Labubu’s surge fuels Pop Mart’s record revenue and global expansion

Pop Mart posted RMB 37.12 billion in 2025 revenue, and THE MONSTERS, led by Labubu, brought in RMB 14.16 billion. For collectors, the question has shifted from whether the character is hot to how that heat should shape what stays sealed, what gets opened, and what gets customized. Plush products also became Pop Mart’s top revenue category at RMB 18.71 billion.

The chase now reaches far beyond the toy aisle

Labubu’s summer 2025 breakout helped push demand through Pop Mart’s wider ecosystem, and THE MONSTERS celebrated its 10th birthday in 2025 with Labubu treated as the franchise’s defining face. The company’s overseas business accounted for 43.8% of 2025 revenue, while the Americas market surged 748.4% to RMB 6.81 billion, making North America one of the sharpest growth engines in the business.

That growth has changed the way collectors encounter the brand in the United States. Pop Mart opened 22 U.S. stores in six months, operated 72 U.S. stores in 2026, and planned to move past 100 by the end of the year, with flagship New York locations scheduled. The hunt is increasingly being routed through physical stores, local drops, and the timing of each new release.

What to buy, what to open, and what to keep sealed

The unboxing economy is what makes Labubu behave differently from a standard character plush. Pop Mart’s mystery-box model means buyers often do not know which figure they will get, and that uncertainty fuels repeat buying. Rare pulls can command much higher prices on the secondary market, which is why the box itself has value before the figure inside is even revealed.

That is also why customization has become its own mini-economy. Labubu is now a canvas for add-ons, styling, and personalization, not just a candidate for resale. The practical collector move is simple:

• Keep sealed when you are still chasing a scarce blind-box pull or want to preserve the option value of a box that could contain a more desirable figure.

• Open when you are building a display, especially if the figure is a duplicate or one you plan to style with accessories and custom details.

• Prioritize display-driven buys when the design is already doing the work on the shelf, because Labubu’s current demand rewards identity and presentation as much as raw scarcity.

The timing of releases matters too. Emily Brough, who leads IP licensing for Pop Mart in the Americas, said the brand went seven or eight months without a new Labubu series before the Big Into Energy launch in April 2025 reignited demand. A tie-dye Labubu line later gave the market another jolt.

How to verify authenticity before you pay premium prices

Labubu’s popularity has created a counterfeit market that collectors cannot ignore. The U.S. Consumer Product Safety Commission issued an urgent warning in August 2025 about fake Labubu plush dolls, and UK product safety authorities recalled counterfeit versions the same month because detachable parts created choking risks. Pop Mart also sued 7-Eleven in July 2025 over alleged counterfeit Labubu dolls, a reminder that fakes are not a fringe problem but part of the brand’s current reality.

If you are buying on the secondary market or from a source you do not know well, verification is not optional. Authentic products have a holographic sticker, a scannable QR code, and newer versions include a UV stamp. The market is crowded with lookalikes that can pass at a glance, especially in photographs where texture and finishing are harder to judge.

The safest collector habit is to treat packaging and proof as part of the purchase itself. A box that looks right is not enough when the market has already produced recalls, safety warnings, and litigation over fake product.

Why the character keeps expanding

Kasing Lung created the character, and Labubu was first introduced in 2015 as part of The Monsters, a world shaped by Nordic folklore and fairy-tale imagery.

In 2025, THE MONSTERS became Pop Mart’s first IP franchise to surpass RMB 10 billion in annual revenue.