Labubu, the bug-eyed elves from Beijing, might just be the unlikeliest face of global brand disruption. But the viral figurines, sold in blind boxes across Asia, Europe, and the Americas, are helping rewrite the rules of consumer engagement and revealing what the future of global brands might look like.

Their success isn’t really about toys; it’s about building a new kind of consumer community. Pop Mart, the brand behind Labubu, has built a business on orchestrating demand, emotion, and engagement at scale.

In the first half of 2024, the company posted RMB 6.65 billion in revenue (roughly $920 million), tripled its profits year-on-year, and reached a $40 billion market capitalization, more than double that of U.S. toy giants Hasbro and Mattel combined. It recently told investors to expec

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