The $150K Keychain: How Labubu Became the World’s Hottest Collectible

Here’s why so many celebrities and influencers have been carrying around crazy-looking stuffed animals.

If you’re just now hearing about Labubu dolls, you’re too late. The hottest collectible of the summer isn’t an exclusive shoe or some limited merch drop from your favorite artist. It’s, somehow, some way, a doll that goes on a keyring. Not only are these small, mischievous yet kindhearted monsters relatively unassuming, but they’ve been around since 2015! They were introduced a decade ago when Hong Kong-born, Netherlands-raised artist Kasing Lung shared the original lil’ dudes in picture books. Four years later, Lung began working with Chinese toy manufacturer Pop Mart to make the Nordic folklore-inspired dolls physical, releasing them as vinyl figurines. In 2025, not only is every Labubu item on Pop Mart’s website sold out, but a human-size (about 4 feet, 3 inches) version was just sold for over $150,000 in a Beijing auction. Labubu season is upon us, but how did we get here?

While the items have been popular among the cool kids of Asia since they were released, Labubu dolls went truly mainstream when BLACKPINK’s Lisa was spotted with one last year. After that bump, “net income for the Beijing-based toys company rose 188% to 3.1 billion RMB ($427 million) in 2024 compared to 1.1 billion RMB a year earlier, beating the 2.71 billion RMB analyst estimate. Full-year sales more than doubled to 13 billion RMB.” That staggering figure was stated during a Pop Mart earnings call and reported by Jing Daily. That story was published in March of this year, at which time shares of Pop Mart had risen a staggering 360%.

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The little gremlins invaded Dover Street Market and Harrods, teaming up with the iconic brands for exclusive pop-ups. DSM Labubu dolls reportedly went for $1,000 on the secondary market. The Straits Times also reported on the phenomenon, examining how these trinkets have led to fights, theft, and all sorts of criminal activity. In that story, The Straits Times spoke with Jeremy Lee, the business director for Southeast Asia at Pop Mart International, who tried to break down the appeal: “There is something quite universal about Labubu’s character and expression. Something about her has captured the hearts of many across Southeast Asia.” Now, they’re taking over the world.

Earlier this month (June 19), JOOPITER’s sacai x SEVENTEEN set a record for the highest-selling Labubu auction in history. The auction raised $337,500, with every lot available purchased. There were 14 exclusive figures, one of which was “a special edition in a secret colorway inspired by one of Pharrell Williams’ favorite sacai pieces.”

All this Labubu chaos has turned Pop Mart founder Wang Ning into one of the richest people in all of China. Ning’s personal wealth is now over $20 billion USD, making him one of the 10 richest people in the country. What’s more? He’s also the country’s youngest billionaire. Much of this can be attributed to the practically viral explosion of all things Labubu.

Part of the joy of Labubu collecting is the mystery behind the accumulation. If you’re lucky enough to snag one (though by now it’s far, far too late), you never know what you’ll receive. Each doll is hidden inside “blind box” packaging that obscures which character or edition you’ll receive. Like a pack of trading cards, you could end up with duplicates or a rare gem. May the odds be ever in your favor.