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Labubu: The Viral Toy Behind Pop Mart's Billion-Dollar Success
The most viral toy in the world.
Created by Chinese toy company Pop Mart, Labubu has become a global phenomenon.
In 2024, Pop Mart generated more than $400 million in revenue across the Americas.
The CEO of Pop Mart, Wang Ning, has also become one of China's richest businessmen.
The Company Behind Labubu: Pop Mart
Pop Mart is a Chinese company based in Beijing, operating across more than 30 countries, with hundreds of staffed stores and thousands of "Roboshops" (vending machines) worldwide.
Founded in 2010 by Wang Ning, Pop Mart decided to tap into the "kidult" trend — kids' toys designed for adults.
At one point in 2025, Pop Mart reached a stock market valuation of approximately $44 billion!
How Did Labubu Get So Popular? What's the Secret?
Explanation #1: The "Ugly-Cute Effect"
This doll is not ugly.
The experts explain that it's "Ugly-Cute."
Its unusual appearance helps it stand out from traditional cute toys.
Explanation #2: Celebrities, Status Symbols & the Viral Effect
The dolls have a clip that can be attached to a purse or bag.
This creates a viral effect because the dolls are seen everywhere.
Celebrities like Rihanna, BLACKPINK's Lisa, Kim Kardashian, and David Beckham have been seen with Labubu dolls.
The dolls have become both fashion accessories and status symbols.
Famous singer Rihanna seen with Labubu. Image credit: How I Made My First Million podcast.
Explanation #3: The Lipstick Effect
During economic downturns, people don't necessarily stop spending.
Instead, they may shift their spending from large luxury items to smaller, more affordable luxuries.
Like lipstick.
Or Labubu dolls, many of which retail for around $25.
Explanation #4: The Kidult Effect
When the world gets crazy with wars and stress, adults sometimes like to feel like kids again.
Collectible toys offer nostalgia, fun, and a little escape from everyday life.
This is part of the growing "kidult" trend, where adults buy toys and collectibles for themselves.
Another Viral Craze: The Stanley Cup
Stanley's "Quencher" tumbler — often called the "Stanley Cup" — became another viral phenomenon.
The company's annual revenue reportedly grew from approximately $70 million in 2019 to $750 million in 2023.
Much of that growth was driven by the Quencher's popularity on TikTok and through influencer marketing.
Like Labubu, Stanley turned an everyday product into something people wanted to show off.
The Business Lesson
Labubu demonstrates how powerful viral marketing, celebrity influence, and consumer psychology can be.
The product isn't just a toy.
It's a collectible, a fashion accessory, and a status symbol.
When people want to be seen with your product, your customers become your advertising.
Watch the Full Podcast
Listen to the full podcast from How I Made My First Million.
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