The Billion-Dollar Devil: How Labubu Became Pop Mart’s Secret Business Weapon
They call it cursed. Creepy. Even demonic.
But behind the eerie smile and jagged teeth of Labubu, a hidden monster lurks — not one of superstition, but of strategy. And that monster has quietly built a billion-dollar business.
Welcome to the world of Labubu, a toy turned into a cult, a cultural controversy, and — most importantly — a case study in modern consumer manipulation and emotional marketing.
In this article, we unpack Labubu’s business strategy, the mechanics behind its global success, and why this “devil” might just be the smartest product ever made in the blind-box era.
What Is Labubu? Origins of the Devil’s Toy
Labubu is a quirky character designed in 2015 by Kasing Lung, a Belgian-based Chinese artist, as part of his whimsical “The Monsters” series. Inspired by Nordic fairy tales, Labubu has:
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Fuzzy hair
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Big, round, unsettling eyes
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Sharp, jagged teeth
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A mischievous, devilish grin
In 2019, Chinese collectibles powerhouse Pop Mart bought the rights to distribute Labubu and turned it into a blind-box sensation, sparking frenzied demand across Asia.
But Labubu’s success was no accident. It was a masterclass in design, branding, and psychological strategy.
Pop Mart’s Killer Strategy: Turning Toys Into Emotional Assets
1. Blind-Box Model: The Lottery of Consumerism
The blind-box format means buyers don't know which figurine they’ll get. This taps into:
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Scarcity mindset
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FOMO (Fear of Missing Out)
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Dopamine-driven purchases
This model gamifies consumerism, much like slot machines. Labubu becomes more than a toy — it’s a gamble, and that gamble drives repeat purchases.
🎯 Key Insight: People don’t just buy Labubu. They chase it.
2. Artificial Scarcity & Hype Culture
Pop Mart intentionally releases limited-edition Labubu figures — some so rare they resell for thousands of dollars on secondary markets.
This scarcity triggers:
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Obsession over completing collections
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Online buzz and community trading
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Premium pricing power
💡 A rare “Labubu: Skull Panda” figure once fetched over $5,000 online.
3. Celebrity Endorsement Without Paying for It
When global icons like BLACKPINK’s Lisa, Rihanna, and Kim Kardashian were spotted with Labubu figurines, it wasn't the result of million-dollar influencer deals. Instead:
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Celebrities genuinely liked the aesthetic
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Fans followed suit
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Pop Mart got free global PR — and viral fame
4. Superstition as Viral Marketing
In many Asian cultures, superstitions hold power — especially when it comes to dolls. Labubu's eerie grin and demonic look gave rise to viral theories:
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It’s cursed
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It brings misfortune
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It’s spiritually harmful
But this “bad press” only made it more irresistible, especially among curious collectors and rebel youth.
🤯 Controversy = clicks. Fear = fascination. And fascination sells.
5. In-Store Theater and Community Experience
Pop Mart doesn’t just sell toys — it creates experiences.
Their stores feature:
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Vending machines for blind-box surprises
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In-person unboxing stations
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Community events and loyalty programs
This builds brand love, not just sales.
The Financial Monster: Pop Mart’s Numbers Behind Labubu
While the world debated whether Labubu was demonic, Pop Mart’s stock and revenue skyrocketed.
Stock Performance (9992.HK):
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📈 From HKD 20 to HKD 240 in just over a year — a 10× return
Revenue Growth:
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2023: RMB 6.3 billion
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2024: RMB 13.04 billion — +107% YoY
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TTM Revenue: ~HKD 14 billion (~USD 1.78 billion)
Net Profit:
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2023: RMB 1.08 billion
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2024: RMB 3.13 billion — +189% YoY
This isn’t just hype — it’s hardcore financial performance.
🧠The real demon isn’t the doll — it’s the team that turned emotion into equity.
The 3 Pillars of Labubu’s Business Strategy
1. Packaging Desire
Pop Mart understands that toys aren’t for kids anymore. Millennials and Gen Z buy emotional tokens — and Labubu fits perfectly.
2. Creating Community
Through social media, trading groups, and store events, Pop Mart turned Labubu into a belonging badge.
3. Scaling with Scarcity
Unlike traditional supply-demand models, Pop Mart limits supply on purpose. This allows for:
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Higher perceived value
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Increased secondary market activity
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Brand prestige
Is Labubu Just a Toy? Or an Emotion Machine?
Labubu has evolved far beyond its original purpose. It now represents:
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Mystery — You never know what you'll unbox
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Status — Rare figures = social clout
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Nostalgia — A fairy-tale monster reimagined for adults
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Community — Online forums, groups, and conventions
Labubu is no longer a product. It’s a platform for emotional commerce.
FAQs About Labubu & Pop Mart's Strategy
Q1: Is Labubu really cursed?
No — there is no evidence to support spiritual claims. The “curse” rumors are part of viral storytelling that boosts curiosity and demand.
Q2: Why do people spend so much on toys like Labubu?
Because they’re buying emotions, identity, and rarity — not just plastic. It's similar to luxury fashion or NFTs.
Q3: What is a blind box, and why is it effective?
A blind box is a sealed toy pack with a surprise inside. It leverages dopamine, risk, and repetition to drive addictive purchasing behavior.
Q4: How has Pop Mart made Labubu a global success?
Through a mix of:
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Viral marketing
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Strategic scarcity
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Celebrity visibility
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Retail experience
Q5: What can other businesses learn from Labubu?
That in the modern age, emotion = currency. By packaging desire and fear, companies can create products that sell themselves.
Final Thoughts: Who’s the Real Devil?
Next time someone says Labubu looks like the devil, ask them this:
Is it the doll that’s cursed?
Or is it the billion-dollar machine that sold it to us — one emotion at a time?
Labubu isn’t just a creepy toy. It’s a blueprint for modern product marketing, where scarcity, hype, and psychology combine to create unstoppable demand.
💥 The real monster isn’t in the box. It’s in the business model.