One Labubu earns as much as six Pop Mart franchises

The classic case is Molly, a character created by Hong Kong artist Kenny Wong in 2006. In April 2016, Pop Mart signed an exclusive licensing agreement with the author, and in August it released the first Molly Zodiac series in blind box format. Revenue from Molly merchandise grew from 41 million yuan in 2017 to 213.9 million in 2018 and 456 million in 2019 — more than elevenfold in two years.

Collaborations in numbers

Partnerships take characters beyond the toy shelf:

• Coca-Cola (2025) — The Monsters collection: figurines up to 11 cm for $19.9 per box and vinyl plush up to 17 cm for $46.9.
• Uniqlo (August 2025) — Labubu in the UT collection: adult T-shirts for $24.9, sweatshirts for $39.9; kids' models $10 cheaper. Sales started in Japan's flagship stores, then worldwide.
• KitKat (summer 2025, Singapore) — charm pouches and tote bags with Dimu, sold blind box style together with chocolate.
• Pizza Hut (December 2025, Singapore) — thermal mugs and charms with Molly as an add-on to a special pizza set.
• Pixar — a Dimu collection featuring characters from "Toy Story," "Monsters, Inc.," "Ratatouille," "WALL-E," and "Up."

High demand spawned counterfeits. Pop Mart notes that fakes look worse than the original and can be dangerous — toxic materials and small parts that children can easily choke on have been found in them.

In late November 2025, Pop Mart characters appeared for the first time in the 99th Macy's Thanksgiving Parade in New York. It is usually dominated by century-old franchises like Disney or Peanuts, but an exception was made for Pop Mart in honor of the brand's 15th anniversary. The Friendsgiving in Pop City platform featured five-meter inflatable figures of Labubu and Mokoko, while confetti shaped like the toothy monsters rained down on spectators.

From toys to a media franchise

In March 2026, Pop Mart and Sony Pictures announced a feature film about Labubu. The picture will be a hybrid of live-action and CGI. The director is Paul King ("Paddington"), the screenwriter is Steven Levenson. Kasing Lung joined the project as executive producer. The company is openly applying Disney's classic strategy: turning a toy's viral popularity into a durable media franchise through content, film, and theme parks.

The restaurant business is developing in parallel. In July 2026, Pop Mart opened the Pop Bakery bakery at the Resorts World Sentosa entertainment complex in Singapore — the brand's first location in Southeast Asia and outside China. The two-story space includes a shop and a themed café with 45 kinds of desserts and drinks. The Pop Land theme park in Beijing has been operating since September 2023; in 2025, with roughly a third of the territory open, it was already attracting a significant share of out-of-town guests and tourists. The Twinkle Twinkle song has racked up more than 15 million views across various platforms.

How dependent is Pop Mart on Labubu?

In the first half of 2026, 11 characters each brought the company more than 100 million yuan. After The Monsters (4.45 billion yuan) come Twinkle Twinkle with 2.65 billion (about $395.5 million), Crybaby with 1.63 billion ($243.3 million), Dimu with 1.62 billion ($241.8 million), Skullpanda with 1.55 billion ($231.3 million), Hirono with 1.01 billion ($150.7 million), and Molly with 900.6 million yuan ($134.4 million).

Competitors are trying to replicate Labubu's success. Japanese startup Yukai Engineering unveiled Mirumi — a soft robot toy that attaches to a bag, moves its head, and responds to touch. On social media it was called "the new Labubu." But it has not become a full-fledged competitor, despite a plan to sell 100,000 units by the end of 2026. For comparison: more than 5 million Labubus were sold in Russia alone in 2025.

Pop Mart's task is now twofold: maintain interest in The Monsters while growing the rest of the portfolio. Long-term growth depends on whether the company can turn demand for individual figurines into sustained interest in the entire character universe. Collaborations, film, and themed spaces provide the tools for this — but so far, no second Labubu has appeared on the market.