Labubu actually came into existence in 2015. It was the imagination of an artist in Hong Kong named as Kasing Lung. He got the inspiration from the Nordic Mythology and European folklore collectively known as Nordic Folklore. This was because while growing up in the Netherlands, he was surrounded by them. He got attracted to creatures that are somewhere between fantasy and reality.
From Imagination to Reality
It actually first appeared to be a character in a children’s book series, which is named as “The Monsters” in 2015. Whereas they were launched by the Chinese toy company which is Pop Mart as a part of their “blind box” series.
Labubu is a doll which is mischievous-looking with a grin on face and has a wide, toothy smile with pointed ears like cats and bats. Its body is smaller in comparison to its face and comes in various colours
Designed to Be Desired
The whole box of Labubu has been designed in a way that customers buy it again and again. The package itself is a symbol of curiosity.
- It comes as a blind box, which means that nobody has any idea about what Labubu will be inside. This creates a thrill in buyers.
- They have also launched some limited edition Labubu dolls, which excites the buyers more and motivates them to buy the other one.
- Labubu is not just any doll; they have created a Labubu universe that is a story from where Labubu comes. So there exists a story that has a character buyable as a doll which fascinates people more.
- The pricing of Labubu has been kept high starting from ₹5000 to ₹15000, making it a symbol of luxury.
- Sometimes, they also stop producing Labubus so that there is scarcity. Therefore, now scarcity will arise more demand for it.
A Doll That Made Millions and Billions
Labubu Doll made Wang Ning – the CEO of Pop Mart earn $1.6 billion within just one day. After this doll, Pop Mart’s revenue got more than doubled to ¥13.04. Also, the resale price for Labubu is upto $700.
70% increase in sales to other countries has been observed, which is quite a big number. This shows the hype for Labubu and its madness across the world, especially in Southeast Asian countries.
An auction for Labubus took place in Beijing, where 48 of them were bought for $520000 in total. This shows the craze for the Labubus.
Talk of The Town: Labubu
Labubus are seen everywhere in the world. The celebrity approval has played a major role in creating its hype. Labubus have been seen on luxury bags of great celebrities like Rihana, Dua Lipa, K-Pop star Lisa, Ananya Panday, and many more. So, these Labubus, which are considered to be cute, have actually become a status symbol to have them.
The craze for Labubu across the world is insane. Labubu tattoos are trending in Thailand and the Indian markets are flooded with Labubu dolls. In Moscow, edible Labubu tarts are in demand, and there are debates going on across the world about Labubu.
“Today, if you have a product that can make people go ‘aww’, it means that you have done a great job.”
Says the founder of the Seraphim store in Bengaluru. Especially the girls have gone crazy for this Labubu, which has actually made extremely great business. The whole Labubu success is a matter of case study that made so much money that one could never imagine just by a toy, and it must be studied precisely to make your business a success as well.
