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Sorry, Pop Mart, Labubu is just not Lego or Pokemon Advertisement

Few toymakers have garnered as much investor attention as China’s Pop Mart International Group, the maker of Labubu, a plush accessory seen dangling off the bags of A-listers from Blackpink’s Lisa to Rihanna.

The company’s fortunes have risen with the elf-like doll’s stardom. It reported blowout first-half earnings in late August, with chief executive Wang Ning saying that achieving 30 billion yuan ($6.5 billion) in sales in 2025, or 130 per cent year-on-year growth, would be “quite easy”. The shares have rallied 179 per cent this year.

What fresh hell are they? They’re labubus, of course – Gen Zs new favourite obsession. Credit: Getty Images

Scepticism is starting to surface

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