Who Owns Labubu?

• Parent Company: Pop Mart
• Ownership Type: Subsidiary
• Company Type: Publicly Traded
• Stock Ticker: Hong Kong: 9992.HK

• Founded: 2015
• Founders: Pop Mart (internal development)

• Founded: 2010
• Headquarters: Beijing, China
• Company Type: Publicly Traded
• Stock: Hong Kong: 9992.HK
• Revenue: approximately CNY 13.0 billion (FY2024)
• Employees: Approximately 6,000

Visit Pop Mart website

• Headquarters: Beijing, China
• Manufacturing / Operations: China

Labubu operates under Pop Mart's comprehensive sustainability framework, focusing on environmental responsibility in toy manufacturing, ethical sourcing practices, and addressing the environmental impact of collectible toy culture. As a rapidly growing global phenomenon, Labubu faces unique sustainability challenges related to blind box packaging, material usage, and the environmental footprint of collectible toy consumption.

Packaging Sustainability Initiatives: Pop Mart has made significant commitments to reduce the environmental impact of Labubu's packaging. By 2024, the company aims to make 100% of its packaging recyclable or biodegradable, a goal it is already 75% toward achieving. In 2023, Pop Mart reduced plastic usage by 40% across its product lines, including Labubu, demonstrating concrete progress in packaging sustainability. The company's packaging initiatives include transitioning to recyclable cardboard boxes, reducing foil pouch usage, and exploring biodegradable alternatives for blind box packaging.

Ethical Material Sourcing: Pop Mart has committed to sourcing 70% of materials ethically by 2023, ensuring that materials used in Labubu production meet environmental and social responsibility standards. This includes responsible sourcing of plastics, fabrics, and other materials used in the collectible toy manufacturing process. The company's ethical sourcing program addresses concerns about labor practices, environmental impact, and supply chain transparency.

Environmental Impact Awareness: Labubu's popularity has raised awareness about the environmental impact of collectible toy culture. Greenpeace East Asia highlighted in a 2024 report that single-use packaging from collectible toys, including POP MART products, contributes to over 3,000 tons of waste per year in China alone. This recognition has prompted Pop Mart to accelerate its sustainability initiatives and develop more environmentally friendly packaging solutions for Labubu products.

Responsible Manufacturing Practices: Pop Mart implements responsible manufacturing practices across its production facilities in China, focusing on reducing environmental impact, improving energy efficiency, and minimizing waste in the toy manufacturing process. The company's manufacturing facilities adhere to environmental standards and implement continuous improvement processes to reduce the carbon footprint of Labubu production.

Supply Chain Ethics: Labubu benefits from Pop Mart's comprehensive supply chain ethics program, ensuring that suppliers meet environmental and social responsibility standards. The company works with manufacturing partners who comply with environmental regulations, labor standards, and business ethics throughout the global supply chain. Pop Mart conducts regular supplier audits and maintains documentation of supply chain sustainability practices.

Consumer Education on Sustainable Collecting: Pop Mart is developing educational initiatives to help Labubu collectors make more sustainable choices, including proper recycling of packaging, responsible collecting practices, and awareness of the environmental impact of collectible toy culture. The company's consumer education programs aim to balance the excitement of collecting with environmental responsibility.

Innovation in Sustainable Design: Pop Mart is exploring sustainable design innovations for Labubu and other collectible toys, including using recycled materials, developing biodegradable alternatives, and creating more durable designs that extend product lifecycles. These innovations align with Gen Z's growing environmental consciousness and address concerns about the throwaway nature of collectible toy culture.

Labubu has achieved remarkable commercial success and industry recognition since its launch in 2015, becoming one of the most successful collectible toy brands globally. The brand's awards and recognition reflect its innovation in toy design, commercial performance, and cultural impact in the collectible toy market.

Commercial Performance Excellence: Labubu's Monsters series achieved extraordinary commercial success, contributing 34.7% of Pop Mart's total revenue in the first half of 2025, up 668% from the prior year. This performance has been recognized by industry analysts and business publications as demonstrating exceptional growth and market penetration in the collectible toy sector.

Record-Breaking Auction Results: In June 2025, a 1.2-metre-tall (4 ft) mint-green Labubu was sold for $170,000 at the first official Labubu auction held in Beijing, setting a record for collectible toy auctions. This achievement demonstrated Labubu's transition from a popular toy to a coveted collectible with significant investment value, receiving widespread media coverage and industry recognition.

