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4d ago

Labubu Doll Frenzy Intensifies with Six-Figure Auction Prices and $38 Billion Valuation

Celebrity hype through engineered scarcity has transformed Labubu into a coveted status symbol for collectors across age groups

Labubu dolls on display at the Victoria Gardens Pop Mart Pop Up in Rancho Cucamonga, California. (Emily St. Martin, SCNG)
Image
Image Credit - Pop Mart
Labubu dolls are on sale at a Pop Mart store on June 10, 2025 in Guangzhou, Guangdong Province of China. Labubu craze soars globally, sparking fashion buzz and shopping frenzy.

Overview

  • Originating in Hong Kong under artist Kasing Lung and popularized by Pop Mart in 2019, Labubu has become a major cultural export for China.
  • Rare and "secret" editions have fetched up to $150,000 at auctions and now trade for thousands on resale platforms.
  • Pop Mart’s founder Wang Ning has seen his net worth climb to $22.7 billion as the company’s valuation surpassed $38 billion.
  • The blind-box sales strategy and the dolls’ “ugly-cute” aesthetic resonate with Gen Z’s anti-perfectionism and fuel social media frenzy.
  • A booming secondary market and knock-off "Lafufu" counterfeits have emerged to satisfy unrelenting global demand.