Labubu dolls have surpassed Barbie and Hello Kitty, generating record net profits for Pop Mart, with nearly 400% growth in 2025.

Labubu, the ugly but cute-looking doll, has become a global phenomenon, transforming the Chinese company Pop Mart into a leader in the toy industry. The company's net profit soared nearly 400% in the first half of 2025, and sales tripled to 13.9 billion yuan. The success has propelled Pop Mart over giants such as Mattel and Sanrio, with nearly 40% of sales coming from international business, with plans to expand into the US and other regions.