Newscasts - 'Labubu' craze fuels Chinese race to find next hit toy

Hasbro

30/09/2025 12:18

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Source: 'Reuters - General news videos'

Description: Chinese artists and toy companies are scrambling to replicate the runaway success of Labubu, the ugly-cute doll that parent company Pop Mart says will help it hit over $4 billion in revenue this year. Ram Nabong has more.

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Video Transcript:

24-year-old Chinese artist Runyu was initially planning to pursue a career in design in Thailand. But with the rise of the toy industry in China, he decided to return home, pinning his hopes on his first toy character Akidoo, which he describes as a shy, introvert boy.

I want to do my own toy, my own toy brand, my own video games, I want to travel the world, I want to do my own jewelry brands. Everything related to design. And most of them need money. So, I see art toys as my starting point to do all other, like, future business.

Runyu is one of many artists and toy companies in a race to replicate the success of Pop Mart's toothy monster Labubu. They are part of a boom for so-called "art toys", or collectible figures, created and designed for display. And the Hong Kong-listed company says the ugly-cute doll will help it hit over $4 billion in revenue this year. Its global success has sent Pop Mart shares up almost 200% so far this year, and the firm is now worth more than big names Hasbro, Mattel, and Japan's Sanrio combined.

I think it can definitely happen again, but with something else.

Is it going to be you?

Hopefully, I hope. I pray.

Zhou Junyu is the co-founder and Head of Intellectual Property, or IP, at art toy firm SIGUWORKS. He says Pop Mart has blazed a trail for Chinese competitors.

I think our goal is that, at least at some IP level, we can surpass Pop Mart. Because back when we were playing with art toys, there was no Pop Mart. So, in my opinion, even though our scale isn't as big as theirs, I think we can actually compete at the same level in terms of creativity and the quality of our IP.

Pop Mart says it's borrowed from Disney's playbook to create success for Labubu, and it's planning to build a whole range of other brands. Analysts say it's the first firm to create a global market for a Chinese product based on emotional appeal, not value for money. Louis Houdart is China Managing Partner at consulting firm MAD. He thinks the country has a chance to create the next global toy sensation.

For many years, China had the supply chain. Now China has the supply chain plus the creativity, plus the speed to market. On top of this, we've got all the digital platforms who are getting all the data that the Chinese brands have been very good at mastering. And I think for this reason, the next Labubu could definitely come from China.