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But analysts at HSBC said such worries might be exaggerated. “The supply and demand of Labubus won’t tilt 180 degrees,” they said in a report published on Thursday, indicating that fans were likely to continue buying the dolls and overseas sales were expected to keep growing.
Labubu, a global pop toy phenomenon comparable to Kaws and Bearbrick, “only started its active crossover with global brands in 2024,” the bank said. “We believe it is too early to call for a peak.”
Labubu, an ugly-cute elfin figure with a toothy grin designed by Hong Kong-born artist Lung Ka-sing in 2015, gained international fame in April last year when Lisa featured a Labubu doll in an Instagram story.
In China, Labubu’s rise occurred despite sluggish domestic consumption, as younger shoppers seek emotional value amid a slowing economy and uncertain job prospects.
