How Labubu became a monster of a business
Caixin
Monetizing a tale of furry female forest elves at least as old as the dinosaurs
The auctioneer congratulates the winning bidder for a Labubu figurine at Yongle International Auction in Beijing on June 10. © Reuters
WANG XINTONG, FENG YIMING and ZOU XIAOTONG, Caixin
Labubu is a little doll in fleecy, bunny-eared onesies whose coffee-bean eyes hover above a serrated row of smiling teeth. Ostensibly an elf, the creature is either cute or creepy, depending on whom you ask. But one thing is clear -- it has become a monster of a business.
The dolls have been caught on camera with celebrities such as Rihanna and K-pop superstar Lisa, typically dangling from the strap of a designer bag. Their popularity has propelled the stock of the owner, trendy toy retailer Pop Mart International Group, up more than 180% this year.
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