Labubu: PopMart makes record profits, but addiction is a concern

With their mischievous smiles and sharp teeth, Labubu dolls have become a global phenomenon… to the point of transforming their manufacturer, Pop Mart, into a cash cow. But behind the spectacular financial results, the success of these figurines also raises questions about the robustness of the group's business model.

Spectacular results driven by a global icon

Fueled by the global craze surrounding Labubu, PopMart announced a net profit of 12,78 billion yuan (approximately €1,59 billion) for 2025, representing a 308,8% increase, according to a statement relayed by AFP. Revenue also skyrocketed, reaching 37,12 billion yuan (+184,7%).

Created in 2015 by artist Kasing Lung, these "ugly-cute" creatures have captivated an audience far beyond China. Their popularity truly took off in 2024 when stars like Rihanna, Dua Lipa, and Lisa from the group Blackpink began sporting them as fashion accessories. Sold in "mystery boxes" and sometimes in limited editions, they fuel a buying frenzy, with some rare models fetching exorbitant prices. By 2025, over 100 million units had been sold worldwide.

A risky addiction despite the “Labubu mania”

But this meteoric rise masks a vulnerability: according to data released by the company, The Monsters franchise—from which Labubu originates—accounts for more than a third of sales. This concentration worries investors, as evidenced by the group's share price falling by more than 22% on the Hong Kong Stock Exchange on March 25.

“We have repeatedly reminded our teams to remain humble,” said CEO Wang Ning during a conference call, as quoted by AFP, implicitly acknowledging the challenges ahead. While the “Labubu mania” relies heavily on social media and the hype, its long-term viability remains uncertain.

To maintain momentum, PopMart is already banking on new growth drivers: a film in development, as well as a planned presence at the next FIFA World Cup. It remains to be seen whether these initiatives will be enough to transform a viral success into a lasting empire.