Bubble Mart Labubu has become popular overseas. Is it luck or hype?

June 14 news, in April 2025, in front of a Bubble Mart store in Chicago, USA, 201 Labubu toys priced at US$22 were sold out within 10 minutes. At the same time, in the cold wind of 4 a.m. in Los Angeles, hundreds of people lined up with tents and folding chairs-this was not the launch of Apple's new machine, but the launch of a new product from China's trendy toy company Bubble Mart. There was once a large Labubu in front of me (September 2023), but I ignored it. Now… From London to Bangkok, the Hermès bag hanging of a Thai princess was photographed from Rihanna's airport street. This "little monster" with nine teeth is sweeping the global consumer market with the potential of a prairie fire. Now, this hot wind is blowing back to China. Recently, topics such as "Liu Yifei Labubu Holding Hands" and "Zhang Chaoyang regrets sending out-of-print labubu back" have been on hot searches in China. In fact, this year marks the 10th anniversary of Labubu. The "little monster" blooming inside the wall seems to be more fragrant outside the wall provides a new paradigm for China companies to go abroad. 1. Global buying spree and the rise of the emotional economy Labubu's third-generation vinyl plush product "High-Energy Front" series was released on April 24. The new series triggered a global rush when it was put on the shelves. On the night of release, the topic of "Robbing Labubu" instantly topped the list of Weibo hot searches. What's even crazier is the overseas market: the UK was forced to suspend sales due to buying and fighting, Singapore legislation requires that Labubu be declared when entering the country, and sales of themed stores in Bangkok in Thailand exceeded 10 million yuan on the first day of opening, setting a new record for Bubble Mart's global single store sales. Bubble Mart APP topped the U.S. App Store shopping list with its release of Labubu, and TikTok topic #Styling My Bag with Labubu has exceeded one million views. The world's only mint Labubu was sold at the Yongle auction for 1.08 million yuan. The premium for the co-branded model in the second-hand market exceeded 1200%. It was nicknamed "Plastic Moutai". Behind this carnival is Bubble Mart's accurate deciphering of the human emotional code: The probability of withdrawing hidden items is only 0.69%(1/144), which activates the "random reward" mechanism in the Skinner Box experiment and encourages consumers to keep making repeated purchases. Designer Long Jiasheng combines Nordic mythology with Oriental aesthetics to create an image without cultural boundaries. Localized designs such as the Merlion model in Singapore and the gold silk clothing model in Thailand have made Labubu a cultural spokesperson in various countries. BLACKPINK member Lisa wears it every day, Rihanna takes street photos and brings goods, and Beckham's daughter holds a photo of Labubu and spreads it on social media. The star leverage effect drives hundreds of millions of traffic. 2. Stock price skyrocketing and founder wealth myth Labubu's global storm directly pushed Bubble Mart to the altar of capital. As of press time, Bubble Mart's share price exceeded HK$275, and its market value stood at HK$369.6 billion. If calculated from the 2024 low point, its share price will increase by more than 1400%, becoming a phenomenal "monster stock" in the Hong Kong stock market. This capital feast has created an astonishing wealth legend: compared with the 2024 Forbes China Rich List, the founder Wang Ning's family has a market value of more than 160 billion Hong Kong dollars (about 20.8 billion US dollars), replacing Qin Yinglin of Muyuan shares as the new richest man in Henan, ranking 10th in China's rich list. Wang Ning's wealth soared by 278% from US$5.5 billion in one year, and the increase in wealth exceeded the annual revenue of most listed companies. Supporting the cliff growth of stock prices is Bubble Mart's cliff growth performance. In 2024, Bubble Mart's revenue will reach 13.04 billion yuan, a year-on-year increase of 106.9%; adjusted net profit will be 3.4 billion yuan, a surge of 185.9%. Among them, overseas markets contributed 5.07 billion yuan, with a growth rate of 375.2%, Southeast Asia monopolized 2.4 billion yuan, and North America grew by more than 500%. In the first quarter of 2025, Bubble Mart's revenue increased by 170% year-on-year, among which the growth rate of overseas revenue climbed to a peak of 480%, confirming the commercial spectacle of "blooming outside the wall and becoming more fragrant outside the wall". 3. The trendy track is boiling collectively The success of Bubble Mart has ignited the capital enthusiasm of the entire trendy entertainment industry. 52TOYS submitted a prospectus on the Hong Kong Stock Exchange on May 22, 2025, revealing that its revenue in 2024 was 630 million yuan, and the three-year compound growth rate of overseas revenue exceeded 100%. Its original mech IP "Beast Box" is selling well in the Japanese and American markets, and its joint product with "Wandering Earth 2" has triggered a collection craze. It is worth noting that more than 60% of 52TOYS's revenue relies on authorized IP, which is strategically different from Bubble Mart's model with its own IP as the core. Recently, media reported that Mingchuang Premium Products has also accelerated the spin-off of its trendy toys brand TOPTOY and plans to raise US$300 million in Hong Kong. As of the third quarter of 2024, TOPTOY stores reached 234, with quarterly revenue of 272 million yuan. It has been profitable for four consecutive quarters. The opening sign of Bangkok's first store has accelerated its overseas layout. Behind the capital craze is the tempting prospect of a billion-dollar market. According to data from Ai Media Consulting, the market size of China's millet economy (millet is derived from the English transliteration of Goods, which refers to IP derivatives such as animation, games, and virtual idols, such as badges, handcrafts, cards, etc.) will reach 168.9 billion yuan in 2024, an increase of 40.63% compared with 2023. It is expected that the market size will exceed 300 billion yuan by 2029. Zheshang Securities predicts that the global IP toys market will reach 91.1 billion yuan in 2028, and China's share will increase from 14% to 17%, becoming an engine of growth. The paradigm revolution of China's intellectual manufacturing going to sea This year marks the 10th anniversary of Labubu. In 2015, Long Jiasheng created the image of Labubu, which was commercialized by Bubble Mart in 2018. He is a member of its IP "THE MONSTERS" Elf Team. In the early days, he accumulated fans in China through the blind box mechanism. Last year, Labubu exploded around the world, promoting THE MONSTER