This $30 Labubu doll became an international status symbol—it brought in $423 million for its company last year

It was a sunny Thursday evening in New York's Washington Square Park. People gathered there for one reason, and one reason only: a Labubu fashion show.

On June 12, Labubu lovers strutted down the sidewalks with the tiny toy monsters clipped to their purses, backpacks, beltloops — even their dogs' harnesses. The model with the best flair won a new toy and, naturally, a purse to hang it on.

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The evening provided a glimpse into a seemingly sudden worldwide obsession with the blind-box stuffed animal toy, which retails for about $30 and is sold by Chinese collectible company Pop Mart. A Labubu is "a small monster with high, pointed ears, serrated teeth" and a "mischievous" smile, according to Pop Mart's website .

Pop Mart sells hundreds of d