Annabelle’s story ends at the credits, but this monster doll’s success story is just beginning. Pop Mart International GroupPMRTY

recently reported a 188% net income increase in 2024, driven primarily by its wildly popular creepy-cute Labubu doll collection. The Beijing-based toy company has captivated collectors worldwide with its “so ugly it’s cute” aesthetic and blind box model — where collectors gamble on limited-edition drops — creating artificial scarcity that drives the collectible market further.

• The Labubu phenomenon gained global traction after K-pop sensation Blackpink’s Lisa showcased her obsession with the collectibles, helping Pop Mart’s stock surge ~350% over the past year as celebrity endorsements fueled demand for the adorably grotesque toys.
• “The Monsters” line saw particularly impressive growth, with Labubu doll sales rising 715% in 2024 compared to a year earlier, while another collection called “Crybaby” experienced a 1,500% revenue increase.

Global expansion underway: Pop Mart isn’t resting on its monstrous success. The company plans to further penetrate North American and European markets by “developing physical stores in globally iconic locations” to enhance brand recognition. The toy craze has generated scenes reminiscent of ‘80s Cabbage Patch Kids mania, with consumers lining up outside malls overnight and even engaging in physical altercations to secure the coveted creatures. With thirteen IP products now generating over 100M yuan each and strengthened partnerships with artists and brands to promote “cross-boundary integration of pop culture,” Pop Mart is positioning itself as much more than a passing fad in the collectibles space.