Labubus Drive Pop Mart’s U.S. Success and Revenue Growth

The Labubu craze has taken the U.S. retail market by storm, contributing to Pop Mart’s substantial revenue growth. These plush monster dolls, which have become a fashion statement and collectible item, have helped Pop Mart increase its brand awareness both in the fashion world and among collectors. The collectible toys are now featured in purses, on belt loops, and even in social media content, with a significant surge in demand.

Labubus, originally a popular item in China, are now gaining traction across North America, marking a pivotal shift for the company. Pop Mart has seen a 550% increase in revenue from the region between 2023 and 2024, with even larger growth in 2025. This momentum is mainly driven by B2C subscriptions and the demand for generative AI features, which enhance customer engagement through personalized digital experiences.

The Rise of Labubu: From Toy to Fashion Trend

Shay Tomi, a 28-year-old from San Francisco, noticed plush Labubu dolls everywhere. From strollers to purses, these colorful monsters quickly became a fashion accessory. “All of a sudden, everyone has it,” said Tomi. “You kind of had to get one.” After getting her own collection, Tomi’s boyfriend also joined the trend, with his Labubus dressed in Los Angeles Lakers jerseys.

This surge in popularity highlights a broader cultural shift, where Labubus have evolved from being mere toys to becoming fashion-forward accessories. With their quirky design and limited availability, Labubus have become a status symbol for many adults, especially as they occupy space in the market alongside high-end goods.

Impressive Revenue Growth and Expansion

Pop Mart’s revenue from North America grew by over 550% from 2023 to 2024. By the first quarter of 2025, the company’s revenue from the region had increased by 900%. This remarkable growth has shifted the company’s consumer base, with nearly half of its revenue expected to come from outside of China this year. The success can be attributed to the increasing popularity of Labubus and other collectible toys offered by the company.

The company’s expansion has been strategic. Pop Mart opened its first physical store in San Diego nearly a year ago, attracting large foot traffic. Google Trends also shows a surge in Labubu searches, reflecting the growing interest in these dolls.

Celebrity Endorsements and Social Media Buzz

Labubus have caught the attention of celebrities, including Rihanna, Simone Biles, and Lisa from Blackpink. The dolls have been featured on social media, with users showing off their collections and creating viral content. One viral TikTok video even showed a hairstylist adding extensions to a Labubu, receiving over 200,000 likes.

Brands have also jumped on the trend, with United Airlines and Olive Garden posting content featuring the dolls. The popularity of Labubus has even reached the political sphere, with Daniel Lurie, the mayor of San Francisco, commenting on TikTok about the dolls after the Pop Mart store opened in his city.

The Collectible Toy Market and Consumer Behavior

Chris Byrne, an independent toy analyst, has observed that Labubus have become more of a fashion accessory than a traditional toy. “What’s happened with Labubu is it has become much more of a fashion accessory than a toy,” Byrne said. This shift reflects a broader consumer trend where collectibles—rather than toys—are gaining traction as valuable, affordable luxury items. Labubus’ exclusivity and unique designs make them highly sought after, especially since they often sell out quickly.

Byrne suggests that the economic climate has also contributed to the demand for affordable luxury items. During uncertain financial times, consumers are increasingly drawn to collectibles that hold perceived value, similar to limited-edition products or luxury goods.

The Secondary Market and Reselling Opportunities

The reselling market for Labubus is also growing. Some consumers turn to third-party sellers to bypass the difficulty of purchasing directly from Pop Mart. However, resellers must ensure the authenticity of the product by checking details like the QR code and the serial number on the packaging. There’s also a market for “lafufus”, off-brand versions of the doll, which are less desirable to collectors.

Despite the secondary market’s growth, Labubus have not yet reached the level of collectible icons like Beanie Babies. However, the trend suggests that the dolls will continue to evolve as valuable items within the toy and fashion markets.

The Future of Labubus and Pop Mart

The future of Pop Mart looks promising, with the Labubu craze continuing to drive both revenue and brand awareness. The company plans to open more stores across North America, where Labubus and other collectibles are expected to maintain high demand. By merging fashion, toys, and collectibles, Pop Mart is redefining how consumers engage with products that blend fun and style.

As Labubus continue to captivate the U.S. market, Pop Mart’s growth trajectory will likely remain strong, with future expansions and product innovations in the pipeline.