(NewsNation) — The collectible Labubu plush toy has gone viral in recent months over its unique look that strikes a balance between creepy and adorable.
While the plushie is seemingly targeted for kids, it’s young adults that’s made the gremlin-looking toy a viral hit. It’s become the latest fashion trend as people clip Labubus to bags or belt loops.
What is a Labubu?
What is it about these mischievous-looking, elf-like monster figures, with sharp teeth, pointed ears, and expressive eyes that make it a high-demand collectible that’s selling for thousands of dollars?
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Labubus were created by Hong Kong-born Kasing Lung for his “The Monsters” story series, according to NPR.
Lung moved to the Netherlands at the age of 7 and was drawn to Nordic fairy tales, particularly those about elves.
His love for those tales led him to illustrate “The Monsters” book series, which included a tribe of female elves known as Labubus, NPR reports.
Lung teamed up with the Chinese toy company POP MART in 2019, where Labubus exploded in popularity.
The toy reportedly became such a huge success for POP MART that the company said the revenue from the first Labubu launch “broke the sales record in the art toy category,” according to NPR.
The company’s revenue more than doubled last year to $1.81 billion, according to the Associated Press.
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The Labubu toy has also added value to the “blind box” buying experience, where customers don’t know which Labubu item they’re getting until they open the box.
TikTok is filled with videos of users unboxing their Labubus and expressing their excitement over which Labubu they’re getting, which comes in various colors and sizes.
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Labubus: High value item
The majority of Labubus are priced between $20 and $300, according to AP. However, limited edition versions of the toy can be priced higher.
In June, a life-size Labubu sold for over $170,000 at the inaugural Labubu art auction in China, with nearly 1,000 people bidding for the item, NPR reports.
The item’s popularity and value continue to grow as celebrities like Rihanna, Kathy Hilton and Megan thee Stallion have been seen with the creepy but cute looking collectible.