Global Expansion Recognition: Labubu's success in international markets has been acknowledged as a breakthrough for Chinese toy brands. Pop Mart's overseas revenue surged 440% to 5.6 billion yuan in the first half of 2025, with Labubu playing a significant role in this international expansion. The brand's success in markets outside China has been recognized as demonstrating the global appeal of Chinese-designed collectible toys.

Cultural Impact Recognition: Labubu has been recognized for its cultural impact and influence on contemporary toy culture. The brand's distinctive "ugly cute" aesthetic and character design have influenced trends in the toy industry and collectible culture, receiving acknowledgment from design publications and cultural commentators for creating a new aesthetic category in collectible toys.

Innovation in Collectible Toy Design: Labubu's innovative approach to blind box mechanics and collectible toy design has received recognition from the toy industry for its creativity and market appeal. The brand's success in creating excitement through uncertainty and exclusivity has been acknowledged as a masterclass in consumer psychology and product design.

Social Media and Celebrity Endorsement Recognition: Labubu's success has been amplified by social media and celebrity endorsements, with high-profile figures like Rihanna, Lady Gaga, and Kim Kardashian spotted with Labubu toys. This celebrity recognition has contributed to the brand's global visibility and cultural relevance, receiving acknowledgment from marketing and fashion publications.

Investment and Financial Performance Recognition: Pop Mart's strong financial performance, driven significantly by Labubu's success, has been recognized by investment analysts and financial publications. The company's stock performance and revenue growth have been highlighted as demonstrating exceptional business execution and market leadership in the collectible toy sector.

Toy Industry Innovation Awards: Labubu has received recognition from toy industry organizations for innovation in collectible toy design, blind box mechanics, and marketing strategies. The brand's success in creating a new category of collectible toys has been acknowledged as advancing the toy industry and demonstrating innovative approaches to product development and marketing.

Labubu has faced significant controversies and regulatory challenges related to blind box addiction concerns, environmental impact, counterfeit products, and market manipulation issues that have tested the brand's relationship with regulators and consumers. These controversies reflect broader concerns about the collectible toy industry and blind box business models.

Regulatory Scrutiny and Blind Box Addiction Concerns (2025): Chinese state media, including People's Daily, criticized blind box addiction in 2025, raising concerns about the psychological impact of collectible toy culture on consumers, particularly younger demographics. This regulatory criticism caused Pop Mart's stock price to dip by 6.6%, highlighting the regulatory risks facing the blind box business model. The criticism focused on concerns about gambling-like behavior and the potential for addictive consumption patterns among Labubu collectors.

Environmental Impact Controversy: Labubu has faced criticism from environmental organizations regarding the environmental impact of collectible toy culture. Greenpeace East Asia highlighted in a 2024 report that single-use packaging from collectible toys, including POP MART products, contributes to over 3,000 tons of waste per year in China alone. This environmental criticism has raised concerns about the sustainability of blind box packaging and the cumulative environmental impact of Labubu's massive sales volume.

Counterfeit Product Crisis: Labubu has faced significant challenges with counterfeit products, particularly in international markets. Chinese customs at the Ningbo port seized over a million counterfeit Labubu dolls in the first six months of 2025, highlighting the scale of intellectual property violations and smuggling concerns. This counterfeit crisis threatens Labubu's brand reputation and creates consumer safety concerns, as counterfeit products may not meet safety standards.

Delivery and Supply Chain Issues (2025): Pop Mart issued a rare apology in 2025 after a surge in Labubu orders caused significant delivery delays, with consumers complaining online about not receiving orders weeks after placing them. This supply chain crisis highlighted challenges in meeting explosive demand for Labubu products and raised concerns about the company's ability to scale production to match consumer enthusiasm.

Scalping and Market Manipulation Concerns: Analysts have raised concerns about scalping activities that could drive genuine consumers out of the Labubu market. The high demand and limited supply of certain Labubu variants have created opportunities for resellers to mark up prices significantly, potentially damaging the brand's accessibility and consumer relationships.

Product Design Fatigue Risks: Industry analysts have warned that there is no guarantee that Labubu's current popularity will remain relevant over the next five to ten years, raising concerns about potential design fatigue and the need for continuous innovation to maintain consumer interest. This challenge reflects the broader risk of relying on a single IP in the fast-moving collectible toy market.

Cultural Appropriation and Design Originality Questions: As Labubu gained global popularity, some commentators have raised questions about design originality and cultural appropriation, particularly regarding the brand's distinctive aesthetic and character design elements. These discussions reflect broader conversations about cultural representation in global toy markets and the importance of authentic design innovation.