Pop Mart has struck it rich. The Chinese company that caters to toy connoisseurs and influencers said this week that it expects profit for the first six months of this year to jump by at least 350% compared with the prior-year period, largely because of its smash hit plush toy, the Labubu.
Pop Mart joins a small list of companies that have tapped into the zeitgeist, drawing in millions of buyers who, for one reason or another, simply must get their hands on a toy or gadget of the moment.
But what makes the Labubu a must-have, or any toy for that matter, is a decades-old question that toy makers have yet to figure out.
Here's a look at some of the most popular toys over the years.
Cabbage Patch Kids
Cabbage Patch Kids began as chubby-faced dolls with yarn hair that came with adoption papers. During the 1980s the dolls were so popular that parents waited in long lines at stores trying to get a hold of them. More than 90 million Cabbage Patch Kids were sold worldwide during their heyday.
Cabbage Patch Kids, which were created by Xavier Roberts and initially sold by Coleco, were relaunched in 2004, looking to take part in the successful return of other popular 1980s toys including Strawberry Shortcake, Care Bears and Teenage Mutant Ninja Turtles.
A Cabbage Patch Kid museum named BabyLand General Hospital still exists in Cleveland, Georgia. The dolls entered the National Toy Hall of Fame in 2023.
Beanie Baby
Beanie Babies captivated consumers in the mid-1990s. The cuddly $5 toys were under-stuffed for maximum hug-ability, stamped with cute names on their Ty Inc. tags, and given limited edition runs.
Many people collected, traded and sold the toys with the hopes that their value would just keep going up at the dawn of the e-commerce age. It made some people money, and the founder, Ty Warner, a billionaire in three years.
In 2014 Warner learned that he would not go to prison for hiding at least $25 million from U.S. tax authorities and instead received two years' probation. Warner, one of the highest profile figures snared in a federal investigation of Americans using Swiss bank accounts to avoid U.S. taxes, had pleaded guilty to a single count of tax evasion.
Tamagotchi
Looking for a pet without the real-life responsibilities? Well then the Tamagotchi electronic pet from Bandai was for you. Consumers were hooked on the egg-shaped plastic toy that first launched in Japan in 1996 and became a craze worldwide in the late 1990s and 2000s.
Users were tasked with taking care of their virtual pet by pressing buttons that simulate feeding, disciplining and playing with the critter on screen. If a Tamagotchi is neglected, it dies.
In 2013 Tamagotchi was reborn as a mobile app, duplicating the experience of the plastic handheld toy. The toy was inducted into the World Video Game Hall of Fame in May.
Fidget Spinner
Fidget spinners — the 3-inch twirling gadgets that took over classrooms and cubicles — were all the rage in 2017. The toy was considered somewhat of an outlier at the time, given that it wasn't made by a major company, timed for the holiday season, or promoted in TV commercials. Fidget spinners were more easily found at gas stations or 7-Eleven than at big toy chains.
Fidget spinners had been around for years, mostly used by kids with autism or attention disorders to help them concentrate, but they became more popular after being featured on social media.
While hot toys are often made by one company, fidget spinners were made by numerous manufacturers, mostly in China. The toys were marketed as a concentration aid but became so popular among children that many schools started banning them, saying that they were a distraction.
Labubu
The Labubu, by artist and illustrator Kasing Lung, first appeared as monsters with pointed ears and pointy teeth in three picture books inspired by Nordic mythology in 2015.
In 2019 Lung struck a deal with Pop Mart, a company that caters to toy connoisseurs and influencers, to sell Labubu figurines. But it wasn’t until Pop Mart started selling Labubu plush toys on key rings in 2023 that the toothy monsters suddenly seemed to be everywhere, including in the hands of Rihanna, Kim Kardashian and NBA star Dillon Brooks. K-pop singer Lisa of Blackpink began posting images of hers for her more than 100 million followers on Instagram and on TikTok, where Labubu pandemonium has broken out.
Labubu has been a bonanza for Pop Mart. Its revenue more than doubled in 2024 to 13.04 billion yuan ($1.81 billion), thanks in part to its elvish monster. Revenue from Pop Mart’s plush toys soared more than 1,200% in 2024, nearly 22% of its overall revenue, according to the company’s annual report.
Picture Courtesy: Pop Mart via AP
