Delulu Over Labubu? The Market Has Its Say
Labubu and DeepSeek are completely different products, but both face unsentimental economic forces in China
Labubu figures at Pop Land, Pop Mart's theme park in Beijing.
Photographer: Pedro Pardo/AFP
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I’ve avoided the global Labubu phenomenon for months, even since I saw the ugly creatures pop up on the social media feeds of addled influencers. But now the ever-astute Shuli Ren has taken note of the toy’s enormous popularity and profitability— and how that very success betrays a weakness in the business plan of its Beijing-based manufacturer Pop Mart International Group Ltd.