What was the hottest toy in Asia this year? For many, the answer is a quirky, rubber-coated plush character with pointy ears, devilish eyes, jagged teeth and a mischievous grin.
Labubu, designed by Hong Kong-born Kasing Lung and made by Pop Mart, China’s leading retailer of trendy toys, has captured the hearts of fans across the continent with its unusual and eye-catching design.
Pop Mart, the “largest and fastest-growing enterprise in the trendy toy industry” according to a report by Guosen Securities released at the end of last month, has witnessed double-digit sales growth in China and triple-digit growth in international markets in the past year.
Labubu and other mystery collectibles, often kept in sealed packaging known as blind boxes, are helping to reshape the global perception of “made in China” products. Instead of being seen as cheap, mass-produced items, the toys are gaining global recognition for their unique designs, brand power, and their ability to tap into emerging consumer trends.
At a Pop Mart store in Shanghai’s Xuhui district, one customer said she had finally managed to buy a Labubu set after months of waiting.
“I could never get one when the stock was replenished online because so many people rushed to buy at the same time,” she said. “Today, I finally got one at an official store, and I’m so happy!”