's algorithm amplified the toy's appeal by highlighting the emotional payoff of discovering a rare figure.

"The dopamine hit from finding a chase variant is unmatched," confesses a 35-year-old finance executive who requested anonymity due to spending "more than my mortgage payment" on the collectibles. "My colleagues think I'm crazy until they open their first box."

The Blind Box Psychology: Engineered Addiction or Innocent Collecting?

Behind Labubu's stratospheric rise lies the psychological masterpiece of the blind box model—a sealed package containing one of several possible figures, with the rarest appearing in as few as one in every 144 boxes.

Behavioral economists describe this as a textbook case of variable-ratio reinforcement—the same mechanism that makes gambling so addictive. "It's essentially a socially acceptable Skinner Box," notes a psychology professor specializing in consumer behavior. "The unpredictable nature of the reward creates a powerful compulsion loop that's nearly impossible to resist once you're invested."

This has led to scenes previously unseen in the collectibles market: police called to manage crowds in Singapore and London, staff walkouts at overwhelmed New York stores, and secondary markets where standard blind boxes—retailing for about 50 yuan —resell for six to ten times their original price within hours.

From Toy Company to Cultural Juggernaut: POP MART's Meteoric Rise

The financial implications of Labubu's ascent have transformed POP MART from regional toy producer to global IP powerhouse. Founded in 2010 by Wang Ning and listed on the Hong Kong Stock Exchange in 2020, the company reported explosive 2024 revenue of 13.04 billion RMB ($1.8 billion)—a 106.9% year-on-year increase.

Most striking is POP MART's international expansion. Revenue from outside mainland China surged 375.2% to reach 5.07 billion RMB, now accounting for nearly 40% of total sales. The company projects overseas revenue will exceed 50% by year-end 2025, fueled by 100 planned new global stores.

"What began as a blind box maker has evolved into an IP-centric platform company with Disney-like ambitions," explains a Hong Kong-based analyst tracking luxury consumer trends. "Four of their character IPs each generated over 1 billion RMB in 2024, with Labubu alone contributing approximately 3 billion."

The Tangible Rebellion: Why Plastic Monsters Resonate in a Digital World

In conversations with collectors, a common theme emerges: Labubu represents a tangible counterpoint to our increasingly digital lives.

"There's something rebellious about caring this much about a physical object when we're supposed to be embracing the metaverse," reflects a 28-year-old graphic designer who has customized dozens of Labubus with handmade outfits. "It's almost political—choosing something imperfect, weird, and physical over the sleek, virtual alternatives we're being sold."

This emotional resonance has extended Labubu beyond toys into fashion collaborations with Uniqlo and Valentino, food partnerships with Haagen Dazs and Lays, and even a jewelry concept store called "Popop" that opened in Shanghai on June 13.

Bubble or Brand? The Investment Perspective

For investors eyeing POP MART's staggering market capitalization of approximately $46 billion, the fundamental question is whether Labubu represents a sustainable cultural shift or a collecting bubble poised to burst.

The company currently trades at 106 times trailing earnings and 25 times sales—multiples that dwarf traditional toy companies like Hasbro (22× P/E) and Mattel (12× P/E). The market is essentially pricing POP MART as a luxury brand platform rather than a toy manufacturer.

"We're witnessing classic bubble indicators," cautions a veteran portfolio manager specializing in consumer discretionary stocks. "Record auctions, overnight queues, secondary market speculation—we've seen this movie before with everything from Beanie Babies to NFTs."

Yet others see legitimate long-term value in POP MART's expanding IP ecosystem, which now includes an animated series in development, a 40,000-square-meter theme park called Pop Land, and a digital collectible platform currently in beta testing.

Investors might consider allocating a small portion of their portfolio (under 0.5%) to capture potential upside while recognizing the substantial risks, including regulatory concerns—Chinese authorities recently barred banks from giving Labubus as deposit inducements—and the company's heavy reliance on a single character for approximately 25% of its revenue.

Beyond the Bubble: What's Next for the Monster Empire?

While skeptics question sustainability, POP MART is aggressively diversifying. Beyond physical expansion, the company is pursuing high-margin luxury collaborations, including a recent charity drop with K-pop group Seventeen and fashion brand Sacai that saw bids reach seven times estimates within 24 hours.

"The companies that survive collecting manias are those that leverage peak popularity to build enduring infrastructure," notes a retail industry consultant. "POP MART's vertical integration—from stores to theme parks to animation—suggests they're playing a long game beyond Labubu."

Whether Labubu joins the pantheon of enduring pop culture icons or becomes a cautionary investment tale, its unprecedented global conquest has already rewritten the rules of how physical objects can capture global imagination in a digital age. For now, the horned little monster has accomplished something remarkable: making millions of people line up at dawn for the simple joy of opening a box.

POP MART Deep-Dive Summary (June 2025)

Category	Key Details
Ticker / Valuation	9992.HK	Market cap: HK$362 bn (US$46 bn)	106× P/E	25.6× P/S (trailing)	17× 2025E P/S
Growth Driver	Labubu IP: Core to 6 straight quarters of triple-digit growth; ~RMB 3 bn in FY24
FY24 Financials	Revenue: RMB 13.0 bn	Gross margin: 66.8%	Adj. net margin: 26%
1Q25 vs. 1Q24	Revenue: RMB 5.5–5.7 bn (+165–170% YoY)
Overseas Revenue	39% of FY24 (up from 12% in FY22); guided >50% in FY25; 900% YoY growth in U.S., 600% in Europe
Demand Signals	¥1.08 m auction (June), 6–10× resale mark-ups, 9B TikTok views, queue frenzy, regulator caution over blind-box promos
Strategic Moves	Pop Land theme park (2023), Labubu jewellery brand “Popop” (Jun 2025), K-pop collabs (Seventeen × Sacai)
Peer Comparison	POP MART trades at 25.6× P/S vs Hasbro (2.2×), Mattel (1.2×); priced more like a luxury platform than toy maker
Revenue Scenarios (RMB bn)	Base: 20 (2025E), 32.5 (2027E); Bull: 22 → 41.6; Bear: 16 → 18.4	CAGR range: 12–46%
Risks	Regulatory (blind-box = gambling), single-IP risk, bubble dynamics, FX/supply chain
Investment View	Short-term: Momentum long (events + trailer hype)	Mid-term: Neutral (valuation at risk)	Long-term: Binary outcome; pair trade against diversified IPs
Positioning	UNDERWEIGHT in global consumer discretionary	Max 50 bps portfolio risk	Monitor SAMR monthly
Key Triggers to Monitor	<5% MoM GMV growth (2 months), TikTok momentum drop, SAMR/EU loot-box draft laws, QoQ gross margin <60%, new IP >10% of sales (2 quarters) — each triggers action

NOT AN INVESTMENT ADVICE