In a constantly changing Chinese market, a figurine called Labubu is shaking up traditional notions of luxury. It’s not an iconic bag or a luxury watch, but a toy that has become a cult object. Behind this seemingly playful trend lies a much more strategic revolution: one of emotion, orchestrated rarity, and generational storytelling.
Today, the Labubu figurine is no longer limited to Chinese customers and is winning over the whole world, from London to Los Angeles. In 2024, international sales accounted for 40% of the turnover of Pop Mart, the owner of the Labubu figurine. The little creature is no longer just a toy, but has become a real fashion accessory, proudly displayed by Gen Z or luxury “Kidults” on Hermès, Louis Vuitton and even Chanel bags.
Anaïs Bournonville, CEO of AB ADVISORY, an international agency specializing in marketing and strategy for China, takes us on a journey to the heart of the new habits observed in the Middle Kingdom.
A reinvention of luxury
Rarity remains an iconic code of luxury. This is no secret when you see the long waiting lists for a Birkin bag at Hermès. This traditional code is being reinvented, fueled by entertainment and play. This is also the recipe for Labubu, which has set a limit of one item per person in stores and surprise launches announced on WhatsApp.
It all started in 2015, when the little creature was born from an adaptation of a Nordic tale by Hong Kong artist Kasing Lung. The “labubu” was an elf that was originally part of his graphic novel series called The Monsters. And the little creature’s success grew when it was bought by Pop Mart to make mystery boxes, some of which contain standard figurines and others rare and secret figurines that are difficult to obtain.
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Featured photo: © Dushawn Jovic/Unsplash
